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Gold Seeker Closing Report: Gold and Silver Fall Slightly While Stocks Gain

By: Chris Mullen, Gold-Seeker.com


-- Posted 26 May, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$952.65

-$5.15

Silver

$14.60

-$0.05

XAU

151.49

+0.06%

HUI

376.32

-0.75%

GDM

1152.66

-0.37%

JSE Gold

2655.42

-60.48

USD

80.13

+0.10

Euro

139.84

-0.10

Yen

105.22

-0.28

Oil

$62.45

+$0.78

10-Year

3.493%

+0.045

T-Bond

118.65625

-0.65625

Dow

8473.49

+2.37%

Nasdaq

1750.43

+3.45%

S&P

910.33

+2.63%

 
 
 

The Metals:

 

Gold traded mostly slightly lower over the Memorial Day holiday on Monday and dropped in late Asian trade early this morning to as low as $940.75 by midmorning in London, but it then steadily climbed back higher for the rest of the day and ended with a loss of just 0.54%.  Silver followed a similar pattern and rebounded from its low of $14.28 to end near its late session high of $14.665 with a loss of only 0.34%.

 

Euro gold fell to about €682, platinum lost $16 to $1133.50, and copper gained roughly 5 cents to about $2.15.

 

Gold and silver equities fell over 3% at the open before they rallied back near unchanged by about 11AM EST and then held at about that level for the rest of the day to end mixed.

 

The Economy:

 

Report

For

Reading

Expected

Previous

S&P/C-S Home Price Index

Mar

-18.7%

-18.4%

-18.67%

Consumer Confidence

May

54.9

42.6

40.8

 

U.S. economy at risk of double-dip recession  Reuters

Young people face "long hot summer" seeking jobs  Reuters

 

Tomorrow at 10AM EST brings the Existing Home Sales report for May expected at 4,650,000.

 

The Markets:

 

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

 

Oil and the U.S. dollar index rose slightly while treasuries fell and the Dow, Nasdaq, and S&P gained over 2% on a surprisingly large jump in Consumer Confidence that raised hopes over the economy.

 

Among the big names making news in the market today were GM, Nikon, and JPMorgan.

 

The Commentary:

 

Dear CIGAs,

 

Predictions:

 

1. Gold reacts as currency support for the dollar enters mid June to a slow decline (that is the official definition of a strong dollar policy, really).

2. End of 2nd week going into the beginning of the 3rd week of June Gold launches towards and this time through the neckline of the reverse head and shoulders formation.

3. Gold rises to $1224 where it hesitates.

4. The OTC derivative market takes on the dollar as short sellers into dollar support.

5. This OTC derivative currency short position builds.

6. It is the US dollar where Armstrong will get his WATERFALL.

7. The main selling takes place when Israel makes a major miscalculation.

8. Hyperinflation is always and will continue to be a currency event.

9. Hyperinflation will be a product of the upcoming massive OTC derivative short dollar raid.

 

Should I be correct in the gold price action going into late June, it will fit Armstrong’s criterion for a move to $5000.

 

Alf’s work permits an over-run of the gold price to $3500 in the major 3rd phase, indicating overruns into the major 5th.”- Jim Sinclair, JSMineset.com

 

“August Gold closed down 5.4 at 955.1. This was 8.3 up from the low and 0.8 off the high.

 

July Silver finished down 0.095 at 14.6, 0.09 off the high and 0.18 up from the low.

 

After some noted early weakness that seemed to be brought on by a strong Dollar, the bull camp seemed to regain its footing. Clearly the better than expected Consumer Confidence readings inspired reversals in a number of markets but with the US equity markets seemingly pulling up gold prices, one gets the sense that "reflation" was in some way in play on Tuesday. However, while the Dollar fell back from its early highs, the Dollar generally managed to spend most of the trading session in positive ground and that is probably why gold recovered but was unable to climb deep into positive territory. To many in the gold trade the 80.00 level in the June Dollar Index continues to be seen as a critical market level.

 

The silver market saw overtly weak action early in the Tuesday US trade, but an apparent shift in sentiment seemed to take some of the pressure off the silver market. However, despite the up tick in macro economic sentiment, the silver market spent the majority of its time trading under the prior sessions closing value. Like the gold market, a setback in the Dollar seemed to temper the selling pressure, but the silver market wasn't really able to catch the lift that was seen in other physical commodity markets in the wake of the strong equity market rally.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Ted Butler: Another smoking gun

John Embry: China, Western central banks out of sync on gold

AngloGold stumbles over hedges

James Turk: Updating the charts

Peter Brimelow: Gold on verge of historic breakout?

China will be dollar's slave forever, Financial Times hopes

U.S. bond sales face market resistance

Reg Howe: Gold derivatives -- The tide turns

Ambrose Evans-Prtichard: Gold bugs at last have their perfect trinity

LA Times cites Treasury's 'manipulation' of bond market

 

The Statistics:

As of close of business: 5/26/2009

Gold Warehouse Stocks:

8,315,082

+18,062

Silver Warehouse Stocks:

120,360,593

-53,276

 

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

1,118.76

35,969,105

US$ 34,514m

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

Gold Bullion Securities

134.10

4,311,352

US$ 4,111m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.50

433,137

US$ 414m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

31.04

997,939

US$ 987m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

 Note: Change in Total Tonnes from yesterday’s data: SPDR added 13.14 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 5/22/2009

 

Total Net Assets

$2,124,555,557

Ounces of Gold
in Trust

2,217,048.759

Shares Outstanding

22,550,000

Tonnes of Gold
in Trust

68.96

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

 

Silver Trust (SLV)

Profile as of 5/22/2009

 

Total Net Assets

$3,933,651,509

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:

 

US Gold’s (UXG) closed stock sale, Keegan’s (KGN) closed offering, Allied Nevada’s (ANV) permit, Gold Reserve’s (GRZ) ended concession in Venezuela, Sunshine’s owner status, Scorpio’s (SPM.TO) update, and Fortuna’s (FVI.V) project update were among the big stories in the gold and silver mining industry making headlines today and yesterday.

 

WINNERS

1.  Mines MGMT

MGN +7.38% $1.60

2.  NovaGold

NG +6.19% $4.29

3.  Western Goldfields

WGW +5.93% $2.50

 

LOSERS

1.  Ivanhoe

IVN -8.40% $5.34

2.  Exeter

XRA -6.37% $3.23

3.  MAG Silver

MVG-4.72% $5.25

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

All of today's and yesterday’s gold and silver stock news:

Sunshine Mine Owner To Pursue All Legal Remedies to Mine Possession Issues - "Sunshine Precious Metals, Inc., owner of the fabled Sunshine silver mine in northern Idaho, will pursue all legal remedies at hand to regain control of the property and seek civil and criminal remedies against those who have worked to defraud or otherwise encumber SPMI's rights." More
- May 26, 2009 | Item | E-mail


Vaaldiam Resources Ltd.: 80% Interest in Brauna Project Sold for $5 Million - More
- May 26, 2009 | Item | E-mail


Hochschild Mining plc Makes Early Warning Report in Connection With Its Acquisition of Southwestern Resources Corp. - More
- May 26, 2009 | Item | E-mail


Kinbauri Closes Private Placement - More
- May 26, 2009 | Item | E-mail


Helio Reports Heap-Leach Amenability Testwork on the Kenge Target, SMP Gold Project, Lupa Goldfields, Tanzania - More
- May 26, 2009 | Item | E-mail


North American Palladium Completes Acquisition of Cadiscor Resources - More
- May 26, 2009 | Item | E-mail


Merrex Terminates Property Options - More
- May 26, 2009 | Item | E-mail


Patriot Gold Announces Initial Metallurgy Results for Moss Mine Project, Arizona - More
- May 26, 2009 | Item | E-mail


Amador Gold Corp. Intersects Widespread Gold Mineralization on Loveland Project - More
- May 26, 2009 | Item | E-mail


Arianne Resources: Agreement With Bay Stream Ventures Inc. - More
- May 26, 2009 | Item | E-mail


Cancor Mines Inc. announces voluntary delisting from the TSX - More
- May 26, 2009 | Item | E-mail


First Gold Exploration Inc.: Scoping Study Confirms Economic Potential for Gold Production at Croinor Gold Deposit - More
- May 26, 2009 | Item | E-mail


Perseverance Paying Off for Aura Silver at High-Grade Gold/Silver, VMS Project in Nunavut - More
- May 26, 2009 | Item | E-mail


UC Hub Group Announces Agreement for Montana Gold and Royal American Sapphire Property - More
- May 26, 2009 | Item | E-mail


Rimfire and Geoinformatics Announce Business Combination - More
- May 26, 2009 | Item | E-mail


Mantis mobilizing for upcoming drill program on its Cree Lake Gold Property - More
- May 26, 2009 | Item | E-mail


Roxmark receives $550,000 and 200,000 shares of Premier Gold under joint venture agreement - More
- May 26, 2009 | Item | E-mail


Uranium Bay Signs a Letter of Intention Regarding the Acquisition of 100% Interest in 277 Gold Claims Located in the Eastern Townships of Quebec - More
- May 26, 2009 | Item | E-mail


Glen Eagle Resources Inc.: Corporate Update - More
- May 26, 2009 | Item | E-mail


Premier provides Red Lake update - More
- May 26, 2009 | Item | E-mail


Galahad Metals Inc.: Montrose Gold Project Advanced to Drill Stage - More
- May 26, 2009 | Item | E-mail


US Canadian Minerals Inc. Updates Shareholders on Reporting Status, New Website & New IR Company - More
- May 26, 2009 | Item | E-mail


Golden Band Resources: Increase in resources at Bingo gold deposit - More
- May 26, 2009 | Item | E-mail


Kinbauri Shareholders are Advised to Take no Action at this Time Regarding Orvana's Unsolicited Bid - More
- May 26, 2009 | Item | E-mail


La Mancha Confirms the Presence of a Second Enriched Zone At the Hassai Property - More
- May 26, 2009 | Item | E-mail


HudBay Closes Sale of Lundin Mining Stake - More
- May 26, 2009 | Item | E-mail


Wits Basin Issues Open Letter to Shareholders - More
- May 26, 2009 | Item | E-mail


Norsemont announces $16 million rights offering - More
- May 26, 2009 | Item | E-mail


Noront Resources Intersects More Massive Chromite - More
- May 26, 2009 | Item | E-mail


Shoreham Announces $3,000,000 Private Placement - More
- May 26, 2009 | Item | E-mail


Macusani Yellowcake Closes Private Placement - More
- May 26, 2009 | Item | E-mail


Quest to Acquire Property Adjacent to the Strange Lake Rare Earth Deposit in the George River Area, Quebec - More
- May 26, 2009 | Item | E-mail


Solex Resources Corp. Finalises Agreement With Eldorado Gold Corporation to Acquire 100% of Minera Frontera Pacifica - More
- May 26, 2009 | Item | E-mail


Colorado Goldfields Inc. and U.S. Environmental Protection Agency Launch Gold King Mine Collaboration - More
- May 26, 2009 | Item | E-mail


Midlands Minerals to Generate Cash Flow From Sian-Ghana - More
- May 26, 2009 | Item | E-mail


Successful Bench Scale Leach Tests Completed by Ireland Inc. - More
- May 26, 2009 | Item | E-mail


Gladstone Pacific Nickel Ltd. (ACN 104 261 887) - Appointment of new board member - More
- May 26, 2009 | Item | E-mail


KWG announces migration to Tier 1 - More
- May 26, 2009 | Item | E-mail


Denison Mines Announces C$82 Million "Bought Deal" Financing - More
- May 26, 2009 | Item | E-mail


MAX completes bulk sample of high grade gold zones at East Manhattan Wash, Nevada - More
- May 26, 2009 | Item | E-mail


Anglo Swiss Resources Inc. Assays up to 180.5 Grams per Tonne Gold along a 85 Meter Strike at its Kenville Gold Mine Property - More
- May 26, 2009 | Item | E-mail


Probe Mines Identifies 800m-Long Airborne Anomaly on the Probe-Noront Joint Venture - More
- May 26, 2009 | Item | E-mail


Capstone Reports Final Phase 1, Drill Results - More High Gold Grades at Minto North - More
- May 26, 2009 | Item | E-mail


El Capitan 10-Q Filing to Be Filed Late - More
- May 26, 2009 | Item | E-mail


Minera IRL: Corihuarmi Mine Life Extended - More
- May 26, 2009 | Item | E-mail


ACU Payment to Bondholders and Natasa - More
- May 26, 2009 | Item | E-mail


Redcorp Ventures Ltd.: Receipt of Inspector's Direction - More
- May 26, 2009 | Item | E-mail


Andina Reports 2009 Volcan Drill Results; Provides Water and Sulphur Exploration Update - More
- May 26, 2009 | Item | E-mail


Pacific Booker Minerals, Inc. Announces Approved Terms of Reference, Dated May 21, 2009, for the Morrison Copper/Gold Project - More
- May 26, 2009 | Item | E-mail


Goldcorp drills four holes on Conquest's Alexander Property at Red Lake - More
- May 26, 2009 | Item | E-mail


Quebec Superior Court Approves Cadiscor's Business Combination With North American Palladium - More
- May 26, 2009 | Item | E-mail


MDN Inc.: Corporate Update of MCI's Acquisition Project - More
- May 26, 2009 | Item | E-mail


Shareholders Approve Business Combination Involving Mega Silver and Skybridge Development - More
- May 26, 2009 | Item | E-mail


Hard Creek Increases Measured Resource to 213 Million Tonnes - More
- May 26, 2009 | Item | E-mail


Kodiak Announces Resumption of Exploration and Drilling Program at Hercules - More
- May 26, 2009 | Item | E-mail


KWG announces extension of warrants - More
- May 26, 2009 | Item | E-mail


Rare Element confirms no undisclosed material news. - More
- May 26, 2009 | Item | E-mail


Denison Mines Corp.: Assay Results Confirm and Significantly Exceed Previously Reported Grade Equivalent Results From Wheeler River - More
- May 26, 2009 | Item | E-mail


Tribute Announces Closing of Minimum Flow-Through Offering - More
- May 26, 2009 | Item | E-mail


New Guinea Gold Corporation: Additional Oxide Gold Zones Defined at Sinivit Mine - More
- May 26, 2009 | Item | E-mail


New Guinea Gold Corporation: Excellent Drill Results from Weioko with 34m at 2.76g/t Gold Including 17m at 4.54g/t Gold - More
- May 26, 2009 | Item | E-mail


Paragon Minerals Options Winterhill Property to GFE Capital Corp. - More
- May 26, 2009 | Item | E-mail


Mill City and Grandview Announce Discontinuation of Nevada Project - More
- May 26, 2009 | Item | E-mail


Orvana Formally Commences All-Cash Offer to Acquire Kinbauri Gold Corp. for $0.55 Per Share - More
- May 26, 2009 | Item | E-mail


Golden Goose Resources inc. reports its 2009 first quarter results - More
- May 26, 2009 | Item | E-mail


Canadian Arrow Mines and URSA Major Minerals announce letter of intent for a business combination to create a larger nickel focussed exploration and development - More
- May 26, 2009 | Item | E-mail


MetalQuest Minerals Announces Plans to Acquire all the Assets of Canadian Ore Processors Corporation - More
- May 26, 2009 | Item | E-mail


Shoreham Receives Conditional Exchange Approval and Closes Second Private Placement Financing at $0.30 Per Share - More
- May 26, 2009 | Item | E-mail


Redcorp Announces Reductions in Corporate Management - More
- May 26, 2009 | Item | E-mail


Farallon Announces Corporate Name Change - More
- May 26, 2009 | Item | E-mail


US Gold Announces the Closing of Over-Allotment of Common Stock - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) (the "Company" or "US Gold"), a U.S. and Mexico focused gold and silver exploration company, announced today the closing of the sale of 3.15 million shares of common stock, pursuant to the underwriters' over-allotment option to purchase 3.3 million shares of common stock, which the Company granted in connection with its recently-closed public offering of common stock." More
- May 26, 2009 | Item | E-mail


Keegan Resources Closes Offering - "Keegan Resources Inc. ("Keegan") (Toronto:KGN.TO - News)(AMEX:KGN - News) - Keegan is pleased to announce the closing of a previously announced underwritten bought deal share offering of 7 million common shares at the issue price of $2.40 per share. The underwriters have exercised the over-allotment option of an additional 1 million common shares, bringing the total aggregate gross proceeds raised under the offering to $19,200,000." More
- May 26, 2009 | Item | E-mail


Scorpio Provides April 2009 Update - "April 2009 continued to be another productive and cost-efficient month for the Company. With the new 2009 revised budget costs, mine planning and advanced mine development now scheduled into 2010, the Company has aggressively prepared itself to immediately ramp up mill and mining rates as overall metal prices increase." More
- May 26, 2009 | Item | E-mail


Allied Nevada Receives Permit for Operation of Refinery - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (Toronto:ANV.TO - News)(AMEX:ANV - News) is pleased to announce that it has received the final permit allowing for the completion and operation of the refinery at its wholly owned Hycroft gold mine located near Winnemucca, Nevada. The permit was issued on May 20, 2009, and commissioning of the refinery has begun. It is expected that the refinery will be fully operational by early June." More
- May 26, 2009 | Item | E-mail


Venezuela ends Gold Reserve Brisas' concession - "Venezuela has ended a concession held by U.S.-based miner Gold Reserve (GRZ.A) in one of Latin America's largest gold deposits, part of a strategy to increase state control of key economic sectors." More
- May 26, 2009 | Item | E-mail


Fortuna Provides San Jose Project Update - "The road blockade reported in a Company news release dated April 16th, was brought to an end on May 6th by Federal and State police, as a result of a call to action by local Municipal and Ejido authorities. The Company and local authorities are engaged in dialogue with the fringe group of demonstrators in order to ensure an equitable long term solution to their concerns." More
- May 26, 2009 | Item | E-mail

 

- Chris Mullen, Gold Seeker Report

 

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© 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 26 May, 2009 | |


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