-- Posted 29 April, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $899.85 | +$7.60 |
Silver | $12.74 | +$0.285 |
XAU | 122.66 | +2.75% |
HUI | 306.98 | +2.31% |
GDM | 935.36 | +2.38% |
JSE Gold | 2333.10 | -39.07 |
USD | 84.59 | -0.60 |
Euro | 132.66 | +1.18 |
Yen | 102.57 | -1.15 |
Oil | $50.97 | +$1.05 |
10-Year | 3.096% | +0.094 |
T-Bond | 122.78125 | -1.03125 |
Dow | 8185.73 | +2.11% |
Nasdaq | 1711.94 | +2.28% |
S&P | 873.64 | +2.16% |
The Metals:
Gold remained near unchanged in Asia, traded slightly higher in London, and jumped over 1% to as high as $901.75 at the New York open before it fell back to about $896 midmorning, but it then rose back near its earlier high in late trade and ended with a gain of 0.85%. Silver followed a similar pattern and closed near its session high of $12.783 with a gain of 2.29%.
Euro gold fell to about €675 on euro strength, platinum gained $7 to $1094.50, and copper gained over 9 cents to about $2.01.
Gold and silver equities rose over 3% heading into the fed announcement at 2:15PM EST before they fell back off slightly in the last couple of hours of trade, but they still ended with about 2.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q1 | -6.1% | -4.7% | -6.3% |
Chain Deflator | Q1 | 2.9% | 1.8% | 0.5% |
U.S. Economy Shrinks More Than Forecast in Worst Recession in Half Century Bloomberg
Fed Finds at Least Six of 19 Biggest U.S. Banks Need to Raise More Capital Bloomberg
Jobless rates rise in all US metro areas in March Yahoo
The fed kept their rate in a target range of 0.00% to 0.25% as expected and reiterated their plan of buying various kinds of securities. They said that the pace of the economic decline appears to be slowing, but there was no real substantive change from their last statement.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/25 expected at 645,000, Personal Income for March expected at -0.2%, Personal Spending expected at -0.1%, and the first quarter Employment Cost Index expected at 0.5%. At 9:45 is Chicago PMI for April expected at 34.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose near $51 despite a 4.1 million barrel build in crude inventories as gasoline inventories surprisingly fell by 4.7 million barrels and worries over swine flu eased a bit. Distillates rose 1.8 million barrels and refinery utilization fell 0.7% to 82.7%.
The U.S. dollar index fell markedly and treasuries dropped a fair amount as well while the Dow, Nasdaq, and S&P rose over 2% on rising risk tolerance as swine flu fears eased, the fed didn’t surprise the market with their announcement, and the details of the GDP report revealed encouraging signs of rising personal consumption and falling business inventories.
Among the big names making news in the market today were Tropicana, Bank of America, Chrysler, Aetna, Goodyear, Dendreon, Qwest, Wyeth, Shell, Time Warner, and Textron.
The Commentary:
“June Gold closed up 6.9 at 900.5. This was 4 up from the low and 2.2 off the high.
May Silver finished up 0.354 at 12.754, 0.036 off the high and 0.224 up from the low.
The gold market waffled around both sides of unchanged on Wednesday but the market generally seemed to favor the upside. In fact, with a range down extension in the Dollar and a sharp rise in US equity prices today it is possible that the gold market was discounting the threat of deflation and in turn was trying to embrace inflation again. With the Fed seemingly hinting at some positives in the US economy and the stock market managing a distinct upside breakout there certainly seemed to be some optimism at work in the marketplace. Given the recent pressure in gold prices in the wake of the swine flu outbreaks, it would certainly seem like gold is beginning to consistently track physical commodity market factors versus flight to quality type factors.
Like the gold market, the silver market was obviously cheered by the recovery in the US equity markets and perhaps because of a slight brightening of economic skies. Certainly a sagging US Dollar and definitively positive leadership from the copper and platinum markets gave the silver bulls fresh resolve but it was somewhat surprising that both silver and gold were able to discount the potential for a World Health Organization threat upgrade on the swine flu situation. As in the gold market, silver also seemed to be playing up the potential for a shift away from deflation and toward inflation, even if that reasoning seemed to be a leap of faith.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 4/29/2009
Gold Warehouse Stocks: | 8,507,155 | +53,954 |
Silver Warehouse Stocks: | 11,792,430 | -974 |
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$ 31,629m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.10 | 4,247,266 | US$ 3,820m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.40 | 430,062 | US$ 387m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.36 | 911,804 | US$ 812m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.01 tonnes and the ASX added 0.14 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/28/2009 | |
Total Net Assets | $1,961,875,966 | 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 4/28/2009 | |
Total Net Assets | $3,395,991,124 | 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:
IAMGOLD’s (IAG) exploration update, Aurizon’s (AZK) completed financing, Seabridge (SA) as sponsor of the renowned "Bay Street Hold'em" Poker Tournament, Barrick’s (ABX) first quarter results and dividend, US Gold’s (UXG) stock offering, Kirkland’s (KGI.TO) drill results, Minco Silver’s (MSV.TO) mining permit, and Oremex’s (ORM.V) working relationship with Tejamen were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Anglo American | AAUK +9.50% $10.60 |
2. International Royalty | ROY +8.70% $2.25 |
3. Coeur | CDE +7.94% $1.36 |
LOSERS
1. Banro | BAA -6.21% $1.51 |
2. Vista Gold | VGZ-3.70% $2.08 |
3. Solitario | XPL -3.51% $1.10 |
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:
Boxwoods, Inc. Files Definitive Information Statement - More
- April 29, 2009 | Item | E-mail
Duran Ventures Closes $527,250 Financing - More
- April 29, 2009 | Item | E-mail
Constitution Mining receives permits to proceed with Gold Sands drill program - More
- April 29, 2009 | Item | E-mail
Beaufield Options 50% of Hemlo Highway 17 Gold Property to Jiminex - More
- April 29, 2009 | Item | E-mail
MDN Inc.: Tulawaka Mine Produces 20,493 Ounces of Gold During the First Quarter of 2009 - More
- April 29, 2009 | Item | E-mail
Minco Silver Receives the Mining Area Permit for Fuwan - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that it has received the Mining Area Permit for the Fuwan Silver project located in Guangdong province, China." More
- April 29, 2009 | Item | E-mail
Barrick Gold Announces Dividend - "Barrick Gold Corporation (NYSE:ABX - News)(Toronto:ABX.TO - News) today announced that its Board of Directors has declared a dividend of US20 cents per share, payable on June 15, 2009 to shareholders of record at the close of business on May 29, 2009." More
- April 29, 2009 | Item | E-mail
Acadian announces ScoZinc to return to Court regarding Plan of Arrangement - More
- April 29, 2009 | Item | E-mail
IAMGOLD Provides Quarterly Exploration Update - "IAMGOLD Corporation (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to provide an update on exploration activities. Exploration expenditures totaling $53.1 million are planned for 2009 of which $34 million is for greenfields exploration initiatives. Activities and new projects will focus on the Company's key areas, namely the Guiana Shield, Andes and Brazil regions of South America, West Africa, and Quebec." More
- April 29, 2009 | Item | E-mail
First Gold Reduces the Exercise Price of its Warrants - More
- April 29, 2009 | Item | E-mail
Minera Andes announces first quarter 2009 San Jose mine production and reduced cash costs - More
- April 29, 2009 | Item | E-mail
Opawica Announces Drill Hole Results-Dingman & Atikwa Lake - More
- April 29, 2009 | Item | E-mail
Galantas Announces 2008 Annual Results - More
- April 29, 2009 | Item | E-mail
Skyline Gold Announces Private Placement - More
- April 29, 2009 | Item | E-mail
Gold intersection 15.97g/t Au Across 32.1 m - Roxmark reports hardrock tenacity zone drilling continues to return high-grade gold - More
- April 29, 2009 | Item | E-mail
Communiqu from Boliden AB's Annual General Meeting, held on 29th April, 2009 - More
- April 29, 2009 | Item | E-mail
Intrepid Mines Limited: Results Summary to March 31, 2009 - More
- April 29, 2009 | Item | E-mail
Stingray Files Positive Feasibility Study for El Pilar Copper Project, Sonora, Mexico - More
- April 29, 2009 | Item | E-mail
MetalCORP Announces New Management Appointments - More
- April 29, 2009 | Item | E-mail
Rare Element Purchases Bear Lodge Royalty and Provides Update on Permit for Exploration Drill Program - More
- April 29, 2009 | Item | E-mail
Trimax Corporation Updates the 2009 Geological Program for Its Five New Mexican Claims in Sonora State - More
- April 29, 2009 | Item | E-mail
Uracan completes expanded winter drill program in Quebec - More
- April 29, 2009 | Item | E-mail
Adventure Gold Discovers a New Gold Showing on Pascalis-Colombiere: 4,000-Meter Drill Program Underway - More
- April 29, 2009 | Item | E-mail
Eagle Hill Enters Into an Agreement With Union Securities Ltd. to Assist in Sourcing Advanced Stage Gold Exploration Projects - More
- April 29, 2009 | Item | E-mail
Greencastle Acquires Avaranta Resources Ltd. - More
- April 29, 2009 | Item | E-mail
Hardrock Tenacity drilling continues to return high-grade gold; 15.97g/t Au across 32.1m - More
- April 29, 2009 | Item | E-mail
Inmet Mining Announces Resumption of Mining at Las Cruces - More
- April 29, 2009 | Item | E-mail
High River Gold Reports 2008 Year-End Results - More
- April 29, 2009 | Item | E-mail
Capstone Reports More High Grade Drill Results From Minto - Including High Grade Gold - More
- April 29, 2009 | Item | E-mail
Boliden: Interim Report, January-March 2009 - More
- April 29, 2009 | Item | E-mail
Northland Resources Inc.: Pellivuoma Resource to Extend Life of Planned Kaunisvaara Mill Complex - More
- April 29, 2009 | Item | E-mail
Encore Renaissance Resources Corp. Considers Processing High Grade Bonaparte Ore at Local Mill - More
- April 29, 2009 | Item | E-mail
African Copper PLC: Revised Offer of Finance From Zambia Copper Investments Limited - More
- April 29, 2009 | Item | E-mail
Aurizon Mines Ltd. completes $50 million bought deal financing - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) ("Aurizon" or the "Company") is pleased to announce that it has closed its previously announced bought deal equity financing, for gross proceeds of $50 million. A syndicate of underwriters purchased an aggregate of 9,708,800 common shares of Aurizon at a purchase price of $5.15 per share." More
- April 29, 2009 | Item | E-mail
Oremex Regains Access to Tejamen - "Oremex Resources (TSX VENTURE:ORM - News) is extremely pleased to announce that the Company has received formal invitation from the Community of Tejamen, with the support of the Municipality of Nuevo Ideal, to restart its working relationship with the Community." More
- April 29, 2009 | Item | E-mail
Seabridge Gold Showcased at AGORACOM Bay Street Event for Fund Managers, Brokers and Analysts - "AGORACOM Investor Relations is proud to announce Seabridge Gold (Toronto:SEA.TO - News)(AMEX:SA - News)(NYSEArca:SAA - News), one of North America's fastest growing gold companies, as the exclusive sponsor of the renowned "Bay Street Hold'em" Poker Tournament being held in Toronto on April 30, 2009." More
- April 29, 2009 | Item | E-mail
Barrick Earns $371 Million ($0.42 Per Share) - "First quarter gold production of 1.76 million ounces at net cash costs of $404 per ounce (applying credit for non-gold sales) or total cash costs of $484 per ounce(1) was on plan. Removing the effects of the Company's oil and foreign exchange hedges, cash costs would have been $45 per ounce lower. Barrick is on track with full year 2009 production guidance of 7.2-7.6 million ounces of gold at net cash costs of $360-$385 per ounce or total cash costs of $450-$475 per ounce with higher production expected in subsequent quarters and lower costs anticipated in the second half of the year." More
- April 29, 2009 | Item | E-mail
US Gold Announces Common Stock Offering - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(UXGA - News) (the "Company" or "US Gold"), a U.S. and Mexico focused gold & silver exploration company, is pleased to announce that it intends to offer 20 million shares of its common stock pursuant to the Company's shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") and a shelf prospectus filed with certain Canadian securities regulatory authorities." More
- April 29, 2009 | Item | E-mail
Kirkland Lake Discovers New High Grade Zone 700 Feet Below SMC, Drill Hole 53-1280 Returns 1.00 Ounce of Gold per Ton Over 21.8 Feet - "Kirkland Lake Gold Inc. (TSX:KGI - News; AIM:KGI) (the Company) is pleased to announce an update on exploration drilling testing part of the South Mine Complex (SMC). The SMC consists of 15 or more mineralized zones some of which are actively being explored and developed and others are now in production." More
- April 29, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 29 April, 2009 | |
