-- Posted 8 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $950.25 | -$11.05 |
Silver | $14.94 | -$0.45 |
XAU | 151.08 | +0.27% |
HUI | 367.13 | -0.19% |
GDM | 1136.00 | +0.13% |
JSE Gold | 2449.82 | -50.92 |
USD | 80.76 | +0.03 |
Euro | 139.07 | -0.63 |
Yen | 101.53 | +0.33 |
Oil | $68.09 | -$0.35 |
10-Year | 3.889% | +0.027 |
T-Bond | 114.875 | +0.203125 |
Dow | 8764.49 | +0.02% |
Nasdaq | 1842.40 | -0.38% |
S&P | 939.14 | -0.10% |
The Metals:
Gold fell almost 2% to as low as $943.50 by about 10AM EST in New York before it rebounded into the close, but it still ended with a loss of 1.15%. Silver fell all the way to $14.71 before it also climbed back higher in the last few hours of trade, but it still ended with a loss of 2.92%.
Euro gold fell to about €683, platinum lost $37 to $1238, and copper fell another few cents to about $2.25.
Gold and silver equities fell over 3% at the open and remained at about that level for most of the morning, but they then headed higher in afternoon trade and the miners were able to end mixed and near unchanged on the day.
The Economy:
There were no major economic reports today, but there were a few items of note:
US House panel to quiz OTC derivatives execs Reuters
1Q credit card delinquency rate jumps 11 percent Yahoo
Obama speeds projects to create, save 600,000 jobs Reuters
AP analysis shows recession's impact moderating Yahoo
Tomorrow at 10AM EST brings Wholesale Inventories for April expected -1.1%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly as the U.S. dollar index and treasuries rose a bit while the Dow, Nasdaq, and S&P fell about 1% at the open and then rallied back near unchanged in late trade on muted worries over a banking report due out by tomorrow that details which TARP banks will be allowed to pay back funds received.
Among the big names making news in the market today were the airlines, McDonald’s, and Barclays.
The Commentary:
“Dear Friends,
Ireland being downgraded by S&P is not going to heal the dollar’s problems.
Talk about the Fed increasing interest rates is another way of saying that quantitative easing (printing money) would in fact be curtailed. This cannot be possible in present circumstances or even a year from now without a market catastrophe.
The Negative PR for gold and the Green Shoots for the dollar are all raving BS to assist in the position option hedge and reversal of the Commercial for the coming vaulting of gold upwards.
How anyone can be fooled by this is a reach unless you totally throw fundamentals into the trash and live only by TA, an error that will end up taking your money away in this market.
Use TA to figure out the basic direction. The key to success is if that direction is fundamentally sustained.
This BS barrage on the dollar and gold market will not be sustained.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“August Gold closed down 10.1 at 952.5. This was 8.7 up from the low and 0.5 off the high.
July Silver finished down 0.433 at 14.955, 0.11 off the high and 0.22 up from the low.
The gold market fell back on moderate liquidation pressure as follow through strength in the Dollar seemed to inspire more widespread profit taking in a number of physical commodity markets. Gold also seemed to be sold in reaction to a weaker Euro zone currency which fell back on news of a downgrade in Ireland's sovereign debt. The gold market also seemed to be undermined by lower inflation expectations tied to the rise in long-term interest rates and Fed talk raising speculation for a rate hike later this year. News of a reduction in investment in a major gold back fund may have further undermined sentiment during today's session.
Silver prices continued to slide as gains in the Dollar and weak oil prices seemed to encourage heavy profit taking in a market that had become extremely overbought. The stronger Dollar seems to be diminishing silver's appeal as an inflation hedge while the jump in the US unemployment rate may also be undermining silver's industrial metal outlook, especially given the weak action in copper. It also looks as if the move under a key price point encouraged more aggressive chart based selling in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Top China banker wants U.S., World Bank to sell yuan bonds
Gold has overcome Warren Buffett's disparagement
Barter currency will have its day in court
IMF aide remarks favorably about new reserve currency
Jeff Nielson: Will silver bullet kill the manipulators?
Jay Taylor cites GATA in Canadian TV interview
Hard Asset Investor interviews GATA Chairman Murphy
Liberty Dollar indictment alleges counterfeiting
Russian president doubts dollar, open to yuan-ruble swaps
The Statistics:
As of close of business: 6/08/2009
Gold Warehouse Stocks: | 8,699,639 | -22,113 |
Silver Warehouse Stocks: | 118,756,053 | +261,184 |
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 | 1,132.15 | 36,399,884 | US$ 35,014m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 136.15 | 4,377,424 | US$ 4,161m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,456 | US$ 419m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 34.58 | 1,111,700 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The SPDR subtracted 0.35 tonnes, the LSE added 0.09 tonnes, and the JSE added 0.73 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/5/2009 | |
Total Net Assets | $2,159,688,820 | Ounces of Gold
in Trust | 2,245,823.814 |
Shares Outstanding | 22,850,000 | Tonnes of Gold
in Trust | 69.85 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/5/2009 | |
Total Net Assets | $4,329,604,990 | Ounces of Silver
in Trust | 276,670,924.100 |
Shares Outstanding | 280,950,000 | Tonnes of Silver
in Trust | 8,605.43 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Agnico’s (AEM) production costs, Rubicon’s (RBY) drill results, Great Basin’s (GBG) power supply, Banro’s (BAA) updated feasibility study, Silvercorp’s (SVM.TO) intention to make an offer for Klondex (KDX.TO) and their response, and SilverCrest’s (SVL.V) project financing were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Randgold | GOLD+3.37%$70.85 |
2. AngloGold | AU +2.18% $39.80 |
3. Richmont | RIC +1.93% $3.69 |
LOSERS
1. Banro | BAA -8.33% $2.20 |
2. Coeur | CDE-5.81% $13.93 |
3. Endeavour | EXK -5.80% $1.95 |
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:
Agnico-Eagle Sees Gold Production Cost $300-$350 - "Agnico-Eagle Mines Ltd., the Canadian gold producer planning to more than quadruple output by 2010, said its gold production cash cost may rise to as much as $350 an ounce next year because of lower prices for byproduct metals. The Toronto-based company’s costs will be $300 to $350 an ounce next year, compared with $340 an ounce in the first quarter, David Smith, vice-president of investor relations, told analysts today at a presentation in New York. Agnico’s gold cash cost was $162 an ounce in 2008, the company said in February." More
- June 08, 2009 | Item | E-mail
Simberi to Acquire Gold Properties in Guyana - More
- June 08, 2009 | Item | E-mail
Klondex Responds to Unsolicited Acquisition Offer from Silvercorp Metals - “We are pleased that the industry has begun to recognize the substantial value that we have built at Fire Creek but are surprised by the haste of Silvercorp in making this unilateral bid for our prized assets. We have come too far in developing our high-grade resource at Fire Creek to make any hasty decisions regarding the best path forward. Securing the required capital to pursue our underground program is our primary focus, and we have been looking to achieve this goal on the best possible terms and with the least possible dilution to our shareholders.” More
- June 08, 2009 | Item | E-mail
EXMIN Closes Sale of Moris Mine Interest to Hochschild Pursuant to Right of First Refusal - More
- June 08, 2009 | Item | E-mail
Eaglecrest Continues Expansion of the High-Grade Gold Zone at Paititi-Buriti, San Simon Project, Bolivia - More
- June 08, 2009 | Item | E-mail
Nevada Exploration Announces Exploration Agreement with International Enexco to Drill at Hot Pot Gold Property - More
- June 08, 2009 | Item | E-mail
European Goldfields Limited -- New JV in Turkey Good Results From Ardala - More
- June 08, 2009 | Item | E-mail
Buenaventura Files 2008 20-F - "Compania de Minas Buenaventura S.A.A. ("Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded, precious metals mining company, announced today that it has filed its 2008 20-F with the SEC." More
- June 08, 2009 | Item | E-mail
Santa Fe Gold Updates Progress at Summit Silver-Gold Mine, Expects Milling to Begin in Q3 2009 - More
- June 08, 2009 | Item | E-mail
Serengeti Announces Larger Summer Drilling Program on Kwanika and High Priority Regional Targets - More
- June 08, 2009 | Item | E-mail
Luiri Gold Receives Major Cash Injection From Lachlan Star - More
- June 08, 2009 | Item | E-mail
Bison Gold Resources Inc. (Formerly Bison Gold Exploration Inc.) Files Technical Report (NI 43-101) on Its 100% Owned Central Manitoba Property - More
- June 08, 2009 | Item | E-mail
Atna Expands Mineralization at Briggs Mine - More
- June 08, 2009 | Item | E-mail
Medoro to Acquire Colombia Goldfields - More
- June 08, 2009 | Item | E-mail
J-Pacific Releases Initial Resource Estimate for the Elizabeth Gold Property - More
- June 08, 2009 | Item | E-mail
Northern Continental Signs Arrangement Agreement with Denison Mines Corp. - More
- June 08, 2009 | Item | E-mail
Laurion Initiates 2009 Field Programs, Provides Corporate Update - More
- June 08, 2009 | Item | E-mail
Denison Signs Arrangement Agreement With Northern Continental Resources Inc. - More
- June 08, 2009 | Item | E-mail
Nevada Gold Holdings Inc. Discusses Tempo Prospect - More
- June 08, 2009 | Item | E-mail
Tournigan Signs Option Agreement on Kremnica Gold Property - More
- June 08, 2009 | Item | E-mail
Sage Gold Commences Drilling on Jacobus Golden Extension Discovery - More
- June 08, 2009 | Item | E-mail
Uranium Energy Corp Announces Dismissal of Lawsuit - More
- June 08, 2009 | Item | E-mail
Velocity Minerals Ltd. Releases a NI 43-101 Compliant Mineral Resource Estimate for Mt. Haskin Property - More
- June 08, 2009 | Item | E-mail
Silverado Appoints New Director - More
- June 08, 2009 | Item | E-mail
Zincore Announces Management Change - More
- June 08, 2009 | Item | E-mail
Win-Eldrich Mines Announces $500,000 Private Placement - More
- June 08, 2009 | Item | E-mail
StrataGold Corporation announces closing of business combination with Victoria Gold Corp. - More
- June 08, 2009 | Item | E-mail
Thompson Creek announces resignation of Chief Operating Officer - More
- June 08, 2009 | Item | E-mail
Northern Shield Grants Stock Options - More
- June 08, 2009 | Item | E-mail
Stroud Completes First Tranche of Private Placement - More
- June 08, 2009 | Item | E-mail
Cogitore Resources Provides Update on Estrades Mine - More
- June 08, 2009 | Item | E-mail
Rubicon Commences Underground Drilling at F2 Zone and Reports New High-Grade Results, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to announce that it has commenced underground drilling at its Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. Rehabilitation of existing underground levels is complete and the hoist and shaft have been successfully re-commissioned. Drilling is currently being carried out from the 122 metre (400 foot level) from one drill station and two additional drill stations will be added over the next month. Underground drilling is currently supplemented by drilling with three rigs from surface. Shaft sinking to a depth of 350 metres (1148 feet) below surface is targeted to commence before the end of June to allow for drilling from that level." More
- June 08, 2009 | Item | E-mail
ESKOM's Power Supply to Great Basin Gold's Burnstone Project Finalized - "Great Basin Gold Ltd, ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Amex: GBG; JSE: GBG) today announced that ESKOM, South Africa's National Electricity Utility has undertaken to supply power to its Burnstone Mine project. The two companies acknowledged the strategic importance of the project to the development of the Dipalaseng Municipality in Mpumalanga." More
- June 08, 2009 | Item | E-mail
SilverCrest Announces Agreement With Macquarie Bank Limited for US$12.5 Million Project Loan, Hedging Facilities and Bridge Loan for Santa Elena Project - "These financial arrangements with Macquarie Bank are extremely important to our plans for the development of the Santa Elena gold and silver project in Mexico. The funds will enable us to finalize the acquisition of 100% interest in the project and will provide sufficient funds, in conjunction with the US$12 million from our gold purchase agreement with Sandstorm Resources, to complete the construction and development of the open pit heap leach operation that has been designed and engineered for Santa Elena." More
- June 08, 2009 | Item | E-mail
Banro's update of Twangiza feasibility study increases proven and probable reserves by 23.7% to 4.54 million ounces of gold - "Banro Corporation ("Banro" or the "Company") (TSX - "BAA"; NYSE AMEX- "BAA") is pleased to announce updated results of the Feasibility Study ("FS") of its wholly-owned Twangiza project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC")." More
- June 08, 2009 | Item | E-mail
Silvercorp Metals Inc. Announces Its Intention to Make an Offer to Acquire Klondex Mines Ltd. - "Silvercorp Metals Inc. (Toronto:SVM.TO - News)(AMEX:SVM - News) ("Silvercorp") announced today that it intends to make an offer to acquire all of the outstanding common shares of Klondex Mines Ltd. (Toronto:KDX.TO - News) ("Klondex"). Pursuant to the offer, Klondex shareholders will be entitled to receive 0.50 common shares of Silvercorp for each Klondex common share validly tendered to the offer, representing approximately C$2.18 per Klondex common share (based on Silvercorp's closing share price as at June 5, 2009)." More
- June 08, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 June, 2009 | |
