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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil

By: Chris Mullen, Gold-Seeker.com


-- Posted 3 June, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$964.85

-$17.60

Silver

$15.37

-$0.55

XAU

152.51

-5.38%

HUI

373.90

-6.08%

GDM

1158.15

-5.81%

JSE Gold

2676.41

-67.89

USD

79.52

+1.13

Euro

141.58

-1.53

Yen

104.21

-0.29

Oil

$66.12

-$2.43

10-Year

3.551%

-0.093

T-Bond

117.671875

+0.90625

Dow

8675.24

-0.75%

Nasdaq

1825.92

-0.59%

S&P

931.77

-1.37%

 
 

 

The Metals:

 

Gold climbed as much as $7.50 to $989.95 in Asia, but it then fell back off for most of trade in London and New York and ended near its low of $961.85 with a loss of 1.79%.  Silver rose $0.31 to $16.23 by late trade in Asia before it also fell back off for most of the rest of trade and ended near its low of $15.253 with a loss of 3.45%.

 

Euro gold fell to about €682, platinum lost $1 to $1233, and copper fell nearly 9 cents to about $2.21.

 

Gold and silver equities fell to see over 7% losses by early afternoon before they rallied off their lows a bit in the last couple of hours of trade, but they still ended with roughly 6% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

May

-532K

-525K

-545K

Factory Orders

April

0.7%

0.9%

-1.9%

ISM Services

May

44.0

45.0

43.7

 

Bernanke Warns Long-Term Deficits Threaten Financial Stability  Bloomberg

Fed Said to Toughen Terms for Banks to Repay TARP  Bloomberg

U.S. MBA Mortgage Applications Index Fell 16 Percent Last Week  Bloomberg

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/30 expected at 620,000, first quarter Productivity expected at 1.2%, and Unit Labor Costs expected at 2.9%.

 

The Markets:

 

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

 

Oil fell as crude inventories surprisingly climbed 2.9 million barrels, gasoline inventories fell 200,000 barrels, and distillates rose 1.6 million barrels.

 

The U.S. dollar index suspended its recent freefall on supposed reassurances that Asian central banks will continue to buy treasuries even if US debt is downgraded.  Tomorrow at 7AM EST and 7:45 brings central bank decisions from the BoE and ECB that are expected to keep rates unchanged.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell about 1% on worse than expected economic data that dampened recent hopes over a strengthening economy.

 

Among the big names making news in the market today were AIG, JPMorgan, Toll, and Hovnanian.

 

The Commentary:

 

“August Gold closed down 18.8 at 965.6. This was 2.6 up from the low and 15.2 off the high.

 

July Silver finished down 0.645 at 15.31, 0.58 off the high and 0.045 up from the low.

 

After a fresh new high for the move the August gold contract forged what seemed to be a critical reversal on the charts. Apparently a recovery in the Dollar and deterioration in the macro economic outlook seemed to undermine the gold bulls. Some players suggested that the reversal was partially the result of profit taking ahead of key US economic numbers. Perhaps overt weakness in a series of physical commodity markets on Wednesday spilled over into gold, especially since the US equity market weakness seemed to fan the negative tone for commodities. It is also possible that a downplaying of inflationary expectations from the Fed Chairman testimony to Congress prompted some gold longs to move to the sidelines ahead of the upcoming US non farm payroll readings.

 

The silver market seems to have made even a more definitive failure pattern on the charts than the gold market. Clearly silver and a host of physical commodity markets were undermined by the recovery in the Dollar but given the sharp slide in equity prices, it seemed as if a number of markets were feeling the influence of a dip in economic sentiment. Like gold, it is possible that overbought technicals prompted a number of silver longs to exit ahead of an anticipated volatility event in the financial markets at the end of this week.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Dump dollars before central banks do, bond manager Gross says

At least Canada admits it when the gold is missing

Patrick Heller: Did U.S. export more than 175 million ounces of gold?

Congress begins chipping at Fed's secrecy, unaccountability

Ted Butler: Showdown time?

German chancellor attacks central banks

 

The Statistics:

As of close of business: 6/03/2009

Gold Warehouse Stocks:

8,725,757

-507

Silver Warehouse Stocks:

120,879,235

+62,637

 

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

1,134.03

36,460,190

US$ 35,719m

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

Gold Bullion Securities

135.90

4,369,262

US$ 4,218m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.72

440,479

US$ 426m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

33.36

1,072,470

US$ 1m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.20 tonnes and the JSE added 1.35 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 6/2/2009

 

Total Net Assets

$2,208,046,115

Ounces of Gold
in Trust

2,245,823.814

Shares Outstanding

22,850,000

Tonnes of Gold
in Trust

69.85

Note: Change in Total Tonnes from yesterday’s data: 0.03 tonnes were removed from the trust.

 

Silver Trust (SLV)

Profile as of 6/2/2009

 

Total Net Assets

$4,321,482,588

Ounces of Silver
in Trust

276,670,924.100

Shares Outstanding

280,950,000

Tonnes of Silver
in Trust

8,605.43

Note: Change in Total Tonnes from yesterday’s data: 3.11 tonnes were removed from the trust.

 

The Miners:

 

Eldorado’s (EGO) acquired stake in Sino Gold from Gold Fields’ (GFI), Silvercorp’s (SVM.TO) comments on trading activity, SNS Silver’s (SNS.V) position on the Sunshine mine, and Endeavour’s (EXK) acquired properties were among the big stories in the gold and silver mining industry making headlines today.

 

WINNER

1.  Allied Nevada

ANV +1.59% $7.65

 

LOSERS

1.  NovaGold

NG -13.32% $5.01

2.  Paramount

PZG-12.00% $1.54

3.  Hecla

HL -10.63% $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:

Century Mining reaches shares for debt settlement with certain trade creditors - More
- June 03, 2009 | Item | E-mail


Coniagas Resources Initiates Geophysical Survey - More
- June 03, 2009 | Item | E-mail


Coastal Pacific Expands Board of Directors and Establishes an Advisory Board - More
- June 03, 2009 | Item | E-mail


Silvercorp Responds to Stock Trading Activity - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (Toronto:SVM.TO - News)(AMEX:SVM - News) is responding to a request of IIROC on behalf of the Toronto Stock Exchange following recent trading activity in our common shares. We are unaware of the reason for the increase in the share price and trading activity that has occurred so far today." More
- June 03, 2009 | Item | E-mail


Amador Gold Corp. Commences Follow-Up Exploration Work on Horwood Massive Sulphide Intersection - More
- June 03, 2009 | Item | E-mail


Klondike Silver Corp.: Test Mining at the 4755 Level of the Silvana Mine to Provide Mill Feed - More
- June 03, 2009 | Item | E-mail


Minera Andes announces delivery of earn-in notice under option agreement at Los Azules Copper Project - More
- June 03, 2009 | Item | E-mail


Duran Ventures Corporate Update - More
- June 03, 2009 | Item | E-mail


Gold Fields Options Woodjam "North" Gold-Copper Project, BC - More
- June 03, 2009 | Item | E-mail


International Wayside Gold Mines Ltd.: Corporate Update on Proposed QR Mine & Mill Acquisition - More
- June 03, 2009 | Item | E-mail


Baja Appoints Michael Shaw as Chief Operating Officer - More
- June 03, 2009 | Item | E-mail


Mega Silver Inc. Closes Acquisition of Red Lake Gold Asset - More
- June 03, 2009 | Item | E-mail


DIOS Releases Hotish Drilling Longitudinal Section: The First Butte Zone is Open Along Strike and at Depth - More
- June 03, 2009 | Item | E-mail


US Canadian Minerals Inc. Announces Results of NI 43-101 - More
- June 03, 2009 | Item | E-mail


Bonaventure Enterprises Inc.: Assay Results From the 2008 Drilling on K9 Uranium Property, Quebec - More
- June 03, 2009 | Item | E-mail


Colombia Goldfields Ltd. Announces TSX Review Extended - More
- June 03, 2009 | Item | E-mail


RSM Clarifies Restatement of Comparative Amounts Reported in our Financial Statements for the Fiscal Year Ended January 31st, 2009 - More
- June 03, 2009 | Item | E-mail


Ruby Red Resources announces Robert Thompson to head 2009 field program on Kimberley Gold Trend - More
- June 03, 2009 | Item | E-mail


Linux Gold Corp. Hires Top Public Relations Firm - More
- June 03, 2009 | Item | E-mail


Alpha Gold prepares for 2009 summer drilling - More
- June 03, 2009 | Item | E-mail


Merrex Launches 5,000 Metre Drill Program at Siribaya - More
- June 03, 2009 | Item | E-mail


Midland Provides an Update in its James Bay Gold Project - More
- June 03, 2009 | Item | E-mail


Victory Nickel Signs Letter of Intent for Lac Rocher Road Construction - More
- June 03, 2009 | Item | E-mail


Ireland Inc. Receives BLM Approval for 2009 Drill Program - More
- June 03, 2009 | Item | E-mail


Virginia and SOQUEM to Commence Work in the Grenville Geological Province; Virginia to Enter Into a New Agreement With the Nunavik Mineral Exploration Fund - More
- June 03, 2009 | Item | E-mail


GWR Extends Mineralized Structure at Aurizon South Zone, Lac La Hache Property, BC - More
- June 03, 2009 | Item | E-mail


World Wide Comments on Developments in Kazakhstan - More
- June 03, 2009 | Item | E-mail


Inmet Announces First Copper Production at the Las Cruces Mine - More
- June 03, 2009 | Item | E-mail


General Metals Undertakes Verification of Historical Gold Skarn Core Drilling Data Base at Independence Mine - More
- June 03, 2009 | Item | E-mail


Drilling Results for Commerce Resources Eldor Tantalum, Niobium, Rare Earth Project in Quebec - More
- June 03, 2009 | Item | E-mail


African Copper Plc: Settlement of Natasa Mining Ltd ("Natasa") Claims and Withdrawal of Provisional Liquidation Petition in Botswana - More
- June 03, 2009 | Item | E-mail


SNS Silver Clarifies Owners Position on Sunshine Mine - "SNS Silver Corporation ("SNS" or the "Company") (CDNX:SNS.V - News) notes that Sunshine Precious Metals Inc. President Robert Mori (owners of the Sunshine silver mine adjacent to SNS Crescent silver mine) has publicly announced his desire to return the Sunshine mine to operational status with SNS Silver as mine operator." More
- June 03, 2009 | Item | E-mail


Endeavour Silver Acquires El Porvenir Cuatro Properties Along Trend From Porvenir Silver Mine, Guanacevi District, Durango, Mexico - "Endeavour Silver Corp. ("Endeavour" or the "Company") (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces that it has acquired an option to purchase the El Porvenir Cuatro properties, located approximately 2.5 kilometers (km) northwest of the operating Porvenir silver mine, part of Endeavour's Guanacevi Mines project in Durango, Mexico." More
- June 03, 2009 | Item | E-mail


Eldorado Acquires Gold Fields' Stake in Sino Gold - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to announce that Eldorado has entered into an agreement to acquire 57.9 million shares of Sino Gold Mining Limited ("Sino Gold") (representing approximately 19.9% of the issued and outstanding shares of Sino Gold) from Gold Fields Limited ("Gold Fields") in a private transaction in exchange for Eldorado shares." More
- June 03, 2009 | Item | E-mail


Gold Fields Sells Stake in Sino Gold for US$282 Million - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that agreement has been reached in terms of which Gold Fields will sell its current 19.9% stake in Sino Gold Mining Limited (Sino Gold) (ASX: SGX, HKSE: 1862) to Eldorado Gold Corporation (Eldorado) (TSX: ELD, NYSE-A: EGO) for a total consideration of approximately US$282 million*." More
- June 03, 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 3 June, 2009 | |


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