-- Posted 18 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1127.60 | +$3.55 |
Silver | $17.43 | -$0.06 |
XAU | 168.60 | -0.69% |
HUI | 423.66 | -0.66% |
GDM | 1268.05 | -0.56% |
JSE Gold | 2243.73 | +13.32 |
USD | 80.27 | +0.56 |
Euro | 136.11 | -1.28 |
Yen | 110.69 | -0.04 |
Oil | $82.20 | -$0.73 |
10-Year | 3.672% | +0.030 |
T-Bond | 119.25 | -0.1875 |
Dow | 10779.17 | +0.42% |
Nasdaq | 2391.28 | +0.09% |
S&P | 1165.83 | -0.03% |
The Metals:
Gold fell as much as $5.77 to $1118.28 in Asia before it rose to see a gain of $3.50 at $1127.55 in London and next fell back near its earlier low in late morning New York trade, but it then stormed to a new session high of $1128.10 in early afternoon trade and ended with a gain of 0.32%. Silver saw a 5 cent gain at $17.54 at around 8:30AM EST before it fell to see a $0.185 loss at $17.305 by late morning in New York and then also rallied back higher in afternoon trade, but it still ended with a loss of 0.34%.
Euro gold rose to about €828, platinum lost $9 to $1622.50, and copper fell a couple of cents to about $3.39.
Gold and silver equities rose over 1% at the open and fell to see over 1% losses by late morning before they bounced back higher in afternoon trade, but they still ended with slight losses on the day.
Central Bank Gold Holdings Expand at Fastest Pace Since 1964 Bloomberg
WGC sees gold demand recovering in 2010 Reuters
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/13 | 457K | 455K | 462K |
CPI | Feb | 0.0% | 0.1% | 0.2% |
Core CPI | Feb | 0.1% | 0.1% | -0.1% |
Current Account | Q4 | -$115.6B | -$119.0B | -$102.3B |
Leading Indicators | Feb | 0.1% | 0.1% | 0.3% |
Philadelphia Fed | Mar | 18.9 | 18.0 | 17.6 |
Bernanke Criticizes Dodd Plan to Curb Fed Supervision Bloomberg
There are no major economic reports dues out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose markedly as the euro dropped again on uncertainty over the future of Greece’s debt problems.
Treasuries fell a bit after the Treasury Department said it will sell $44 billion in two-year notes, $42 billion in five-year debt, and $32 billion in seven-year notes next week.
The Dow, Nasdaq, and S&P waffled near unchanged on mixed company reports and economic data.
Among the big names making news in the market today were Porsche, Ford, Regions Financial, Teva, and FedEx.
The Commentary:
“I was disappointed with yesterday's price activity, as there was no follow-through from the nice [but capped] rally that we had on Tuesday. I was sort of hoping that these were short covering rallies... but that was not the case. Nothing has changed. It's the same old, same old. Unless something comes along out of the blue, I don't see much happening [or being allowed to happen] for the next little while, as it's obvious that the bullion banks are blocking all advances. The CFTC hearings on March 25th may change that... but, so far, there's no sign of it. We'll just have to wait and see.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
There is not much to say about gold today other than what has been said repeatedly now for some time – it is stuck in a range trade with a bit of a higher bias to it as downside support thus far remains firm with the upside continuing to be capped by bullion bank selling at or near $1,130.
Ditto for the Dollar which is also stuck in a range but cannot seem to muster any enthusiasm for a downside breakout. Every single time it moves into the zone near and just below the 80 level, the volume dries up indicating that the trade simply does not want to take it lower. Currently there seems to be little appetite to push it down or on the flip side, to push the Euro up. Euro bulls are attempting to squeeze the shorts in there but they cannot recruit sufficient numbers to their cause to accomplish it. For now, the dollar is seeing buying below 80 and selling above 81.50.
After the shorts were run out of the Pound yesterday, sellers re-emerged today negating most of the upside blip.
The fact is that as concerns over Greece ebb and flow, the Forex markets are going to ebb and flow accordingly. And as the Forex markets ebb and flow, gold is going to ebb and flow. That is why we are seeing so many markets in range trades. There is too much uncertainty, lack of firm conviction with a corresponding lack of willingness to put money on the line, to allow one side to gain a sufficient tactical advantage over the other.
Speaking from the perspective of market price action, traders are grabbing at ultra short term profits wherever they may be found and then either getting out or reversing and flipping to the other side for another attempt at a quick but small gain.
Having said that however, gold is still maintaining its short term uptrend but it will need to push through $1,130 in a convincing fashion on strong volume to force the beginning of short covering among the weaker-handed shorts. Should it do so, that would set price up to run towards $1,145. One thing about this market, it is impressive that even with the Dollar higher, it is shrugging off selling pressure to a large extent by refusing to break down. This tells me that buying based on fears related to Europe is still keeping the gold price very firm in terms of those respective currency units and that will continue to put a floor of support under US Dollar priced gold. Euro gold is firmly above the €800 level and holding there.
With the Euro getting hit hard and the Dollar up sharply, commodities are getting sold down today as the algo trade resumes.
There are only a few commodity markets that are higher today as a result.
Weakness in the broad equity markets is bringing in a bit of selling to the mining shares as the HUI is down a bit around midday. It has to push above 431- 433 for a breakout of its range trade.”- Dan Norcini, More at JSMineset.com
“Thoughts For This Morning:
Greece has woken up to the implications of their financial problems towards the other EU member states. This is the background to their statement today giving one week for an agreement between the EU and Greece for a bailout rescue program.
Note the potential involvement of the IMF if an agreement with the EU is not forthcoming. All of this is focused on Germany and the video posted last evening.
Bloomberg reported this morning that EU intelligence agencies are looking into the derivative dealings that lead up to the hammering of Greek debt.
The international investment firms may well have bitten off more than they can handle when countries come into the cross hairs.”- Jim Sinclair, JSMineset.com
GATA Posts:
Ted Butler: It's the message, not the messenger
The Statistics:
Activity from: 3/17/2010
Gold Warehouse Stocks: | 10,021,864 | -712 |
Silver Warehouse Stocks: | 117,451,243 | +293,123 |
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 | 35,864,805 | US$40,221m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.02 | 3,780,702 | US$4,234m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,446 | US$553m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.20 | 1,581,912 | US$1,775m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,979 | US$6m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.57 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,302.58 - No change from yesterday’s data.
The Miners:
NovaGold’s (NG) projects update, Newmont’s (NEM) completed share sale, Revett’s (RVM.TO) update on legal proceedings, and Great Panther’s (GPR.TO) fourth quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +9.55% $2.18 |
2. Exeter | XRA +5.34% $9.07 |
3. Nevsun | NSU+2.62% $3.13 |
LOSERS
1. Gold Reserve | GRZ -3.56% $1.08 |
2. Coeur | CDE -3.51% $15.93 |
3. Entree | EGI -3.45% $2.80 |
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:
American Bonanza Featured on Jay Taylor Radio Program - More
- March 18, 2010 | Item | ShareThis
High Desert Gold Announces the Signing of an Option and Earn-In Agreement With Gryphon Gold Covering the Gold Springs Property, Nevada-Utah Border - More
- March 18, 2010 | Item | ShareThis
NovaGold President's Message & Projects Update - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced a change to its senior management team and provided an update on its projects and progress toward achieving the Company's near- and long-term business objectives." More
- March 18, 2010 | Item | ShareThis
Premier signs Exploration Agreement with Long Lake No. 58 First Nation - More
- March 18, 2010 | Item | ShareThis
Sego Resources Drilling to Start - More
- March 18, 2010 | Item | ShareThis
Glass Earth Announces New Placer Gold Partner, Approval of 5:1 Share Consolidation - More
- March 18, 2010 | Item | ShareThis
Argonaut Gold Ltd. Appoints New Vice President of Exploration, Tom Burkhart - More
- March 18, 2010 | Item | ShareThis
Tombstone Exploration Corporation Applied for Five Additional Silver/Gold Exploration Permits - More
- March 18, 2010 | Item | ShareThis
Redzone Executes Amendment to Definitive Option Agreement - More
- March 18, 2010 | Item | ShareThis
Detour Gold to be Included in S&P/TSX Global Gold Index and Global Mining Index - More
- March 18, 2010 | Item | ShareThis
Excalibur Resources Ltd.: Sturgeon Lake VTEM Survey Finds Conductance and Magnetic Anomalies That Are Consistent With VMS Deposits - More
- March 18, 2010 | Item | ShareThis
ATAC Resources Ltd. Announces Acceleration of the Exercise Term of Certain Share Purchase Warrants - More
- March 18, 2010 | Item | ShareThis
Rocmec to Test its Thermal Fragmentation Mining Method at Goldcorp's Porcupine Gold Mine - More
- March 18, 2010 | Item | ShareThis
First Gold Discovers Gold on its Matchi-Manitou Property Near Val-d'Or, Quebec and Comments on Insider Trading - More
- March 18, 2010 | Item | ShareThis
Dagilev Capital to Consolidate 100% Ownership In Salave Gold Deposit - More
- March 18, 2010 | Item | ShareThis
Exploration Drilling at Malartic Returns Values Up to 31 Grams Per Tonne Gold - More
- March 18, 2010 | Item | ShareThis
Altius Reports Resignation of VP, COO, and Director - More
- March 18, 2010 | Item | ShareThis
Randsburg Reports Inferred Resource of 259 Million Lbs of Vanadium at Titan Deposit in Ontario - More
- March 18, 2010 | Item | ShareThis
Alpha Gold unveils 2010 plans and drill program to connect zones on Lustdust - More
- March 18, 2010 | Item | ShareThis
Crocodile Gold Announces Notice of Conference Call to Introduce David Keough, Chief Operating Officer, and Discuss Production Plans for 2010 - More
- March 18, 2010 | Item | ShareThis
Strategic Mining Strengthens Management Team With Appointment of New Director - More
- March 18, 2010 | Item | ShareThis
Duran Ventures Announces Joint Venture Agreement on Corongo Gold-Silver Property in Peru - More
- March 18, 2010 | Item | ShareThis
Artha to Re-Commence Exploration at the Pirquitas and Rare Earth Properties in Argentina - More
- March 18, 2010 | Item | ShareThis
Salares Lithium's Geophysical Survey at 'Las Parinas' Identifies 170 Metre Thick Brine Bearing Horizon - More
- March 18, 2010 | Item | ShareThis
DIOS U33 Project Hosts Rocks Grading 9.9 and 7.7 Grams per Ton Gold - More
- March 18, 2010 | Item | ShareThis
Argentex President completes early warrant exercise, increases investment in company - More
- March 18, 2010 | Item | ShareThis
Mountain Boy Minerals Ltd.: 309.3 Grams Per Tonne (g/t) Silver 3.95% Lead and 6.19% Zinc Over 9.15 Metres Intersected in the Silver Rich VMS Horizon - More
- March 18, 2010 | Item | ShareThis
SearchGold Hits Up to 1.69 g/t Au Over 50 m in Kerboule South RC Drilling, Arae-Gassel, Burkina Faso - More
- March 18, 2010 | Item | ShareThis
Benton Initiates Phase 3 Drill Program on Golden Harp Option - More
- March 18, 2010 | Item | ShareThis
Lions Gate Metals Inc. Posts Filing Statement for AusNiCo Transaction - More
- March 18, 2010 | Item | ShareThis
Tombstone Exploration Has Applied for 5 Additional Silver/Gold Exploration Permits - More
- March 18, 2010 | Item | ShareThis
Blue Note Mining Signs Definitive Agreement with Amex Exploration - More
- March 18, 2010 | Item | ShareThis
Iron Creek Closes $750,000 Financing - More
- March 18, 2010 | Item | ShareThis
Amex Signs Definitive Agreement for the Acquisition of X-Ore International and Its Subsidary in Mexico - More
- March 18, 2010 | Item | ShareThis
Dana Resources Completes Due Diligence on Chota Silver Mine - More
- March 18, 2010 | Item | ShareThis
CBR Gold Corp.: Three Bluffs 2010 Exploration Program Commences - More
- March 18, 2010 | Item | ShareThis
Takara Tasswini Gold Project Gold Resource Restated by SRK - More
- March 18, 2010 | Item | ShareThis
American Lithium Minerals Releases Plans for Development of Its Recently Acquired Borate Hills Properties - More
- March 18, 2010 | Item | ShareThis
Vanstar Acquires Gold Property in the Urban-Barry Greenstone Belt - More
- March 18, 2010 | Item | ShareThis
Vantex Acquires Gold Property in the Urban-Barry Greenstone Belt - More
- March 18, 2010 | Item | ShareThis
Consolidated Thompson Iron Mines Announces Moving Towards Commercial Production as Part of the Year End Report Filed Today - More
- March 18, 2010 | Item | ShareThis
European Goldfields Announces 2009 Results - More
- March 18, 2010 | Item | ShareThis
RockBridge Proceeding With 2010 Operations for Newfoundland Rare Earth Prospect - More
- March 18, 2010 | Item | ShareThis
Canadian Orebodies Assays 1.54% Li20 Over 6.98m and Other High Grade Lithium/Rare Metals - More
- March 18, 2010 | Item | ShareThis
Indonesian Bumi-linked group lifts stake in Newmont jv - "A group linked to Indonesian coal miner PT Bumi Resources (BUMI.JK) has paid $247 million for a 7 percent stake in a copper and gold mine operated by Newmont Mining Corp (NEM.N) as it expands outside the coal sector." More
- March 18, 2010 | Item | ShareThis
Revett Provides Update on Rock Creek Legal Proceedings - "Revett Minerals Inc. (TSX:RVM - News; OTCBB:RVMIF - News; "Revett" or "the Company") is pleased to announce that during a recent status conference regarding legal challenges to the Rock Creek Record of Decision and Biological Opinion, Judge Molloy in the Federal District Court of Montana indicated that a decision is under active deliberation; and a ruling is likely to occur within the next several weeks." More
- March 18, 2010 | Item | ShareThis
Great Panther Silver Reports Fourth Quarter Net Profit of $1.0 Million - "The Board is very pleased to see the Company's first quarterly net profit of $1.0 million. And in terms of production, gross revenues, net operating profits and positive cash flow, 2009 was the Company's fourth successive all-time record year." More
- March 18, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 18 March, 2010 | |
