-- Posted 18 May, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $920.80 | -$9.20 |
Silver | $13.78 | -$0.20 |
XAU | 137.27 | +0.35% |
HUI | 340.45 | -0.43% |
GDM | 1034.64 | -0.17% |
JSE Gold | 2517.28 | UNCH |
USD | 82.60 | -0.37 |
Euro | 135.51 | +0.50 |
Yen | 103.77 | -1.33 |
Oil | $59.03 | +$2.69 |
10-Year | 3.211% | +0.088 |
T-Bond | 121.78125 | -1.140625 |
Dow | 8504.08 | +2.85% |
Nasdaq | 1732.36 | +3.11% |
S&P | 909.71 | +3.04% |
The Metals:
Gold remained near unchanged in Asia and London before it dropped over $10 to as low as $919.20 shortly after 9:30AM EST in New York and then rebounded slightly midday, but it subsequently fell back off in the last hour of trade and ended with a loss of 0.99%. Silver saw slight gains in Asia before it fell back off in London and early New York trade to as low as $13.656 by about 10AM EST, but it then rallied back higher into the close and ended with a loss of just 1.43%.
Euro gold fell to about €681, platinum gained $24 to $1128, and copper gained nearly 5 cents to about $2.07.
Gold and silver equities fell over 2% at the open before they rallied back near unchanged midday and then fell back off near their earlier lows by mid-afternoon, but they next rallied back higher into the close and ended near unchanged the day.
The Economy:
There were no major economic reports today, but the National Association of Home Builders reported that confidence rose to an eight-month high. Tomorrow at 8:30AM EST brings Building Permits for April expected at 530,000 and Housing Starts expected at 527,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose almost 5% on supply concerns after a refinery fire in the US and militant attacks in Nigeria.
The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P rebounded about 3% on hopes that more housing data will show a further rebound in economic activity.
Among the big names making news in the market today were AIG, Lowe’s, and State Street.
The Commentary:
“The Wall Street party-line has always been that since the US has stuffed China with US Treasuries, China has no choice but to shut up, suck it up and choke on them. Hey, what is a trillion today anyway?
That viewpoint is extremely short sighted. Central banks have many alternative methods to offload dollar items than looking for buyers in the Forex or US Treasury world markets. This is most certainly true for those that finance international business of their quasi government private sector
Let us not forget buying gold as one way to pay in dollars that results in diversification of reserve assets.
Treasury instruments are fungible as collateral items into whatever currency is required in trade.
When I have discussed transactions with Chinese nationals in China a meeting with a personality of or at the China Trade Bank is standard fare.”- Jim Sinclair, JSMineset.com
“June Gold closed down 9.6 at 921.7. This was 2.7 up from the low and 10.6 off the high.
July Silver finished down 0.18 at 13.83, 0.13 off the high and 0.2 up from the low.
The gold market didn't seem to be that interested in the prospect of inflation, as better than expected US data and a range up move in the US equity market failed to provide much support to the gold market. Surprisingly the gold market also failed to derive much in the way of support from a weaker US Dollar and soaring energy prices. With US Treasuries, the Dollar and the Yen all weaker it seemed as if the flight to quality instruments were under pressure and that in turn suggests that the gold market is currently favoring the flight to quality angle. While the outlook for the economy seems to have improved from the view last week, it is apparent that few gold traders are willing to bet on a return of inflation without more definitive proof of a recovery.
The silver market managed a big range down move on Monday morning as gold and silver both seemed to lose out to the industrial and physical commodities. Even a weaker Dollar failed to provide silver with support as the July silver contract slumped below the $14.00 level on the charts. Even more surprising is the fact that copper and platinum prices were lifted definitively off the improvement in macro economic sentiment and that suggests that silver is simply out of favor.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Adrian Douglas: Have China watchers never heard of a decoy?
GoldDrivers begins retailing Valcambi Suisse ingots, bars
Silver Summit relocates to Spokane and world's grandest mining venue
China keeps buying U.S. bonds despite concerns
Monetary metals suppression is as old as the hills
The Statistics:
As of close of business: 5/18/2009
Gold Warehouse Stocks: | 8,501,613 | -205 |
Silver Warehouse Stocks: | 119,685,584 | +579,227 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,105.62 | 35,546,729 | US$ 33,035m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.87 | 4,271,763 | US$ 3,943m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.50 | 433,174 | US$ 401m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.70 | 954,841 | US$ 887m |
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 5/15/2009 | |
Total Net Assets | $2,045,221,669 | 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 5/15/2009 | |
Total Net Assets | $3,735,395,415 | 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:
News was pretty slow in the gold and silver mining industry today with the Canadian markets closed for Victoria Day, but Coeur (CDE) announced a one-for-ten reverse split of its common stock.
WINNERS
1. International Royalty | ROY +9.63% $3.30 |
2. Freeport | FCX +7.75% $48.67 |
3. Northern Dynasty | NAK +7.35% $6.72 |
LOSERS
1. AngloGold | AU -5.60% $34.55 |
2. Mines MGMT | MGN-5.23% $1.45 |
3. Nevsun | NSU -3.94% $1.22 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's (and late Friday’s) gold and silver stock news:
USEC Inc. Announces Trade Case Settlement with AREVA - More
- May 18, 2009 | Item | E-mail
Paladin Energy Ltd Added to MSCI - More
- May 18, 2009 | Item | E-mail
Minera Andes announces production recommences at San Jose Mine - More
- May 18, 2009 | Item | E-mail
Tiger Resources Announces Share Purchase Plan - More
- May 18, 2009 | Item | E-mail
Caledonia Mining First Quarter 2009 Results - More
- May 18, 2009 | Item | E-mail
African Copper PLC: Amended Agreement Between ACU and ZCI Dated 18 May 2009 - More
- May 18, 2009 | Item | E-mail
Carpathian Gold Announces Initial Gold Mineral Resource & Commencement of Phase II Drilling on the RDM Gold Project, Brazil - More
- May 18, 2009 | Item | E-mail
Yukon-Nevada Gold Corp. reports first quarter results - More
- May 18, 2009 | Item | E-mail
Canadian Zinc Reports First Quarter 2009 Results - More
- May 18, 2009 | Item | E-mail
High River Gold Reports First Quarter 2009 Results - More
- May 18, 2009 | Item | E-mail
Nevada Gold Holdings Inc. Commences Trading on OTCBB - More
- May 18, 2009 | Item | E-mail
African Queen Completes $1.278 Million Private Placement - More
- May 18, 2009 | Item | E-mail
Goldstake Provides Third Default Status Report - More
- May 18, 2009 | Item | E-mail
Orvana Announces Completion of Updated Feasibility Study and Decision to Proceed With Development of Don Mario Upper Mineralized Zone - More
- May 18, 2009 | Item | E-mail
Orvana Reports Operating Results for the Second Quarter Ended March 31, 2009 - More
- May 18, 2009 | Item | E-mail
Brazauro's Board of Directors Approves Amendment of Shareholder Rights Plan Agreement - More
- May 18, 2009 | Item | E-mail
Nord Resources Reports First-Quarter 2009 Results - More
- May 18, 2009 | Item | E-mail
Sandstorm Resources Signs Gold Purchase Agreements With Luna and SilverCrest - More
- May 18, 2009 | Item | E-mail
Orvana to Apply to OSC for Relief Relating to Kinbauri's Recent Actions - More
- May 18, 2009 | Item | E-mail
Trelawney Moving Ahead to Extract Bulk Sample From Dorset Property - More
- May 18, 2009 | Item | E-mail
GWR announces appointment of Rob Shives - More
- May 18, 2009 | Item | E-mail
Sierra Minerals Earns US$611,837 in Q1 2009 (US$0.01 Per Share) - More
- May 18, 2009 | Item | E-mail
Solitaire Minerals Corp. Closes Private Placement - More
- May 18, 2009 | Item | E-mail
Advanced Explorations Inc. Announces $1,000,000 Private Placement - More
- May 18, 2009 | Item | E-mail
Coeur Announces 1 for 10 Reverse Stock Split - "Coeur d’Alene Mines Corporation (NYSE:CDE - News)(TSX:CDM - News)(ASX:CXC - News) today announced that its board of directors has authorized a one-for-ten reverse split of its common stock, which was approved by Coeur stockholders at the Annual Meeting of Stockholders on May 12, 2009. The reverse split will be effective at 6:01 p.m. EDT on May 26, 2009." More
- May 18, 2009 | Item | E-mail
MAG Silver Reports First Quarter Financial Results - "The Company's loss for the three months ended March 31, 2009 amounted to $5.2 million or $0.10 per share as compared to $2.8 million or $0.06 per share for the same period last year. The loss for the three months ended March 31, 2009 includes the write off mineral property acquisition costs and deferred exploration costs in the amount of $3,150,255 ($1,169,411 for the same period in 2008)." More
- May 18, 2009 | Item | E-mail
Apollo Gold Reports First Quarter 2009 Results - "Apollo Gold Corporation (“Apollo” or the “Company”) (TSX: APG - News) (NYSE Amex: AGT) announced today a net loss of $24.8 million, or $0.11 per share, for the three months ended March 31, 2009, as compared to net income of $3.7 million, or $0.02 per share, for the three months ended March 31, 2008. Unless otherwise indicated, all dollar amounts are reported in US currency." More
- May 18, 2009 | Item | E-mail
Ivanhoe Mines Announces Financial Results and Review of Operations for the First Quarter of 2009 - "In Q1'09, Ivanhoe Mines recorded a net loss of $56.0 million (or $0.15 per share), compared to a net loss of $63.6 million (or $0.17 per share) in Q1'08, representing a decrease of $7.6 million. Results for Q1'09 were mainly affected by $37.4 million in exploration expenses; $7.8 million in general and administrative expenses; $4.8 million in interest expense; and $9.3 million in mainly unrealized foreign exchange losses. These amounts were offset by $10.7 million in income from discontinued operations." More
- May 18, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 18 May, 2009 | |
