-- Posted 15 May, 2009 | | Source: SilverSeek.com

The Metals:

Gold fell to $923.55 in London before it spiked up to $929.35 in reaction CPI data and then pared its gains slightly over the next hour of trade, but it soon rose to new highs in later morning New York trade and ended near its session high of $933.50 with a gain of 0.3%.  Silver fell to its session low of $13.847 just after the 8:30AM release of the CPI data before it bounced back higher in midmorning New York trade and rose to see a decent gain of $0.122 at $14.167 by late morning, but it then fell back off into the close ended with a loss of 0.46%.

Euro gold rose to about €688, platinum lost $3.50 to $1104, and copper remained at about $2.03.

Gold and silver equities climbed over 1% by late morning before they fell back off in afternoon trade and saw over 2% losses at one point, but they then rallied back higher in the last hour of trade and ended with only about 1% losses on the day.

The Economy:

Bair Says Some Bank Chiefs Will Be Replaced in Next Few Months  Bloomberg

Fed official: recovery will be a 'very slow slog'  Yahoo

China's yuan 'set to usurp US dollar' as world's reserve currency  Telegraph

All of this week’s other economic reports:

Next week’s economic highlights include Building Permits and Housing Starts on Tuesday, FOMC Minutes on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed on Thursday.

The Markets:

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

Oil fell nearly 4 percent while the U.S. dollar index rose as another round of poor economic data discouraged risk taking and caused a minor sell-off in the Dow, Nasdaq, and S&P.  Treasuries, however, were not able to catch their historical safe haven bid and bonds ended lower on possible worries over upcoming supply.

Among the big names making news in the market Friday were Panasonic, Abercrombie, Prudential, Temasek, J.C. Penney, GM, and Eaton Vance.

The Commentary:

“Dear CIGAs,

This morning GM sent out pink slips to 1000 dealers. That is an economic disaster for 1000 dealers. This really bad news is released as a positive accomplishment. The s**t canned dealers have no recourse as all they can sue is Bad Company GM with so little assets that it is practically litigation proof.

Chrysler has 44,000 vehicles on closed dealer’s lots.

This morning some of the 12 insurance companies that have applied for a Federal bailout (also known as TARP funds) were approved. All that means is they are really in bad financial shape. This news was also released as a good thing. Sure it is good if you like hyperinflation as TARP is one of the fodders for this development.

Is there any question out there why the Chinese want a guarantee on their Federal Treasury instruments?”- Jim Sinclair, JSMineset.com

“Dear CIGAs,

Once again equity market weakness resulted in a rush back into the Dollar with all things commodities seeing selling pressure as a result. Folks – it is nothing but algorithms at work and is automatic because we live in an age in which traders no longer think. They just react. Sadly, that is pretty much what the professional has devolved into.

Gold was stronger overnight and early in the session but as it wore on and the Dollar began coming back as equities faded, selling pressure tied to the usual culprits came in to take it back down below the all important $930 level. One look at the technical price chart and you can see that above that level is a whole” lotta” air.  Comex gold selling also intensified as the mining equities faded well off their best prints for the session also.

We are back to seeing another flip and the near daily flip-flop between the forces of inflation and the forces of deflation. Today, deflationary forces won out but keep in mind what I have repeatedly been saying. Deflationary forces and inflationary forces are battling like the change of seasons from winter to spring. The transition is not linear but rather sporadic with intense episodes from both sides making their appearance as time progresses.

What is interesting about today’s session is the bond market did not move higher as equities swooned. Maybe it was the fact that the tech stocks held up much better than the broader indices and that sent money flowing into that sector. Who knows anymore?

Nevertheless, the strength in the Dollar forced the grains lower, the crude oil market and its liquid components lower and natural gas lower as well. It also brought selling into copper and silver to some extent although both of those markets held relatively well considering the extent of the Dollar’s rise.

Gold appeared to be on the verge of an upside trending move with the breach of $930 early today but by fading at the close, it seems as if that will have to wait for another day. While I am encouraged by the rising moving averages and the fact that gold continues to trade above all of the major moving averages, I am concerned that the RSI cannot get a clear breach of that resistance line I have on the chart. That indicator reveals the internal strength of a move and while gold has been slowly clawing its way higher, the RSI has not been particularly strong. If we get an upside breach of $930 on a pit session close AND a breach of that blue resistance line on the RSI chart, then we have something solid. Until then, it seems we are going to see more of this grinding action.

Wednesday’s big downside day on the HUI and the XAU price charts is still dominating the short term technical picture. That day’s high is now a critical resistance level that the bulls will have to take out. We have some support on the downside for the HUI near the 330 level with additional support beneath that at 320.”- Dan Norcini, More at JSMineset.com

“June Gold closed up 2.9 at 931.3. This was 7 up from the low and 3.5 off the high.

July Silver finished down 0.03 at 14.01, 0.18 off the high and 0.15 up from the low.

The gold market managed to show some strength Friday despite seeing renewed slowing concerns and a generally higher US Dollar. Apparently flight to quality interest trumped deflationary slowing concerns in the trade Friday but with overt weakness in platinum, energy and a host of physical commodity markets the gold bulls seemed to be bucking the trend. In the end, the US economic news was at least partially supportive to gold but seeing another net inflow of $23.2 billion in the Treasury Capital Flows report for March could have dented some flight to quality sentiment.

The silver market seemed to under perform the gold market during the trading session Friday and that wasn't surprising considering the quasi deflationary tilt seen in a host of physical commodity markets. The silver market did see some initial positive lift from the mid morning rally attempt in the equity markets as the trade for a brief time seemed to downplay the prospects of a worsening recession. However, the silver market continues to track tightly with the ebb and flow of the US equity markets.”- The Hightower Report, Futures Analysis and Forecasting

The Statistics:

As of close of business: 5/15/2009

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

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

The Miners:

Richmont’s (RIC) announcement, Fronteer’s (FRG) first quarter results, Crystallex’s (KRY) first quarter results, AngloGold’s (AU) first quarter results, International Royalty’s (ROY) new board member, Anvil Mining’s (AVM.TO) first quarter results, Silver Standard’s (SSRI) first quarter results, International Minerals (IMZ.TO) first quarter results, First Majestic’s (FR.TO) first quarter results, and Silvercorp’s (SVM) fourth quarter results were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

LOSERS

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:

Minera Andes reports first quarter 2009 financial results - More
- May 15, 2009 | Item | E-mail

Canadian Royalties Announces First Quarter 2009 Results - More
- May 15, 2009 | Item | E-mail

Richmont Mines Inc.: Announcement - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News), is pleased to announce the following re-appointments to its Board of Directors of Messrs. Denis Arcand, Martin Rivard, Rejean Houle and Raynald Vezina and the appointment of Mr. Gregory Chamandy as a Director, at the Annual and Special General Meeting held in Montreal on May 14, 2009." More
- May 15, 2009 | Item | E-mail

African Copper Announces Delay in Filing Interim Financial Statements and MD&A - More
- May 15, 2009 | Item | E-mail

Amador Gold Corp. Completes Spring 2009 Loveland Drilling - More
- May 15, 2009 | Item | E-mail

Luna Gold enters into US$17.8 million gold sales agreement contract - More
- May 15, 2009 | Item | E-mail

Fronteer Reports First Quarter 2009 Results - "The Company's net loss for the three months ended March 31, 2009 was $5,451,597 or $0.06 per share, compared to a net loss of $6,223,412 or $0.07 for three months ended March 31, 2008. Contributing to the year-over-year differences was the recognition of increased operating expenses such as wages and benefits professional fees, office and general, investor relations and promotion and amortization and a decrease in interest income." More
- May 15, 2009 | Item | E-mail

African Copper Plc: Revised Offer of Financing From Natasa Mining Limited - More
- May 15, 2009 | Item | E-mail

Ontex: NI 43-101 Resource Report Received and Exploration Update - More
- May 15, 2009 | Item | E-mail

African Copper Plc: Natasa Mining Limited ("Natasa") Announcement - More
- May 15, 2009 | Item | E-mail

Bear Lake Gold Announces Continued Success and More High-Grade Gold Intercepts at its Bear Lake Gold Zone - More
- May 15, 2009 | Item | E-mail

Seafield Announces Completion of Private Placement Plans Additional Financing - More
- May 15, 2009 | Item | E-mail

GoldSpring Announces Its First Gold and Silver Mineral Reserve, Estimated at $604 Million - More
- May 15, 2009 | Item | E-mail

MDN Inc.: Net Income of $794,214 or $0.01 Per Share - More
- May 15, 2009 | Item | E-mail

Volta announces appointment of CFO & Corporate Secretary - More
- May 15, 2009 | Item | E-mail

Crystallex Reports Q1 2009 Financial Results - "Losses from continuing operations were $4.8 million ($(0.02) per share) and $13.4 million ($(0.05) per share) for the three month periods ended March 31, 2009 and 2008, respectively. Losses from operations were $5.2 million ($(0.02) per share) and $11.2 million ($(0.04) per share) for the three month periods ended March 31, 2009 and 2008, respectively." More
- May 15, 2009 | Item | E-mail

Soltoro Advised of 16 to 18m Ounce Silver Potential at El Rayo Open at Depth and Along Strike - More
- May 15, 2009 | Item | E-mail

Rockgate Revises Global Resource Estimate, Falea Uranium-Silver Project, Mali - More
- May 15, 2009 | Item | E-mail

Trevali and Glencore Sign MOU to Develop the Santander Silver-Lead-Zinc Mine Project in Peru - More
- May 15, 2009 | Item | E-mail

Atna Resources Reports First Quarter 2009 Results - More
- May 15, 2009 | Item | E-mail

Purepoint Uranium Group Inc: Announces Adoption of Shareholder Rights Plan - More
- May 15, 2009 | Item | E-mail

Mercator Reports First Quarter Results and Provides Operations Update - More
- May 15, 2009 | Item | E-mail

Substantial Shareholder of Timmins Gold Advises That Board Allowed Expiry of a Superior Equity Financing Offer - More
- May 15, 2009 | Item | E-mail

Anvil Mining Reports First Quarter 2009 Financial Results - "Anvil Mining Limited (TSX, ASX: AVM - News News), ("Anvil" or the "Company"), today announced a net loss for the first quarter ended March 31, 2009, of $ 18.8 million (-$0.27 per share on a weighted average number of shares basis), compared to net income of $21.6 million ($0.30 per share) for the first quarter of 2008. Net sales for the first quarter of 2009 totalled $1.6 million, compared to $75.3 million for the corresponding quarter in 2008. Negative cash flows from operating activities, before working capital movements, of $11.9 million (-$0.17 per share), compared to a positive cash flow of $35.3 million ($0.50 per share) in the first quarter of 2008." More
- May 15, 2009 | Item | E-mail

Intrepid Mines Limited AGM Chairman's Address - More
- May 15, 2009 | Item | E-mail

Intrepid Mines Limited Annual General Meeting Results 15 May 2009 - More
- May 15, 2009 | Item | E-mail

Intrepid Mines Limited: Retirement of Non-Executive Director - More
- May 15, 2009 | Item | E-mail

Amador Gold Corp. Exploration Update: Jessop Gold Property - More
- May 15, 2009 | Item | E-mail

Solex Resources Receives Very Positive Metallurgical Test Results From Large Scale Macusani Leach Test - More
- May 15, 2009 | Item | E-mail

Anfield Closes Acquisition of Mayaniquel, S.A. and Private Placement With Lumina Capital Limited Partnership - More
- May 15, 2009 | Item | E-mail

Terralliance Secures Funding - More
- May 15, 2009 | Item | E-mail

Northern Shield Raises $1.67 million - More
- May 15, 2009 | Item | E-mail

Capstone Reports Strong First Quarter Results as Mining Operations Deliver Record Production - More
- May 15, 2009 | Item | E-mail

New Dawn Mining Corp. reports financial highlights for the quarter ended March 31, 2009 - More
- May 15, 2009 | Item | E-mail

Explor Extends PG 101 Gold Property - More
- May 15, 2009 | Item | E-mail

Sprott Resource Corp. Announces First Quarter 2009 Results - More
- May 15, 2009 | Item | E-mail

AngloGold Ashanti Posts Strong First Quarter Earnings - "AngloGold Ashanti Ltd. reported adjusted headline earnings of $150 million, or 42 cents a share, in the three months through March 31, 2009 compared with a loss of $17 million, or 5 cents a share, the previous quarter." More
- May 15, 2009 | Item | E-mail

Silver Standard Reports First Quarter 2009 Results - "The company reports a first quarter loss of $2.6 million ($0.04 per share) for the three months ended March 31, 2009 compared to earnings of $2.3 million ($0.04 per share) for the first quarter of 2008. The 2008 earnings related primarily to the gain on the sale of the company's silver bullion offset by financing costs and investment writedowns." More
- May 15, 2009 | Item | E-mail

International Minerals Reports Solid First Quarter Production Results and Updates Reserve Estimate at Pallancata Mine in Peru - "International Minerals Corporation (TSX:IMZ - News) (SWX:IMZ - News) reports that production at the Pallancata silver-gold mine in southern Peru increased 160% for silver and 156% for gold for the calendar first quarter ended March 31, 2009 (Q1 2009) from the calendar first quarter a year ago." More
- May 15, 2009 | Item | E-mail

First Majestic Silver Corp.: First Quarter Financial Results - "The Company generated net income after taxes of $0.9 million for the first quarter ended March 31, 2009 compared to net income after taxes of $1.1 million for the quarter ended March 31, 2008, and a net loss after taxes of $5.5 million for the fourth quarter ended December 31, 2008. The net income after taxes for this quarter was after recording non-cash stock-based compensation expense of $0.9 million, a foreign exchange loss of $1.0 million and an income tax recovery of $0.1 million." More
- May 15, 2009 | Item | E-mail

Western Goldfields Shareholders Approve Business Combination with New Gold - "New Gold Inc. (TSX and NYSE Amex: NGD) ("New Gold") and Western Goldfields Inc. (TSX: WGI and NYSE Amex: WGW) ("Western Goldfields") are pleased to announce that Western Goldfields shareholders have voted in favour of the previously announced business combination between Western Goldfields and New Gold (the "Transaction") at a special meeting of Western Goldfields shareholders held today in Toronto." More
- May 15, 2009 | Item | E-mail

Adex Announces Filing of North Zone NI 43-101 Compliant Technical Report - More
- May 15, 2009 | Item | E-mail

Ivernia Reports First Quarter 2009 Financial Results - More
- May 15, 2009 | Item | E-mail

Silvercorp Metals Inc.: Financial and Operating Results for the 4th Quarter and Fiscal Year Ended March 31, 2009 - "Net income was $1.2 million or $0.01 per share in the fourth quarter. Adjusted non-GAAP earnings for the quarter, after excluding three exceptional items, were $6.9 million or $0.05 per share, up 165% compared to $2.6 million or $0.02 in the last quarter." More
- May 15, 2009 | Item | E-mail

Chris Verbiski joins board of International Royalty Corporation - "International Royalty Corporation (NYSE-A: ROY, TSX: IRC) (the "Company" or "IRC") announces that Christopher L. Verbiski was appointed and elected to its board of directors at IRC's Annual General Meeting held May 13, 2009." More
- May 15, 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:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© 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.

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