The Premier Silver Resource Website
Visit GoldSeek.com
Visit GoldReview.com
Visit UraniumSeek.com

- CLICK HERE TO VISIT THE NEW SILVERSEEK.COM -
Live Spot Silver
Navigation
Silver Market Articles
Silver Discussions at the Forum
Silver Company Links
Silver Market Updates
Silver & Gold Headlines
Silver Stock News
Silver Equity Quotes
Silver & Precious Metals Quotes







 
Gold Seeker Closing Report: Silver Outgains Gold A Fourth Straight Day

By: Chris Mullen, Gold-Seeker.com


-- Posted 7 May, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$914.70

+$5.30

Silver

$14.02

+$0.29

XAU

133.68

-1.34%

HUI

332.12

-1.04%

GDM

1005.26

-0.81%

JSE Gold

2404.26

-48.76

USD

83.89

-0.03

Euro

133.87

+0.71

Yen

100.96

-0.74

Oil

$56.71

+$0.37

10-Year

3.295%

+0.143

T-Bond

120.421875

-1.9375

Dow

8409.85

-1.20%

Nasdaq

1716.24

-2.44%

S&P

907.39

-1.32%

 
 

 

The Metals:

 

Gold and silver traded slightly higher in Asia and London and rose in early New York trade to as high as $923.02 and $14.132 by about 9AM EST before they fell back to about unchanged by late morning, but they then rallied back higher in afternoon trade and gold ended with a gain of 0.58% while silver added 2.11%.

 

Euro gold remained at about €685, platinum gained $14.50 to $1147.50, and copper fell a couple of cents to about $2.17.

 

Gold and silver equities rose about 2.5% at the open, but they then fell back off with the major indices for most of the rest of trade and ended with about 1% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

5/02

601K

635K

635K

Productivity

Q1

0.8%

0.6%

-0.6%

Unit Labor Costs

Q1

3.3%

2.7%

5.7%

Consumer Credit

Mar

-$11.1B

-$4.0B

-$8.1B

 

Also today at 5PM EST are the official results of the bank stress tests.  Tomorrow at 8:30AM EST brings April’s jobs data and at 10AM is the Wholesale Inventories report for March expected at -1.0%.  Nonfarm Payrolls are expected at -600,000, the Unemployment Rate is expected at 8.9%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 33.2.

 

The Markets:

 

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

 

Oil rose to a new six month high on continued optimism over the economy and rebounding demand.

 

The U.S. dollar index fell as the euro rose after the ECB cut interest rates to 1% and said it intends to buy euro-denominated covered bonds.

 

Treasuries fell notably after a 30-year note auction drew especially poor demand.

 

The Dow, Nasdaq, and S&P also fell on worries over the government’s ability to find buyers for its massive debt issuances.

 

Among the big names making news in the market today were DuPont, GM, and DirecTV.

 

The Commentary:

 

Dear CIGAs,

 

The big news today was the price action in the bond market. They were OBLITERATED at noon, CDT, as demand for the auction was much weaker than expected. Bonds were mercilessly murdered once news about the poor demand hit the market wires.

 

With commodity prices across most markets moving higher today and the CCI again strong, I think it is safe to say that fears of deflation have now given way to fears of inflation. Quite simply – bond traders are terrified that the plague of locusts loosed upon the nation by the Administrations’ insanely reckless spending orgy, are now going to devour the sustenance of the land. Investors are positioning themselves accordingly.

 

Today, the worst of all possible worlds hit the monetary authorities – the equity markets dropped, the bond market collapsed, the dollar was weaker continuing its recent slide and commodities were all higher. I am not sure what trick they intend to pull out of their hat but whatever it is, it had better be good because the market is speaking in no uncertain terms that the jig is up and no one is swallowing the line that we can borrow our way into prosperity. Heaven help us especially the mortgage industry which must be spinning in their rooms at what they are witnessing in the interest rate markets.- Dan Norcini, More at JSMineset.com

 

“June Gold closed up 4.5 at 915.5. This was 6.6 up from the low and 11 off the high.

 

July Silver finished up 0.32 at 14.03, 0.12 off the high and 0.36 up from the low.

 

The gold market managed another new high for the move on Thursday off a combination of residual flight to quality hopes off the late in the day US Bank stress test results and surprisingly off ongoing macro economic recovery views. Once again the markets seemed to be able to put a positive spin on the regularly scheduled economic data and seeing weakness in the Dollar probably gave the bull camp an added incentive. It is also possible that early strength in the energy complex provided a lift to prices and considering the weakness in US Treasuries there wasn't a lot of flight to quality competition to take away buying interest from the gold market.

 

The silver market also managed a fresh new high for the move on Thursday and generally seemed to be interested in holding the new found levels on the charts. Like the gold market, the silver market continued to be cheered by improving macro economic views and perhaps because of some residual weakness in the US Dollar. While a host of physical commodity prices were higher early in the session some profit taking was seen in a number of markets but yet that didn't seem to weigh that heavily on silver.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

UK mint gold coin production up 75 percent

GATA goes to work on Britain

 

The Statistics:

As of close of business: 5/07/2009

Gold Warehouse Stocks:

8,494,494

-596

Silver Warehouse Stocks:

117,893,089

-15,360

 

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

1,104.09

35,497,611

US$ 32,301m

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

Gold Bullion Securities

132.88

4,272,288

US$ 3,901m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.40

430,025

US$ 393m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

28.85

927,437

US$ 843m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: Change in Total Tonnes from yesterday’s data: SPDR removed 0.36 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 5/6/2009

 

Total Net Assets

$2,000,593,787

Ounces of Gold
in Trust

2,197,389.159

Shares Outstanding

22,350,000

Tonnes of Gold
in Trust

68.35

Note: No change in Total Tonnes from yesterday’s data.

 

Silver Trust (SLV)

Profile as of 5/6/2009

 

Total Net Assets

$3,607,023,295

Ounces of Silver
in Trust

268,400,195.900

Shares Outstanding

272,450,000

Tonnes of Silver
in Trust

8,348.18

Note: Change in Total Tonnes from yesterday’s data: 61.28 tonnes were removed from the trust.

 

The Miners:

 

Barrick’s (ABX) Pascua-Lama project construction, Richmont’s (RIC) first quarter results, Goldcorp’s (GG) first quarter results, Royal Gold’s (RGLD) third quarter results, Goldfields’ (GFI) first quarter results, Randgold’s (GOLD) first quarter results, Vista Gold’s (VGZ) first quarter results, Great Panther’s (GPR.TO) mine development, Revett’s (RVM.TO) operations update, and Minefinders’ (MFN) production were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Golden Star

GSS +8.90% $1.59

2.  US Gold

UXG+7.18% $2.24

3.  Paramount

PZG +6.02% $1.41

 

LOSERS

1.  Taseko

TGB-9.10% $1.41

2.  Richmont

RIC -8.75% $3.65

3.  Coeur

CDE-8.23% $1.45

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:

Golden Peaks Resources Ltd. - High Priority Drill Targets Identified - More
- May 07, 2009 | Item | E-mail


Great Panther Develops Gold Rich Vein at Topia Mine - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that continuing development along the Recompensa vein, at the Topia Mine, Durango, Mexico, is yielding exceptionally high gold grades in addition to silver, lead and zinc. The Recompensa Mine was one of many of the Topia mines that were reopened in January under new mining contracts. It contributed to the successful first quarter at Topia when record highs were set for silver production and ore grade. Production and unit costs at Topia are expected to improve further in 2009." More
- May 07, 2009 | Item | E-mail


Revett Provides Update of Operations and Exploration at Troy Mine - "Revett's drill program recently produced some very promising results at the Troy Mine with drilling targeting expansion of the South Ore Body Lower Quartzite area. While the Lower Quartzite is typically a lower grade area, the results of this drilling are particularly promising due to the significantly higher grades in drill hole 09-LWA77SW-14 with silver grades averaging two times higher than normal over a nearly 25 foot thick interval. This area remains open to the south and follow up drilling is anticipated to further define the potential for expansion of reserves in this area." More
- May 07, 2009 | Item | E-mail


Gold Canyon Obtains Option to Evaluate and Lease Iron Mountain IOCG /-REE - More
- May 07, 2009 | Item | E-mail


GoldQuest Reports Mineral Resource for Las Animas Massive Sulphide Project: Revised News Release - More
- May 07, 2009 | Item | E-mail


Chalice Diamond Corp. Commences Drilling on 6 km Bird Anomaly - More
- May 07, 2009 | Item | E-mail


Castle Gold Announces Results From Preliminary Metallurgical Test Work Completed on Transition-Sulphide Resource at El Castillo Gold Mine - More
- May 07, 2009 | Item | E-mail


Orex Reports Gold Assays From Phase 2C Drilling - More
- May 07, 2009 | Item | E-mail


African Copper plc Results of Extraordinary General Meeting - More
- May 07, 2009 | Item | E-mail


Uracan expands Double S mineralization west of inferred resource area - More
- May 07, 2009 | Item | E-mail


Maya Gold & Silver Inc: NI 43-101 Report - More
- May 07, 2009 | Item | E-mail


Unico, Inc. Chairman Files Form 4 Reporting Acquisition of an Additional 1.5 Million Shares of Common Stock - More
- May 07, 2009 | Item | E-mail


Lydian Granted 25 Year Mining License at Its Amulsar Gold Project in Armenia - More
- May 07, 2009 | Item | E-mail


Capital Gold Announces Increased Reserves at the El Chanate Mine, Sonora, Mexico - More
- May 07, 2009 | Item | E-mail


Hana Mining Intersects 2.02% Cu and 41.8 g/t Ag over 14.0 meters and 1.53% Cu and 26.3 g/t Ag over 7.0 Meters at Banana Zone-Ghanzi Copper-Silver Project - More
- May 07, 2009 | Item | E-mail


Olympus Delivers Increased Gold Production at Bong Mieu - More
- May 07, 2009 | Item | E-mail


Lundin Mining Releases 2009 First Quarter Results - More
- May 07, 2009 | Item | E-mail


Amex to Resume Drilling on its Perron Gold Project - More
- May 07, 2009 | Item | E-mail


Canadian Zinc Corporation: Shareholding in Vatukoula Increased to 20%-Strategic Relationship With Vatukoula Gold Mines plc - More
- May 07, 2009 | Item | E-mail


GoldQuest Reports Mineral Resource for Las Animas Massive Sulphide Project - More
- May 07, 2009 | Item | E-mail


Inter-Citic Reports Results of Bio-Leach Testing on Bulk Flotation Concentrate from the Dachang Gold Project - More
- May 07, 2009 | Item | E-mail


INV Reports Q1/2009 Results and Initiates Drilling at Itapora Gold Project - More
- May 07, 2009 | Item | E-mail


Alexis Extends Gold Potential to Depth Beneath Dumont Mine With 71.63 g/t Gold over 2.6 Metres and 44.42 g/t Gold over 0.7m in First Two Deep Holes - More
- May 07, 2009 | Item | E-mail


Louvem Mines Reports Its 2009 First Quarter Results - More
- May 07, 2009 | Item | E-mail


Gladstone Pacific Nickel Limited ACN 104 261 887 ("GPNL" or the "Company") - Environmental Approval by the Federal Government for Gladstone Nickel Project - More
- May 07, 2009 | Item | E-mail


MAX intercepts high grade molybdenum in Nevada; results include 18 feet of 0.2133% Mo, 1.2 feet of 1.397 % Mo and 3 feet of 0.7368% Mo - More
- May 07, 2009 | Item | E-mail


MacDonald Mines Acquires Nickel Property in the Sudbury District - More
- May 07, 2009 | Item | E-mail


El Capitan Discusses Strategy and Objectives - More
- May 07, 2009 | Item | E-mail


Searchlight Minerals Engages Mountain States R&D International to Independently Verify Precious Metals Circuit at Clarkdale Slag Project - More
- May 07, 2009 | Item | E-mail


Gabriel Resources Ltd: First Quarter 2009 Report - More
- May 07, 2009 | Item | E-mail


Minefinders Achieves Commercial Production at Its Dolores Mine - "Production of gold and silver at the Dolores Mine has continued to increase with gold production in April 2009 of 7,218 ounces, up from 6,426 ounces in March 2009. Silver production totaled 139,565 ounces in April 2009, up from 121,091 ounces in March 2009. Gold and silver production is expected to escalate to steady state levels later in the year as the volume of ore under leach and time under leach continues to increase." More
- May 07, 2009 | Item | E-mail


Barrick Announces Go-Ahead of Pascua-Lama - "Barrick Gold Corporation (NYSE:ABX - News)(Toronto:ABX.TO - News) announced today that its Pascua-Lama project is proceeding to construction. The Company has finalized the project's economic parameters, received key construction permits, satisfactorily resolved key outstanding fiscal matters with the governments of Chile and Argentina, and is engaged in discussions for project financing." More
- May 07, 2009 | Item | E-mail


Richmont Mines Reports Strong Revenue and Net Income in the First Quarter of 2009 - "Revenue for the first quarter of 2009 was $19.9 million, a 33% increase compared with $15.0 million in the first quarter of 2008. In the 2009 quarter, 16,614 ounces of gold were sold at an average price of US$908 (CAN$1,131) per ounce, compared with 14,995 ounces of gold sold in the same period the prior year at an average price of US$888 (CAN$947) per ounce. Total precious metals revenue was up $4.6 million, or 32%, to $18.8 million in the first quarter of 2009 compared with $14.2 million in the first quarter of 2008, driven by the increase in ounces sold at a 19% higher average selling price per ounce in Canadian dollars." More
- May 07, 2009 | Item | E-mail


Goldcorp First Quarter Operating Cash Flow Increases 27% on Strong Gold Production - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today reported net earnings of $290.9 million, or $0.40 per share, for the quarter ended March 31, 2009, an increase of 27% over the first quarter of 2008. Adjusted net earnings(1) in the quarter were $169.3 million, or $0.23 per share." More
- May 07, 2009 | Item | E-mail


Royal Gold Reports Fiscal Third Quarter 2009 Results - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), a leading precious metals royalty company, today announced record royalty revenue of $20.8 million for the third quarter of fiscal 2009 and net income of $4.1 million, or $0.12 per basic share. This compares to royalty revenue of $18.7 million for the third quarter of fiscal 2008 and net income of $6.9 million, or $0.11 per basic share." More
- May 07, 2009 | Item | E-mail


Earnings Boosted by Higher Production and Gold Price - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced headline earnings for the March 2009 quarter of R1,512 million, compared with headline earnings of R484 million and R1,246 million for the December 2008 and the March 2008 quarters respectively. In US dollar terms headline earnings for the March 2009 quarter were US$163 million, compared with earnings of US$55 million and US$176 million for the December 2008 and the March 2008 quarters respectively." More
- May 07, 2009 | Item | E-mail


Randgold Resources announces 1st Quarter Results - "Randgold Resources (LSE:RRS.L - News) (NasdaqGS:GOLD - News) boosted net profit quarter on quarter by 41% to USUSD13.1 million in the three months to March 2009 on the back of increased production and a higher gold price." More
- May 07, 2009 | Item | E-mail


Vista Gold Corp. Reviews Project Activities, Announces First Quarter 2009 Financial Results and Conference Call with Management - "Our consolidated net loss for the three-month period ended March 31, 2009, was US$1.9 million or $0.05 per share compared to a consolidated net loss of US$2.1 million or $0.06 per share for the same period in 2008. The decrease in the consolidated net loss of US$0.2 million from the respective prior period is primarily due to a decrease in the loss from discontinued operations of US$0.2 million as there were no disposals during the 2009 period and a decrease in corporate administration and investor relations expense of US$0.3 million." More
- May 07, 2009 | Item | E-mail


Richmont Mines Reports Strong Revenue and Net Income in the First Quarter of 2009 - "Revenue for the first quarter of 2009 was $19.9 million, a 33% increase compared with $15.0 million in the first quarter of 2008. In the 2009 quarter, 16,614 ounces of gold were sold at an average price of US$908 (CAN$1,131) per ounce, compared with 14,995 ounces of gold sold in the same period the prior year at an average price of US$888 (CAN$947) per ounce. Total precious metals revenue was up $4.6 million, or 32%, to $18.8 million in the first quarter of 2009 compared with $14.2 million in the first quarter of 2008, driven by the increase in ounces sold at a 19% higher average selling price per ounce in Canadian dollars." More
- May 07, 2009 | Item | E-mail


Goldcorp First Quarter Operating Cash Flow Increases 27% on Strong Gold Production - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) today reported net earnings of $290.9 million, or $0.40 per share, for the quarter ended March 31, 2009, an increase of 27% over the first quarter of 2008. Adjusted net earnings(1) in the quarter were $169.3 million, or $0.23 per share." More
- May 07, 2009 | Item | E-mail


Royal Gold Reports Fiscal Third Quarter 2009 Results - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), a leading precious metals royalty company, today announced record royalty revenue of $20.8 million for the third quarter of fiscal 2009 and net income of $4.1 million, or $0.12 per basic share. This compares to royalty revenue of $18.7 million for the third quarter of fiscal 2008 and net income of $6.9 million, or $0.11 per basic share." More
- May 07, 2009 | Item | E-mail


Earnings Boosted by Higher Production and Gold Price - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced headline earnings for the March 2009 quarter of R1,512 million, compared with headline earnings of R484 million and R1,246 million for the December 2008 and the March 2008 quarters respectively. In US dollar terms headline earnings for the March 2009 quarter were US$163 million, compared with earnings of US$55 million and US$176 million for the December 2008 and the March 2008 quarters respectively." More
- May 07, 2009 | Item | E-mail


Randgold Resources announces 1st Quarter Results - "Randgold Resources (LSE:RRS.L - News) (NasdaqGS:GOLD - News) boosted net profit quarter on quarter by 41% to USUSD13.1 million in the three months to March 2009 on the back of increased production and a higher gold price." More
- May 07, 2009 | Item | E-mail


Vista Gold Corp. Reviews Project Activities, Announces First Quarter 2009 Financial Results and Conference Call with Management - "Our consolidated net loss for the three-month period ended March 31, 2009, was US$1.9 million or $0.05 per share compared to a consolidated net loss of US$2.1 million or $0.06 per share for the same period in 2008. The decrease in the consolidated net loss of US$0.2 million from the respective prior period is primarily due to a decrease in the loss from discontinued operations of US$0.2 million as there were no disposals during the 2009 period and a decrease in corporate administration and investor relations expense of US$0.3 million." More
- May 07, 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 7 May, 2009 | |


Latest Articles


Gold Seeker Closing Report: Gold and Silver Fall Over 2% More
13 December, 2011

Gold Seeker Closing Report: Gold and Silver Fall Almost 3%
12 December, 2011

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
9 December, 2011

Gold Seeker Closing Report - Article Archive List

SilverSeek.com is presented to you by:

© 2003 - 2011
SilverSeek.com, Silver Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of SilverSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on SilverSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of SilverSeek.com, its affiliates or advertisers. SilverSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.