-- Posted 11 May, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $912.60 | -$2.05 |
Silver | $13.91 | -$0.04 |
XAU | 136.87 | -1.03% |
HUI | 341.69 | -0.48% |
GDM | 1027.41 | -0.79% |
JSE Gold | 2523.57 | +83.22 |
USD | 82.72 | +0.23 |
Euro | 135.83 | -0.55 |
Yen | 102.69 | +1.14 |
Oil | $58.50 | -$0.13 |
10-Year | 3.180% | -0.113 |
T-Bond | 121.75 | +1.421875 |
Dow | 8418.77 | -1.82% |
Nasdaq | 1731.24 | -0.45% |
S&P | 909.24 | -2.15% |
The Metals:
Gold and silver rose slightly in Asia to as high as $917.50 and $14.03 before they fell back off in London to as low as $908.90 and $13.67 by about 8:30AM EST in New York, but they then rallied back higher into the close and gold ended with a loss of just 0.22% while silver closed only 0.29% lower on the day.
Euro gold fell to about €671, platinum lost $24 to $1112.50, and copper fell over 5 cents to about $2.09.
Gold and silver equities fell over 2% by late morning, but they then rallied back higher in the last minutes of trade and ended with only about 1% losses on the day.
The Economy:
There were no major economic reports today, but the White House announced that the budget deficit is now expected to top $1.8 trillion:
“With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
The deficit for the current budget year will rise by $89 billion to above $1.8 trillion -- about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.”
Three big U.S. banks to sell stock and repay TARP Reuters
U.S. risks "lost decade" due to half-steps: Krugman Reuters
Tomorrow at 8:30AM EST is the Trade Balance for March expected at -$29.2 billion and at 2PM is the Treasury Budget for April expected at -$63.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly and the U.S. dollar index and treasuries rose on renewed worries over the economy and the banking sector that sent the Dow and S&P about 2% lower on the day, but the Nasdaq ended just marginally lower on optimism over Microsoft’s ability to sell debt.
Among the big names making news in the market today were Goldman Sachs, Conseco, Microsoft, Dish, and AstraZeneca.
The Commentary:
“My Dear Friends,
Under USDX .8200 the wheels of hyperinflation start turning.
Under USDX .7200 the impact of hyperinflation is visible to anyone who can see.
Under USDX .6200 the Quantitative Easing madness hits the fan
Under USDX .5200 Zimbabwe economics now being practiced become a US dollar condition moniker.
PROTECT YOURSELF PLEASE!
Respectfully yours,”- Jim Sinclair, JSMineset.com
“June Gold closed down 1.4 at 913.5. This was 4.7 up from the low and 3 off the high.
July Silver finished down 0.045 at 13.91, 0.085 off the high and 0.175 up from the low.
The gold market mostly waffled within a trading range on Monday morning, with the slackening macro economic viewpoint seemingly providing some selling pressure to prices. With weakness in commodity stocks, energy prices and a host of physical commodities, it was clear that the fear of too much slowing was indeed being played up by the gold bears. Some traders suggested that a temporary violation of the 82.50 level in the June Dollar Index provided the gold market with some support Monday, but unless the Dollar is sharply lower, the threat of slowing and a possible return to deflation seemed to be a slightly more important development.
The silver market did manage an initial new low for the move early in the trading session, with the fear of slowing seemingly one of the primary forces behind the weakness. Since a host of physical commodity markets were lower and the stock market was at times markedly weaker, one gets the sense that the silver market was indeed being pressured by resurgent deflation fears. While the silver market hasn't recently paid that much attention to the ebb and flow of physical supply flow, it is likely that news of a sharp increase in silver production at Coeur d'Alene Mines added to the weight sitting on the back of the silver market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Paul Mylchreest: GATA tells the real gold story in London
Minesite reports on GATA's expedition to London
James Turk: The U.S. dollar breaks down
Murray Pollitt: The gold monetization scheme is ending
Ambrose Evans-Pritchard: Enjoy the rally but expect sucker punch
Is U.S. buying back gold pledged to IMF for $100 billion?
Maybe the best blow yet against gold suppression scheme
The Statistics:
As of close of business: 5/11/2009
Gold Warehouse Stocks: | 8,494,330 | -64 |
Silver Warehouse Stocks: | 117,508,140 | -318,773 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,104.09 | 35,497,611 | US$ 32,194m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.88 | 4,272,097 | US$ 3,900m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.40 | 430,006 | US$ 393m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.09 | 935,253 | US$ 848m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/8/2009 | |
Total Net Assets | $2,009,119,648 | 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 5/8/2009 | |
Total Net Assets | $3,730,386,467 | Ounces of Silver
in Trust | 268,400,195.900 |
Shares Outstanding | 272,450,000 | Tonnes of Silver
in Trust | 8,348.18 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Banro’s (BAA) charity work, Seabridge’s (SA) financial statements, Silver Bear’s (SBR.TO) first quarter results, Esperanza’s (EPZ.V) economic study, Silver Wheaton’s (SLW) first quarter results, and Coeur’s (CDE) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northgate | NXG+8.19% $1.85 |
2. Coeur | CDE +5.33% $1.58 |
3. Golden Star | GSS +4.79% $1.75 |
LOSERS
1. Entree | EGI-10.53% $1.02 |
2. Richmont | RIC-10.03% $3.32 |
3. Alexco | AXU -7.89% $1.40 |
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:
Tiomin Wins Support of RiskMetrics Group - More
- May 11, 2009 | Item | E-mail
Coronation announces the grant of stock options - More
- May 11, 2009 | Item | E-mail
Zaruma Resources reports on First Quarter 2009 - More
- May 11, 2009 | Item | E-mail
Imperial Reports 2009 First Quarter Financial Results - More
- May 11, 2009 | Item | E-mail
Capella Announces Resignation of Director - More
- May 11, 2009 | Item | E-mail
Champion Minerals Listed on the Frankfurt Stock Exchange - More
- May 11, 2009 | Item | E-mail
Kodiak Intercepts Large Altered and Uranium Mineralized Zone with Multiple Drill Holes at West Millennium - More
- May 11, 2009 | Item | E-mail
Banro Foundation and the Luhwindja community celebrate handover of new high school and potable water system - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to report that the Banro Foundation, a registered charity in the Democratic Republic of the Congo (the "DRC"), has officially handed over to the community of Luhwindja in South Kivu province of the DRC the new Naluhwindja Institute secondary school and a potable water system. Both projects were financed and built by the Banro Foundation using local contractors and labour. Luhwindja is located near Banro's wholly-owned Twangiza gold project." More
- May 11, 2009 | Item | E-mail
Gossan Receives Favourable Phase I Bench-Scale Magnesium Process Results - More
- May 11, 2009 | Item | E-mail
Avalon Announces More Assays From Lake Zone Drilling and the Initiation of a Study on Wind Power Generation Potential at Thor Lake - More
- May 11, 2009 | Item | E-mail
Soho Reports 7.377 Million Tonnes Measured and Indicated Plus 4.868 Million Tonnes Inferred Updated Resource Estimate for Tahuehueto Project, Durango State - More
- May 11, 2009 | Item | E-mail
Kinbauri Responds to Proposed Hostile Takeover - More
- May 11, 2009 | Item | E-mail
Crowflight Announces First Quarter 2009 Financial Results - More
- May 11, 2009 | Item | E-mail
Verena Retains Incorporated Communications Services - More
- May 11, 2009 | Item | E-mail
Golden Valley Mines Ltd.: Abitibi Grassroots Exploration Program Update - More
- May 11, 2009 | Item | E-mail
Vena Receives Positive Update on Pucara Gold/Copper Project - More
- May 11, 2009 | Item | E-mail
Unico, Inc. Announces Form 4 Filing by Director on Acquisition of Over 1.3 Million Shares of Common Stock - More
- May 11, 2009 | Item | E-mail
Witwatersrand Consolidated Gold Resources Limited - Trading update - More
- May 11, 2009 | Item | E-mail
Iberian Minerals Announces Shareholder Meeting, Proposed Swiss Continuance and Funding Requirements - More
- May 11, 2009 | Item | E-mail
Explorator Resources Completes Preliminary Assessment on Its El Espino Copper-Gold Project in Chile - More
- May 11, 2009 | Item | E-mail
Wesdome and Windarra announce letter of intent regarding acquisition of the Magnacon property and the Pukaskwa claims by Wesdome - More
- May 11, 2009 | Item | E-mail
Uranium Resources, Inc. Reports First Quarter 2009 Results - More
- May 11, 2009 | Item | E-mail
Virginia Mines Inc.: Signing of a CA$2,500,000 Agreement With MacDonald Mines Exploration - More
- May 11, 2009 | Item | E-mail
Mishkeegogamang Ojibway First Nation and PC Gold Sign Exploration Memorandum of Understanding - More
- May 11, 2009 | Item | E-mail
Anaconda Announces Second Closing of Private Placement Financing - More
- May 11, 2009 | Item | E-mail
MineCore Discusses FYE March 31, 2008 Financial Statements - More
- May 11, 2009 | Item | E-mail
Orvana Minerals Announces Intention to Make an Offer to Acquire Kinbauri Gold Corp. for $0.55 Per Share - More
- May 11, 2009 | Item | E-mail
Anvil Mining's First Quarter Results Conference Call on May 15 - More
- May 11, 2009 | Item | E-mail
Uranium One Announces Record Quarterly Sales and Increased Production for Q1 2009 - More
- May 11, 2009 | Item | E-mail
Company Enters Into Share Exchange Agreement With AMR Project Peru, S.A.C. - More
- May 11, 2009 | Item | E-mail
Agreement Between African Copper and Zambia Copper Investments - More
- May 11, 2009 | Item | E-mail
Platinex Issues Shares for Services - More
- May 11, 2009 | Item | E-mail
Kodiak Announces Retirement - More
- May 11, 2009 | Item | E-mail
Freegold Management Change - More
- May 11, 2009 | Item | E-mail
Arianne Proposes a Share Consolidation to its Shareholders - More
- May 11, 2009 | Item | E-mail
Explor: Eastford Lake Winter Diamond Drill Program - More
- May 11, 2009 | Item | E-mail
Seabridge Gold Files First Quarter 2009 Financial Statements and MD&A - "During the three month period ended March 31, 2009, Seabridge recorded a net loss of $997,000 ($0.03 per share) compared to a loss of $906,000 ($0.02 per share) for the same period last year. During the first quarter, Seabridge invested $1,821,000 in mineral interests, primarily at KSM, compared to $2,623,000 during the same period last year. At March 31, 2009 net working capital was $28,724,000 compared to $30,628,000 at December 31, 2008." More
- May 11, 2009 | Item | E-mail
Silver Bear Announces First Quarter Results - 2009 Drilling Program to Commence in May - "Silver Bear incurred a net loss for the period ended March 31, 2009 of $4.0 million or $0.11 per share. This compares to a loss of $2.9 million or $0.08 per share for the period ended March 31, 2008. Exploration costs were $2.6 million in the period ended March 31, 2009 compared with $1.6 million in the period ended March 31, 2008, as the Company has paid $0.8 million of mobilization costs for drilling supplies and equipment in the first quarter of 2009 that were not paid in 2008; the payment of upfront mobilization charges results in the Company paying lower per metre drilling charges this year." More
- May 11, 2009 | Item | E-mail
Esperanza Begins Cerro Jumil Economic Study - "Esperanza Silver Corp. (TSX VENTURE:EPZ - News; PINK SHEETS:ESPZF - News) announces that it has begun a Preliminary Economic Assessment study of its Cerro Jumil gold project in Morelos, Mexico. The study will be conducted by Vector Engineering Inc. with contributions by Mine Development Associates for mining issues and Lyntek, Inc. for metallurgical and processing subjects. Study results are anticipated by the third quarter of 2009." More
- May 11, 2009 | Item | E-mail
Silver Wheaton Reports First Quarter Earnings of US$15 Million and Operating Cash Flows of US$23 Million - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce net earnings of US$15.1 million (US$0.06 per share) and operating cash flows of US$23.1 million (US$0.09 per share) for the first quarter of 2009." More
- May 11, 2009 | Item | E-mail
New Mines Lead to Record First Quarter Silver Production and Strong Quarterly Financial Performance - “The impact of Coeur’s new mines is now beginning to be reflected in the Company’s quarterly results, which we expect will lead to a 66% increase in total silver production and a 85% jump in gold production this year,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. “With the on-time and on-budget completion of Palmarejo – one of the largest new silver/gold mines in the world – Coeur’s heaviest periods of capital investment in our two-year growth strategy plan are now behind us. As Palmarejo ramps up and San Bartolomé continues to perform consistently, we look forward to the transition into positive and significant cash flow generation.” More
- May 11, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 May, 2009 | |
