-- Posted 1 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $978.95 | +$1.30 |
Silver | $15.72 | +$0.12 |
XAU | 157.75 | -1.50% |
HUI | 387.89 | -2.55% |
GDM | 1196.97 | -1.70% |
JSE Gold | 2712.36 | -80.40 |
USD | 79.20 | -0.14 |
Euro | 141.45 | -0.11 |
Yen | 103.46 | -1.29 |
Oil | $68.58 | +$2.27 |
10-Year | 3.715% | +0.25 |
T-Bond | 115.984375 | -3.109375 |
Dow | 8721.44 | +2.60% |
Nasdaq | 1828.68 | +3.06% |
S&P | 942.87 | +2.58% |
The Metals:
Gold rose as much as $10.65 to $988.30 by early trade in London before it fell to see a loss of $3.85 at as low as $973.80 by late morning in New York, but it then climbed back higher in the last couple of hours of trade and ended with a gain of 0.13%. Silver climbed to as high as $15.955 in late Asian trade before it fell to as low as $15.525 by late morning in New York, but it also rallied back higher in the last two hours of trade and ended with a gain of 0.76%.
Euro gold climbed near €690, platinum closed at $1210.50, and copper rose over 12 cents to about $2.32.
Gold and silver equities increased over 1% in the first half hour of trade, but they then fell back off for most of the rest of the day and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Apr | 0.5% | -0.2% | -0.2% |
Personal Spending | Apr | -0.1% | -0.2% | -0.3% |
Construction Spending | Apr | 0.8% | -1.5% | 0.4% |
ISM Index | May | 42.8 | 42.3 | 40.1 |
Tomorrow at 10AM EST is the Pending Home Sales report for April expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 3% on strong economic data in China and the US that kept hopes high for increasing demand.
The U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P surged about 3% higher on growing confidence over the economy.
Among the big names making news in the market today were General Motors, Deere, Prudential, Chrysler, Travelers, and Cisco.
The Commentary:
“The long consolidation of the gold price over the last year or so appears to have been completed. At $930 we suddenly saw short-term speculators, driven by the Technical [chart] picture and the buckling of the $, jump in boots an' all. They bought and bought over the last three weeks adding enormously [50 tonnes and more] to the net long-term speculative position in gold and silver on COMEX.
As we approach the four figure barrier [$1,000] we have no doubt that these short-term players will pause again and then the big question has to be asked. "Will gold break up and out to higher levels in a new bull phase, or will it tumble back to $850 as some believe?" Silver will follow gold in a more dramatic way.
Long-term investors have openly been small buyers of late and they are the ones that really have driven these markets. They are more than capable of buying 100 tonnes a month should they believe that the long-term macro-economic and currency scene warrants it. They hold over 1,300 tonnes at present, a quantity that is larger than Switzerland's holdings and are the fifth largest holders of gold after the four largest central bank holdings of gold. If they perceive that the levels of uncertainty and soundness of the monetary system are suspect, then gold will evolve back into a role it has not seen for 35 years but was part of the fabric of life for the previous 6,000 years.
If they believe that a recovery will help us all to 'live happily ever after' then they will hold back and the gold price will drop back to $850 or less.
Gold is like the thermometer in an ailing patient and the question is, "Will a real recovery take place" or "is the sickness incurable?"
Silver is the long-shadow of gold and was expected to outperform gold and has with its rise of 26% in the last month. Gold has reflected the fall in the U.S.$ with its 10% rise. However, silver as the 'poor man's gold' still promises a better run than gold due to the weight of investment it is attracting, in the west through the Silver Trust [SLV] and in India. If that continues and 'official selling' of silver stops there is little to refrain the silver price. However, it will be volatile, very volatile, so it needs to be watched carefully, very carefully.
Which way will they go now? The answer lies in the answer to the question, "have the monetary authorities repaired the monetary system properly?”- Julian D.W. Phillips, www.goldforecaster.com
“Dear CIGAs,
Today investors have rewarded failure by goosing equities over 200 points. Bankruptcy is failure no matter how it is spun. The new means of bankruptcy in screwing the bond holders therefore has to be considered as having punished production.
There has never been nor ever will be a society that can survive in leadership with that approach.
The entire mass of money bunny glee assumes that car sales will be no less than holding the 10,000,000 level after bankruptcy.
I am sure all government buying of vehicles will take place the month after GM and Chrysler come out of bankruptcy.
If car buying craters after that, as President Obama said today - what is good for GM is good for the USA. The other side of that is what kills the Second Coming of GM and Chrysler will tank the US dollar as the common share of the USA.
This is going to be a cold, hard winter.”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
Once again the big news in today’s trading is the action in the Dollar and the US bond market. The carnage continues in the bond market with prices absolutely in free fall as support levels from Friday’s session were obliterated as wave after wave of selling flooded into the pits. Watching this debacle unfold in front of us, I cannot help to shudder at the effect these soaring interest rates are going to have on all those supposed “green shoots” that are sprouting up. To me it looks like a case of Round Up being sprayed on all of them. After all, what exactly are consumers supposed to think when they see prices of tangibles shooting higher (gasoline, food, hardware, etc.) while interest rates on loans of any kind are moving higher at the exact same time? Just how can rising interest rates in an environment in which so many are either unemployed or underemployed be beneficial to any recovery? Maybe all those folks associated with the struggling auto industry in some form, shape or fashion will rush out and immediately buy new houses or new plasma TV’s to lock in some nice “LOW” rates before they go even higher… Don’t hold your breath waiting for that to occur.
Against this backdrop, crude oil is moving ever so slowly closer to $70 barrel, with unleaded gasoline over $1.90 at the wholesale level over at Nymex. Wheat is closing in on $7.00 bushel while soybeans just topped the $12.00 mark. Platinum is over $1200. Even lumber managed to move higher today although that one is somewhat suspect as far as I am concerned. Still, you can get the point – commodity prices are shooting inexorably higher as the Dollar drops further and further. While the price cappers were intent on pushing gold back away from the $990 level, they are spitting into the eye of a hurricane with the relentless rise in the entire commodity complex and the implosion in the bond market.
Over on the currency front, the only majors that were down against the greenback today were the Japanese Yen and the Swiss Franc. Both are being used by the carry trade as risk comes back with a vengeance. The Yen in particular was hit hard dropping over 150 points. The Dollar dropped below the 100 WEEK moving average at one point during today’s trading session but has managed to claw its way back to that level for now. It is so oversold that some guys are looking for a bounce although such a bounce will not last long as its technical picture is horrendous. There is a swing low on the weekly chart that was made back in December of last year that corresponds very closely to today’s session low. Should that level give way in the immediate future, the Dollar is going to drop rapidly down towards the 76 level. Below that is major, major support near 72. If that gives way, kiss the dollar goodbye and gold goodbye to the upside.
June gold has entered into its delivery period. Thus far deliveries are not all that impressive but we will continue to watch this. The action is now centered around the August contract. Open interest remains quite low (388,000) for gold to have made it to less than $10 from the $1,000 mark especially when you consider that the last time gold was up near these levels, open interest was closer to 590,000.
With the mining shares being hit once again by the same crowd and gold running into the bullion banks’ selling barrage just shy of $1,000, long side players will need to dig in to prevent the short term oriented momentum crowd from moving out and creating some selling pressure. AS long as weakness in the Dollar continues and commodity prices are rising across the board, gold will attract dip buying on any setbacks in price.
Incidentally, copper prices are on a strong upward tear. Apparently the thinking is that the economy will be markedly improved by the latter part of the year.”- Dan Norcini, More at JSMineset.com
“August Gold closed down 0.3 at 980. This was 4.6 up from the low and 9 off the high.
July Silver finished up 0.125 at 15.735, 0.16 off the high and 0.195 up from the low.
Initially, the slide in the Dollar lifted Aug gold to the highest price level since February. Gold has been trending higher as the weak currency and spike in oil prices seem to be reviving inflation expectations amid better than expected economic reading that suggest the worst of the recession has passed. Rising investor risk appetite is leading to an influx of both fund and spec buyers into the gold as an inflation hedge. But with the Dollar trimming losses following today's scheduled economic reports, gold also gave back early gains. Given the rally in gold prices over the last month, it also looked as if part of the pull back in gold from session highs seemed to be simple technical profit taking.
July silver also made another thrust higher finding early support from Dollar weakness and reaching the highest price level since last August. With the macro economic optimism rising on signs of improvements in global manufacturing indexes, the market may also be garnering some support as a quasi industrial metal. But silver edged backed after failing near the key chart point at $16 and the bounce in the Dollar off of session lows also seemed to inspire some profit taking. However, the jump in copper prices also seemed to limit the selling interest in silver compared to gold.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Fed says it's puzzled by yield curve steepening
Chinese students laugh at Geithner's assurances
Indian bullion dealers to report uniform price twice daily
Free-market Swiss site interviews GATA Chairman Murphy
Korelin Economics Report interviews GATA director Steer
Congress expected to approve IMF gold sale next week
The Statistics:
As of close of business: 6/01/2009
Gold Warehouse Stocks: | 8,318,172 | -4,212 |
Silver Warehouse Stocks: | 119,817,219 | -271,411 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,118.76 | 35,969,105 | US$ 35,077m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 135.67 | 4,361,860 | US$ 4,259m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.52 | 437,489 | US$ 425m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 32.02 | 1,029,310 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from Thursday’s data: The LSE added 1.42 tonnes, the LSE added 0.02 tonnes, and the ASX added 0.74 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/29/2009 | |
Total Net Assets | $2,169,398,858 | 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 Thursday’s data.
Silver Trust (SLV)
Profile as of 5/29/2009 | |
Total Net Assets | $4,164,099,592 | 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 Thursday’s data.
The Miners:
A fire that has killed at least 36 illegal miners at one of Harmony’s (HMY) disused mines, Gammon’s (GRS) completed land acquisition, Banro’s (BAA) update on share trading activity, Aurizon’s (AZK) discovery reports and exploration update, Keegan’s (KGN) project update, Goldcorp’s (GG) senior note offering, Fronteer’s (FRG) drill results, Red Back’s and Moto Goldmines’ friendly business combination, New Gold’s (NGD) completed business combination with Western Goldfields (WGW), Minco Silver’s (MSV.TO) update on Sterling’s bankruptcy, and Silver Dragon’s (SDRG.OB) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA +9.19% $2.02 |
2. Anglo American | AAUK +8.64% $15.59 |
3. Nevsun | NSU +8.39% $1.55 |
LOSERS
1. Vista Gold | VGZ-7.43% $2.49 |
2. Goldcorp | GG-7.10% $36.91 |
3. ITH | THM-6.61% $3.11 |
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:
Oremex Announces Board and Management Appointments - More
- June 01, 2009 | Item | E-mail
Alamos Gold Inc. Announces Record In-Pit Exploration Intercept, Additional Exploration Results, and 2009 Exploration Budget Increase - More
- June 01, 2009 | Item | E-mail
PolyMet to Present at the New York Society of Security Analysts' 9th Annual Metals and Mining Conference - More
- June 01, 2009 | Item | E-mail
Claude Resources Inc. completes purchase of debentures - More
- June 01, 2009 | Item | E-mail
Nevoro to Option Nevada Projects to Golden Predator - More
- June 01, 2009 | Item | E-mail
Minco Silver Updates Sterling's Bankruptcy - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased that the US Bankruptcy Court (the "Court") has taken the first necessary step to protect Sterling's creditor and shareholder value from the loss of substantially all of Sterling's assets by finding that the Lease to the Sunshine Mine was not terminated and can be assumed and cured by Sterling." More
- June 01, 2009 | Item | E-mail
Kilo-Rio Tinto Joint Venture Moves Forward With Completion of Conditions Precedent - More
- June 01, 2009 | Item | E-mail
Cameco Investor Audiocast Advisory - More
- June 01, 2009 | Item | E-mail
Uranium Star - Initial Trench Results on Green Giant Vanadium Project - More
- June 01, 2009 | Item | E-mail
Colibri expands surface sampling on the Colibri gold project and begins exploration of recently acquired Evelyn claim. - More
- June 01, 2009 | Item | E-mail
Great Western Minerals Group Ltd.: First Phase of Exploration Completed on Benjamin River Rare Earth Project - More
- June 01, 2009 | Item | E-mail
New Island Signs Agreement With Anaconda to Process Pine Cove Ore - More
- June 01, 2009 | Item | E-mail
Goldcorp Declares Sixth Monthly Dividend Payment for 2009 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its sixth monthly dividend payment for 2009 of $0.015 per share. Shareholders of record at the close of business on Thursday, June 11, 2009 will be entitled to receive payment of this dividend on Friday, June 19, 2009. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- June 01, 2009 | Item | E-mail
Time for a gold takeover battle? - "This could well be the start of a bidding war. Randgold Resources could return to interest, as could fellow African miner Golden Star, which previously held a stake in Moto. AngloGold Ashanti may announce a bid, given that it already holds a DRC gold project; Newmont may also emerge as an interested party." More
- June 01, 2009 | Item | E-mail
Crowflight Reports Results From Underground Drilling at the Bucko Mine - More
- June 01, 2009 | Item | E-mail
Canstar Resources Inc.- Mary March Hearing Completed: Awaiting Adjudication Board Decision - More
- June 01, 2009 | Item | E-mail
Gammon Gold Completes Land Acquisition at its Ocampo Mine And Becomes the First Gold Mining Company Headquartered Outside of Mexico to Own Exclusive Land Rights - "Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): Fred George, President and Chairman of Gammon Gold, is pleased to announce that the Company has received Presidential approval for the absolute freehold title acquisition of its 4,275 hectares Ocampo land package and has subsequently become the first gold mining company headquartered outside of Mexico to own exclusive land rights and titles for the property used in its operations. The more common practice for mining companies operating in Mexico is to enter into a land rental agreement with the local Ejito land owners. Gammon made the strategic decision to negotiate the freehold title purchase of its land package in order to avoid any potential disruption of its operations." More
- June 01, 2009 | Item | E-mail
Timmins Gold Corp.: Private Placement Oversubscribed - More
- June 01, 2009 | Item | E-mail
Kent Executes Gold Property Proposal with Teck Australia Pty Ltd - More
- June 01, 2009 | Item | E-mail
Marathon PGM: Better Metallurgy and Economics - More
- June 01, 2009 | Item | E-mail
TerraX Completes Due Diligence and Options Sunbeam-Pettigrew Gold Property, Atikokan Area, Northwest Ontario; Grab Samples Return Assays up to 3.83 g/t Au - More
- June 01, 2009 | Item | E-mail
Golden Band Resources - La Ronge Gold Project development update - More
- June 01, 2009 | Item | E-mail
Latin American Minerals Announces New Investor Relations Strategy - More
- June 01, 2009 | Item | E-mail
FNX Continues Mining at Its Sudbury Operations - More
- June 01, 2009 | Item | E-mail
Helio Discovers Two New Gold Zones at the Porcupine Target, SMP Gold Project, Tanzania - More
- June 01, 2009 | Item | E-mail
Royal Standard Minerals, Inc. Announces Plans for 2009-2010 - More
- June 01, 2009 | Item | E-mail
Castle Resources Options to Earn Up to 70% Interest In Elmtree Gold Project in New Brunswick - More
- June 01, 2009 | Item | E-mail
Trimax Corporation Sells Sonora Claims to Hawk Uranium Inc. of Toronto - More
- June 01, 2009 | Item | E-mail
Hana Mining Ltd. Reports an Inferred Resource of 2.9 Billion Pounds of Copper and 51.5 Million Ounces of Silver for Its Ghanzi Copper-Silver Deposit in Botswana - More
- June 01, 2009 | Item | E-mail
Everton and Linear to Drill 8,000 Meters at Ampliacion Pueblo Viejo, Dominican Republic - More
- June 01, 2009 | Item | E-mail
Strateco Resources Inc.: Drilling Resumes on Matoush - More
- June 01, 2009 | Item | E-mail
Stratabound options Elmtree Gold Property in potential $3.7 million deal - More
- June 01, 2009 | Item | E-mail
Romios to Undertake Diamond Drill Programs in 2009 at Its Newmont Lake and Trek Properties in British Columbia - More
- June 01, 2009 | Item | E-mail
Uranium Resources, Inc. Provides Update on Churchrock Project - More
- June 01, 2009 | Item | E-mail
Grandview Gold's Geological Team Prepares for Red Lake Program; Exploration Focuses on Highly-Prospective Dixie Lake and Loisan Properties - More
- June 01, 2009 | Item | E-mail
Metallum Resources Inc. Provides Update in Respect to Its Proposed Business Combination With Solfotara Mining Corporation - More
- June 01, 2009 | Item | E-mail
PC Gold to Start Phase II Drilling at Pickle Crow - More
- June 01, 2009 | Item | E-mail
Anaconda Announces Definitive Agreements with Crew Gold and New Island Resources for Custom Milling - More
- June 01, 2009 | Item | E-mail
Capstone Announces New Life-of-Mine Plan & Mineral Reserve for the Cozamin Copper Mine, Mexico - More
- June 01, 2009 | Item | E-mail
New Gold Completes Cdn$1.2 Billion Business Combination with Western Goldfields - "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 they have completed their previously announced business combination (the "Transaction"). The Transaction was completed by way of a plan of arrangement (the "Plan of Arrangement") that was approved by the New Gold and Western Goldfields shareholders on May 13 and 14, 2009, respectively and which received final court approval on May 27, 2009." More
- June 01, 2009 | Item | E-mail
Banro provides update on share trading activity - "At the request of Market Surveillance on behalf of the Toronto Stock Exchange, Banro Corporation ("Banro" or the "Company") (TSX - "BAA"; NYSE AMEX - "BAA") is providing an update to investors on the recent trading activity in the Company's shares. There have been no material changes to report to explain the recent volatility in the Company's share price." More
- June 01, 2009 | Item | E-mail
Aurizon Mines Ltd. - Two new gold mineralization discoveries on the Joanna Project - "Aurizon Mines Ltd. (TSX: ARZ; NYSE Amex: AZK) is pleased to report the discovery of two new mineralized trends, respectively north and south of the Heva-Hosco gold bearing trend, at its Joanna project, located 20 kilometres east of Rouyn-Noranda, in north-western Quebec." More
- June 01, 2009 | Item | E-mail
Harmony says 36 illegal gold miners die in fire - "South Africa's Harmony Gold Mining Co. said at least 36 illegal miners had died in an underground fire at one of its disused mines at the weekend, adding it was too dangerous to search for others.
Harmony said 294 other miners had been brought to the surface and arrested at its Eland shaft, in the country's central Free State province, where the fire had broken out." More
- June 01, 2009 | Item | E-mail
Aurizon reports update on exploration at Casa Berardi - "In the first quarter underground exploration was centered on the development of an exploration drift at the 810 metre level, east of Zone 113 and south of the Casa Berardi fault. The exploration drift will provide drill access to test the depth extension of Zone 113 and to test the continuity and extension of Zones 118 to 122 and 123-South." More
- June 01, 2009 | Item | E-mail
Silver Dragon Discovers 0.8m Averaging 2,471 g/tonne, 0.8m Averaging 1,780 g/tonne and 0.4m of 999 g/tonne of Silver At Its Laopandao Polymetallic Project - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce further progress from recently completed tunneling and drilling work performed at the Company's Laopandao Silver-Tin-Copper-Lead Polymetallic project in Inner Mongolia, Northern China (see also press release of April 28, 2008)." More
- June 01, 2009 | Item | E-mail
Keegan Provides Essase Gold Project Update and Resumes Drilling - "Since, October 2006, Keegan has drilled 120,000 meters to date and released a 43-101 resource 2.025 M oz Au indicated averaging 1.5 g/t Au and 1.451 M oz Au inferred averaging 1.6 g/t Au using a 0.6 g/t Au cut-off. The 43-101 report was completed by Coffey Mining Ltd. and is available at www.sedar.com. Keegan, together with Coffey Mining, is also performing additional studies to examine the potential of screen fire assay to better estimate the deposit's coarse gold content (see NR dated March 2, 2009). Approximately 1400 samples have been selected to confirm the previous screen fire assay results, which identified a 28% increase in grade. This much larger sample set will be sent for analysis shortly." More
- June 01, 2009 | Item | E-mail
Goldcorp Announces $750 Million Offering of Convertible Senior Notes - "Goldcorp Inc. (Toronto:G.TO - News)(NYSE:GG - News) announced today that it is planning a private offering of approximately $750.0 million of convertible senior notes due 2014 (the "notes"). Goldcorp expects to grant the initial purchasers in the offering a 30-day option to purchase up to an additional $112.5 million of notes to cover over-allotments, if any." More
- June 01, 2009 | Item | E-mail
Fronteer Development Group Inc.: Sandman Gold Project Returns 25.58 Grams Per Tonne Gold Over 5.28 Metres - "Fronteer Development Group Inc. (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that Newmont USA Limited ("Newmont"), a subsidiary of Newmont Mining Corporation, has provided the results from a further nine holes recently drilled as part of their 2009 US$5M work-program at the Sandman gold project in Nevada." More
- June 01, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 June, 2009 | |
