-- 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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-- Posted 26 May, 2009 | |