-- Posted 5 May, 2009 | | Discuss This Article - Comments:
Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $903.50 | +$2.55 |
Silver | $13.40 | +$0.34 |
XAU | 128.52 | +0.49% |
HUI | 319.94 | -0.28% |
GDM | 963.05 | -0.08% |
JSE Gold | 2289.64 | +48.14 |
USD | 84.07 | +0.23 |
Euro | 133.22 | -0.86 |
Yen | 101.01 | -0.23 |
Oil | $53.84 | -$0.63 |
10-Year | 3.157% | UNCH |
T-Bond | 122.546875 | +0.03125 |
Dow | 8410.65 | -0.19% |
Nasdaq | 1754.12 | -0.54% |
S&P | 903.80 | -0.38% |
The Metals:
Gold traded modestly higher in Asia and fell slightly in London to see a 90 cent loss at $900.05 by about 6AM EST before it jumped higher in early New York trade to as high as $915.50 by about 8:45AM EST, but it then fell back off into the close and ended with a gain of just 0.28%. Silver followed a similar pattern and climbed to as high at $13.57 before it also fell back off into the close, but it still ended with a gain of 2.6%.
Euro gold climbed to about €678, platinum gained $12 to $1127, and copper fell over 6 cents to about $2.08.
Gold and silver equities rose about 2% at the open, but they then fell back off for most of the rest of the day and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Apr | 43.7 | 42.2 | 40.8 |
Bernanke Warns of Danger of Credit Market ‘Relapse’ Bloomberg
Fed Stress Test Results May Show 10 U.S. Banks Need Capital Bloomberg
Tomorrow at 8:15AM EST is the ADP Employment report expected at -643,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on tomorrow’s likely inventory builds as the U.S. dollar index and treasuries rose on successful debt auctions and worries over the results of the bank stress tests that sent the Dow, Nasdaq, and S&P slightly lower.
Among the big names making news in the market today were Chrysler, Kraft, AIG, Coca-Cola, Oracle, Intel, GMAC, and Archer Daniels.
The Commentary:
“June Gold closed up 2.1 at 904.3. This was 3.4 up from the low and 12.4 off the high.
May Silver finished up 0.309 at 13.402, 0.153 off the high and 0.032 up from the low.
The gold market struggled to hold onto early gains, but early strength in the market was chipped away throughout the session by the solid recovery in the Dollar. The gold market was initially supported by a push lower in the Dollar and some flight to safety buying likely tied to jitters surrounding the US bank "stress test" results that seemed to undermine the equity markets this session. There also seemed to be some early inflation-hedge buying interest in gold with comments from Fed chairman Bernanke and an improvement in the ISM service sector index supporting the view that economic conditions are starting to improve. There was also talk that Funds were early buyers of gold this session. But as the Dollar strengthened and the Euro lost ground ahead of the ECB's rate decision this week, the gold market also gave up gains and was eventually pushed lower on the session. Reports of a sharp drop in Turkey's gold imports last month may have been another factor prompting some traders to book profits.
Silver initially traded sharply higher as the market seemed to find both chart based buying support and demand interest inspired from a better macroeconomic outlook. Seeing improvements in US manufacturing, housing and consumer sentiment has improved traders sentiment in the silver market which lifted July silver to the highest price level in over a month. With Bernanke also seeing economic conditions improving, the prospects for a pick up in industrial metals demand seemed to provide silver with stronger price support than gold. In fact, the silver market was able to hold onto a good portion of the day's gains despite the recovery in the Dollar and a sharp break in copper and that may suggest the fundamentals supporting the silver market could be a bit stronger than gold's.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gene Arensberg: Silver bullish, natural gas reversal likely
Venezuela wants to buy more gold produced locally
London headlines we'd like to see
The Statistics:
As of close of business: 5/05/2009
Gold Warehouse Stocks: | 8,488,583 | -801 |
Silver Warehouse Stocks: | 117,936,827 | +1,218,487 |
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$ 31,396m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.88 | 4,272,384 | US$ 3,839m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.40 | 430,034 | US$ 387m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.60 | 919,601 | US$ 813m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 4m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.78 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/4/2009 | |
Total Net Assets | $1,981,080,495 | Ounces of Gold
in Trust | 2,197,389.159 |
Shares Outstanding | 22,350,000 | Tonnes of Gold
in Trust | 68.35 |
Note: Change in Total Tonnes from yesterday’s data: 0.02 tonnes were removed from the trust.
Silver Trust (SLV)
Profile as of 5/4/2009 | |
Total Net Assets | $3,284,817,854 | Ounces of Silver
in Trust | 270,370,339.900 |
Shares Outstanding | 274,450,000 | Tonnes of Silver
in Trust | 8,409.46 |
Note: Change in Total Tonnes from yesterday’s data: 3.55 tonnes were removed from the trust.
The Miners:
Tanzanian Royalty’s (TRE) 43-101 compliant Technical Report and Centerra’s (CG.TO) signed legislation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Silver Standard | SSRI +5.90% $19.03 |
2. Seabridge | SA +5.43% $21.93 |
3. Hecla | HL +4.71% $2.89 |
LOSERS
1. Nevsun | NSU-17.29% $1.10 |
2. Ivanhoe | IVN -7.89% $6.77 |
3. Paramount | PZG -6.57% $1.28 |
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:
Plexmar Resources Inc.: Stock Options Grant - More
- May 05, 2009 | Item | E-mail
Lake Shore Gold Continues to Advance Projects on Schedule and Budget and to Achieve Exploration Success in First Quarter of 2009 - More
- May 05, 2009 | Item | E-mail
HudBay Minerals Releases First Quarter 2009 Results - More
- May 05, 2009 | Item | E-mail
HudBay's Lalor Exploration Yields More Precious Metal Intersections - More
- May 05, 2009 | Item | E-mail
Zoloto announces update on 2008 year-end financials - More
- May 05, 2009 | Item | E-mail
Uranium Hunter Enters into Joint Venture on the Eagle Nest Mining Property - More
- May 05, 2009 | Item | E-mail
Tanzanian Royalty Files Preliminary 43-101 Compliant Technical Report for Kigosi Gold Project in Tanzania - "Tanzanian Royalty is pleased to announce that a preliminary National Instrument 43-101 compliant Technical Report has been completed for its Kigosi Gold Project in Tanzania. Kigosi is one of 17 projects the Company now has underway in Tanzania." More
- May 05, 2009 | Item | E-mail
Duran Ventures Reports Up to 14.6 g Au/t and 483.0 g Ag/t From The 100% Owned Corongo Properties - More
- May 05, 2009 | Item | E-mail
Centerra Gold Announces Kyrgyz President Signs Legislation Ratifying New Kumtor Agreement - "Centerra Gold Inc. (Toronto:CG.TO - News) announced today that the President of the Kyrgyz Republic has signed the legislation implementing the Agreement on New Terms between the Government of the Kyrgyz Republic, Centerra and Cameco Corporation, details of which were disclosed in the Company's April 24, 2009 news release." More
- May 05, 2009 | Item | E-mail
Chariot Resources Confirms Global Competitive Position of Mina Justa Project - More
- May 05, 2009 | Item | E-mail
SIRIOS: Uranium Prospecting Results on OPINACA NORD - More
- May 05, 2009 | Item | E-mail
Unico, Inc. Announces Change to Board of Directors With Appointment of Dr. Edward E. Winders - More
- May 05, 2009 | Item | E-mail
Ansell Capital Corp. Acquires Second Nevada Property - More
- May 05, 2009 | Item | E-mail
Globex Royalty Remains Intact Nyrstar Purchases Mid-Tennessee Zinc Asset - More
- May 05, 2009 | Item | E-mail
Linux Gold Corp. Announces Geological Report Received on Dime Creek Gold/Platinum Property in Alaska - More
- May 05, 2009 | Item | E-mail
Strathmore's Roca Honda Sampling & Analysis Plan Accepted for Technical Review - More
- May 05, 2009 | Item | E-mail
Canadian Mining Completes 2nd Phase 3D IP - More
- May 05, 2009 | Item | E-mail
Victoria Gold Provides StrataGold Transaction Update Plus Other Corporate Developments - More
- May 05, 2009 | Item | E-mail
SearchGold Signs Joint Venture Agreement With Swala Resources PLC on Arae-Gassel Property in Burkina Faso - More
- May 05, 2009 | Item | E-mail
MetalCORP Announces Appointment of Senior Geologist for Ontario Projects - More
- May 05, 2009 | Item | E-mail
Midlands Minerals Announces 2008 Year End Results - More
- May 05, 2009 | Item | E-mail
PolyMet Project Update - More
- May 05, 2009 | Item | E-mail
Labrador Iron Mines Announces Stock Symbol Change to 'LIM' - More
- May 05, 2009 | Item | E-mail
Significant Uranium Oxide Values Confirmed on DIOS Opinaca Nord Project - More
- May 05, 2009 | Item | E-mail
Crosshair Completes Gold Property Acquisition - More
- May 05, 2009 | Item | E-mail
Capstone Reports Additional High Grade Intercepts & Expanded Drill Program at Minto North - More
- May 05, 2009 | Item | E-mail
Lake Shore Gold Reports Additional High-Grade Intercepts at Thunder Creek, Confirms 175 Metre Minimum Strike Length for Rusk and Porphyry Zones - More
- May 05, 2009 | Item | E-mail
Ivernia's Wholly-Owned Magellan Metals Exports Last of Lead Stockpile From Esperance - More
- May 05, 2009 | Item | E-mail
Globex Royalty Bleibt Intakt, Nyrstar Kauft Mid-Tennessee Zink Komplex - More
- May 05, 2009 | Item | E-mail
TTM Chu Molybdenum Project Accepted by BC and Canadian Environmental Assessment Agencies - More
- May 05, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 May, 2009 | | Discuss This Article - Comments:
