-- Posted 5 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1135.10 | +$2.70 | +1.51% |
Silver | $17.32 | +$0.18 | +5.10% |
XAU | 170.81 | +1.65% | +5.84% |
HUI | 428.79 | +1.75% | +6.09% |
GDM | 1281.24 | +1.68% | +5.71% |
JSE Gold | 2258.86 | +6.29 | +3.48% |
USD | 80.45 | -0.08 | +0.09% |
Euro | 136.19 | +0.38 | -0.04% |
Yen | 110.70 | -1.62 | -1.62% |
Oil | $81.50 | +$1.29 | +2.31% |
10-Year | 3.682% | +0.076 | +2.42% |
Bond | 118.1875 | -1.125 | -0.84% |
Dow | 10566.20 | +1.65% | +2.33% |
Nasdaq | 2326.35 | +1.75% | +3.94% |
S&P | 1138.69 | +1.68% | +3.10% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it briefly fell as much as $4.95 to $1127.45 in early New York trade after the jobs report was released, but it then rose to a new session high of $1140.49 by late morning and ended with a gain of 0.24%. Silver rose to as high as $17.49 by late morning in New York before it fell back off a bit in the last couple hours of trade, but it still ended with a gain of 1.05%.
Euro gold fell to about €834, platinum lost $5 to $1572.50, and copper gained 4 cents to about $3.40.
Gold and silver equities rose over 2% in the first hour of trade before they moderated a bit midday, but they still ended with over 1.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Feb | -36K | -68K | -26K |
Unemployment Rate | Feb | 9.7% | 9.8% | 9.7% |
Hourly Earnings | Feb | 0.1% | 0.2% | 0.2% |
Average Workweek | Feb | 33.8 | 33.7 | 33.9 |
Consumer Credit | Jan | $5.0B | -$4.5B | -$1.7B |
The BLS Net Birth/Death adjustment added 97,000 payrolls to February’s data.
Fed's TALF Winds Down With Most Loan Requests in Six Months Bloomberg
Fed Presidents Say Rates Need to Be Low Early in U.S. Recovery Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Wholesale Inventories and the Treasury Budget on Wednesday, Initial Jobless Claims and the Trade Balance on Thursday, and Retail Sales, Michigan Sentiment, and Business Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The U.S. dollar index initially popped markedly higher after the release of this morning’s jobs report, but it soon fell back off and ended modestly lower as the euro rose on Greece’s budget cuts.
Treasuries fell as interest rates rose on today’s better than expected jobs data that sent oil and the Dow, Nasdaq, and S&P over 1% higher.
Among the big names making news in the market Friday were Apple, Evercore, InterMune, and Toyota.
The Commentary:
“The CME delivery report for Thursday shows that zero gold contracts and 213 silver contracts are posted for delivery on Monday, March 8th. There were no changes reported over at GLD yesterday, but there was at the SLV ETF for a change, as a substantial 1,962,096 ounces were withdrawn yesterday. And this withdrawal, dear reader, probably had nothing to do with current price patterns, as silver is up a bit more than two dollars in the last month... so silver should be moving into the fund, not out. What is more likely, is that a user who needed the silver, redeemed his shares and took delivery.
The U.S. Mint reported another 4,000 one-ounce gold eagles were sold yesterday... bringing their March total to 16,000. There were no reported changes in silver eagles. They've sat there at 425,000 since March 1st. But, as I said then, I think those silver eagles were actually sold in the last week of February... but not reported until the first working day in March. It's my guess [and Ted's as well] that the reason they haven't sold any this month is because they have nothing to sell, as the one-ounce silver blank cupboards are bare. Silver eagles have been severely rationed since the beginning of the year... and none of the primary dealers are getting anything close to what they need to fill all their retail orders.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
Gold put in a decent performance today which coming on a Friday with a jobs report being released is actually encouraging. Over the years we have seen so many of these payroll report days in which gold gets pummeled for no other reason than the bullion banks decide to beat up on the metal. That strength, even in the face of very obvious orchestrated selling such as today’s, is impressive.
Gold rallied just shy of yesterday’s session high before the attack began which further illustrates my recent point that the gold selling Banshees at the Comex are furiously attempting to prevent this week’s high from being taken out since that will trigger a tremendous amount of new buying which will take price up to the last level of resistance just above $1,150 that stands between gold and a retest of $1,200.
Yesterday’s open interest increase of some 7,200 contracts indicates that dip buyers were active, a good sign as the OI is pushing close to 500,000 once again. That is exactly what gold needs to push through the overhead resistance presented by the bullion banks – new spec interest in the long side. Interestingly enough both the most active April as well as the June saw fresh buying coming in. Generally this close to the roll one sees speculative money move into the next month.
Once again, both Euro gold and British Pound priced gold made new lifetime highs at the PM Fix today with €836.527 and £755.307 respectively being the fixes. A bit later in today’s session, both the Euro and Pound bounced off their lows once again. Both trades are quite lopsidedly short so some of the bears are no doubt ringing the cash register.
The Dollar while weaker just will not break down technically but looks to be grinding sideways with bears unable to press it down through important chart levels while bulls do not seem to be able to muster enough momentum to take it up through 81. For the very short term, they appear to both be stalemated.
The jobs number came out this morning and had Wall Street giddy with excitement that “only” 36,000 jobs were lost. What do we get as comments: “that is a fairly strong employment report.” Let’s see, that means the last 25 out of 26 months this nation has been shedding jobs and folks are excited about that? Are they out of their damn minds?
Tell that to the folks who are out of work and unable to find a decent waged position. By the way, the U6 number, which includes discouraged workers and those working part time who want to work full time but have been unable to do so rose to 16.8% from 16.5% the previous month. Obviously, the spinmeisters did not want to touch that one with a ten foot pole.
I do not know exactly what the public relations blitz that the Caesar’s were putting out while Rome was disintegrating around them but something tells me that it was probably not all that different than what this current crop of market analysts and financial TV talking heads are serving up for public consumption. How much more of this, “It’s not as bad as we were fearing therefore it is great” BS do we have to endure from these hucksters? Well, one thing is for sure, this so-called, “JOBLESS” recovery is certainly living up to its name.
The way I look at it that is another 36,000 folks who will not be buying LCD TVs, autos, boats or even furniture and other major appliances.
Oh, and by the way, temporary hiring of those workers to conduct the US Census added 15,000 workers in further proof that the only thing growing in this economy is the size of the federal government. Yes siree Bob – now that’s a long term career move. You get to annoy and generally pester US citizens with all manners of irrelevant and unconstitutional questions such as “how much money do you make?” or “what color is your underwear?” and the Feds pay your salary with the tax dollars of these same people that you get to harass. Is this a great country or what?
Back to gold – the ability of gold to generate buying ABOVE the $1,130 level is a technical plus. It is also trading above all the major moving averages which plants the market firmly on a bullish footing. The RSI has not yet punched through the resistance level shown on the price chart which is about the only fly in the ointment that I can see right now as the mining shares are also putting in a good performance.
The HUI is strong today but thus far has not bettered this week’s high made on Wednesday up at 433. It will need to take that out to mount a push up towards 449 – 451. Support is between 410 – 405 should 420 – 419 fail to attract sufficient buyers on any setback in price.
The S&P 500 finally overcame that pesky overhead selling resistance near 1125 and is solidly higher here at midday. That is also helping the mining shares as today more of those hedge fund ratio spreads against the miners are being unwound with the metal selling more selling that the mining equities.
Something to keep an eye on is the crude oil market. It is up today reaching $82 at one point. Crude has been trapped in a very broad price range since late last year with the peak of that range up near $84. Technically, the chart looks strong and if bulls can put in a strong finish to this week, they have a good shot at attempting to reach the upside early next week. Crude oil prices that begin trending (they need to push solidly above 84 on good volume) will also help to shore up the gold market as it will indicate that deflation fears are fading in favor of inflationary ones. Stay tuned because the jury is still not out on this however.
Bonds were whacked hard today on the “happy” jobs number. They too are going no where fast and remain mired in a trading range with neither side being able to gain a definitive advantage.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Russia nudging Belarus, Kazakhstan away from dollar
Sprott raises $400 million from gold trust IPO
Murphy roast video posted in short segments at YouTube
The Statistics:
Activity from: 3/04/2010
Gold Warehouse Stocks: | 9,976,034 | +965 |
Silver Warehouse Stocks: | 110,938,703 | -252,852 |
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 Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1115.511 | 35,864,804 | US$40,702m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.80 | 3,819,343 | US$4,330m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,514 | US$560m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.70 | 1,597,799 | US$1,813m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,980 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.04 tonnes and the JSE subtracted 0.97 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.57 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,412.43 -61.02 change from yesterday’s data.
The Miners:
Apollo Gold’s (AGT) assay results, Fronteer’s (FRG) drill results, Lihir’s (LIHR) sale agreement, and Revett’s (RVM.TO) summary of operations were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Fronteer | FRG +5.38% $4.70 |
2. Mines MGMT | MGN +5.32% $2.77 |
3. Coeur | CDE +4.73% $15.71 |
LOSERS
1. Kimber | KBX-2.75% $1.06 |
2. ITH | THM-1.45% $6.80 |
3. Solitario | XPL -1.44% $2.06 |
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:
Seafield Set to Initiate Gold Exploration Program in Colombia - More
- March 05, 2010 | Item | ShareThis
Alder Resources Ltd.: Will Randall Appointed to Board; Donald Mosher Resigns - More
- March 05, 2010 | Item | ShareThis
Excalibur Resources Appoints President and Chief Executive Officer; Arranges Private Placement - More
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Rocmec Extends Maturity Date of Debentures With Desjardins Innovatech - More
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Geologix Delivers 2010 Tepal Project Option Payment to Arian Silver - More
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MONETA intersects near surface high grade on 55 zone - More
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Queenston Mining and Vault Minerals Agree to Merger to Consolidate Holdings in the Kirkland Lake Gold Camp - More
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MDN Inc.: Exploration Update, Ikungu Property, Tanzania - More
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Orvana Announces Updated Resource Estimate at El Valle-Boinas/Carles Project - More
- March 05, 2010 | Item | ShareThis
Kent Exploration Inc.: Diamond Drill Program Commences at Gnaweeda Gold Project - More
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Kodiak Expands Thick Zone of Gold Mineralization at Milestone With New Drilling - More
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Augen Gold to Drill on Eastern Claims near Trelawney - More
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Metanor Resources Inc. Announces the Closing of a Private Placement - More
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Focus Acquires the Chucara Gold-Silver Project: Its Second Advanced Stage Peruvian Gold-Silver Project - More
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Pele Mountain Completes VTEM Survey at Pigeon River, Identifies Several Priority Ni-Cu-PGE Exploration Targets - More
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Golden Peaks Expands Gold Zones at La Fortuna - More
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Eagle Plains/Swift Resources Announce Results from Drill Program at Iron Range Property, South-eastern British Columbia - More
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Takara Announces Guyana Gold Acquisition Update and 3:1 Share Consolidation - More
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Malaga announces its tungsten ore reserves and resources increased by 72% and 280% respectively at Pasto Bueno tungsten mine: Peru - More
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Aldridge Uranium Signs Agreement for Turkish Uranium Program - More
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Gold-Ore Reports Increased Underground Resources at Bjorkdal Gold Mine - More
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Terra Ventures Inc.: Hathor Completes the First Drill Fence at the Roughrider Zone East Discovery - More
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Zincore Gains Key Shareholder - More
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Matamec Preliminary Drilling Results in the Central Part of the Kipawa Deposit Intersect Up to .976% TREO Over 17.55 Metres With 31% HREO + Y2O3/TREO - More
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Galway reports encouraging results and provides a drilling update for the California gold project - More
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Golden Predator Releases Chairman's Update and PDAC Announcement - More
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Vena Announces Significant Progress on Uranium Drill Program in Peru - More
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Golden Chalice Resources Inc. Provides Project Updates - More
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Malbex Reports Promising Mapping and Sampling Results From Second Large Epithermal System on Del Carmen Project - More
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Pure Nickel Receives Warrants for Tower Property Extension - More
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Dana Announces Letter of Intent to Acquire Silver Producer - More
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Copper Ridge Explorations Inc. - President's Update - More
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New 16 g/t gold sample at Gold Jackpot; Mexivada signs LOI for Jefferson Property, Nevada - More
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Alturas Announces Closing of First Tranche of Financing - More
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Tamerlane to Discuss Pine Point Pb/Zn Project at PDAC - More
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General Moly Announces Fourth Quarter and Full Year 2009 Results - More
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Northern Freegold Increases Gold Grade and Ounces at Freegold Mountain Project, Yukon - More
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General Moly Adopts Stockholder Rights Plan - More
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General Moly Announces Significant Investment from Hanlong, POSCO Commits to 20% Mt. Hope Equity Interest - More
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Hana Mining Announces New Chief Financial Officer - More
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Sampling Returns 2.83 g/t Gold Over 48.98 Metres at REN Property - More
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Skyline Gold Releases Bronson Slope Magnetite Resource Estimate Technical Report - More
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Eagle Hill Sets AGM, Sponsors Delegates Lounge at PDAC and Engages MI3 Communications Inc. - More
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Rockcliff Grants Warrants for Tower Property Extension - More
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Kirrin Resources Announces Acquisition of Key Lake SW Project in Athabasca Basin - More
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Hathor Completes the First Drill Fence at the Roughrider Zone East Discovery - More
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Halo Engages Investor Relations Firm - More
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Marathon Engages KPMG Corporate Finance Inc to Pursue Project Financing Options - More
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Verena Minerals Appoints Officers - More
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Molycor Selects Hazen Research Inc. for Initial Work on Tami Mosi Dolomite Project, White Pine County, Nevada - More
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Revett Provides Summary of Operations, 2009 Year End Reserves and Update on Rock Creek - "Revett Minerals Inc. (TSX:RVM - News; OTCBB:RVMIF - News; "Revett" or "the Company") is pleased to announce full year operating results, year end reserves and resources estimates for its Troy Mine, and an update on permitting at Rock Creek." More
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Apollo Gold's First Assay Results from Drilling at Pike River Property Show High Grade Gold Mineralization - "Apollo Gold Corporation (“Apollo”) (NYSE Amex: AGT) (TSX: APG - News) announces that its first drill assay results intercepted high grade gold mineralization at the Pike River Project, located between its Black Fox gold mine and Grey Fox Project, including a true width drill interval of 0.8 meter (“m”) at an average gold grade of 86.0 grams per tonne (“gpt”) within 4.2 m of 19.4 gold gpt in hole GF09-65." More
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Fronteer: Drilling Returns 1.23 Ounces Per Ton Gold Over 24.8 Feet at Sandman, Nevada - "Fronteer (TSX:FRG - News)(AMEX:FRG - News) announces today that drilling by Newmont USA Limited ("Newmont"), a wholly owned subsidiary of Newmont Mining Corporation, has intersected additional bonanza-grade, near-surface oxide gold at Sandman, one of three high-quality Nevada gold projects in Fronteer's future production platform." More
- March 05, 2010 | Item | ShareThis
LGL Enters Ballarat Sale Agreement - "Lihir Gold Ltd (LGL) (TSX:LGG - News)(NASDAQ:LIHR - News)(ASX:LGL - News) has entered into an agreement with Castlemaine Goldfields Limited for the sale of the Ballarat project in Victoria." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 5 March, 2010 | |
