-- Posted 19 March, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1107.40 | -$20.20 | +0.52% |
Silver | $17.00 | -$0.43 | UNCH |
XAU | 165.99 | -1.55% | -0.03% |
HUI | 416.49 | -1.69% | -0.01% |
GDM | 1247.03 | -1.66% | +0.28% |
JSE Gold | 2231.09 | -12.64 | +0.47% |
USD | 80.74 | +0.47 | +1.15% |
Euro | 135.34 | -0.73 | -1.66% |
Yen | 110.42 | -0.18 | -0.12% |
Oil | $80.68 | -$1.52 | -0.69% |
10-Year | 3.687% | +0.015 | -0.62% |
Bond | 119.4375 | +0.1875 | +0.82% |
Dow | 10741.98 | -0.35% | +1.10% |
Nasdaq | 2374.41 | -0.71% | +0.29% |
S&P | 1159.90 | -0.51% | +0.86% |
The Metals:
Gold fell $7.10 to $1120.50 in London before it rallied back near unchanged in early New York trade and saw a loss of just 65 cents at $1126.95 at around 9:25AM EST, but it then fell back off rather markedly for most of the rest of trade and ended $6.20 off its early afternoon low of $1101.20 with a loss of 1.79%. Silver fell a little over 1% to $17.227 in London before it also rallied back near unchanged in early New York trade, but it then fell to a new session low of $19.975 at around noon EST and ended with loss of 2.47%.
Euro gold fell to about €818, platinum lost $13 to $1609.50, and copper fell slightly to about $3.38.
Gold and silver equities fell over 2% by late morning before they bounced back higher in afternoon trade, but they still ended with more than 1.5% losses.
The Economy:
Federal Reserve Must Disclose Bank Bailout Records Bloomberg
Greenspan Says Fed, Regulators ‘Failed’ During Crisis Bloomberg
All of this week’s economic reports:
Next week’s economic highlights include Existing Home Sales and the FHFA Home Price Index on Tuesday, Durable Goods Orders and New Home Sales on Wednesday, Initial Jobless Claims on Thursday, and GDP and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back near $80 a barrel as the U.S. dollar index rose again on uncertainty over Greece that sent the euro lower.
Treasuries rose as the Dow, Nasdaq, and S&P fell on worries over Greece, health care, and poor company reports.
Among the big names making news in the market Friday were Palm, Chubb, Toyota, UPS and FedEx, and Lehman Brothers.
The Commentary:
“Dear CIGAs,
Currency traders continue to fret over developments in Europe concerning Greece with the result that they unloaded on the Euro, the Pound and the Franc again today. That sent the Dollar moving up to the top side of its range trade as it once again pushed above 81 in the USDX.
The Pound was hammered lower on affirmations the UK will continue with its Quantitative Easing program for some time.
The result was that gold was knocked back from the top of its range trade and fell down to the bottom again. The bullion banks have been playing a game of “Whack a Mole” with gold every time it nears the $1,130 level. It appears that for today some of the more short-term oriented bulls ran out of patience with the metal and dumped their holdings. Some of this pressure was related to news out of India regarding a hike of 25 basis points (1/4%) in its key borrowing and lending rate. The thinking, totally unfounded in my opinion, is that would reduce gold demand from the subcontinent. Strength in the Indian economy, which precipitated the hike, is always good for the gold market.
The Euro has been finding buyers on any approach toward 13450. That will need to continue if the Dollar is going to remain in its trading range. Failure by the Euro at that level and the Dollar will be able to break above 81.50 giving it the potential to make another leg higher. A lot can happen over a weekend so we are going to have to wait until Monday to see more clearly into the crystal ball.
One thing we can say however is that currency fears out of Europe will keep gold well supported in terms of those particular currency prices. Gold priced in terms of the British Pound actually rose at today’s PM Fix coming in at Ł736.754 with Euro priced gold continuing to remain above the Ł800 level. This should continue to provide downside support for the metal in US Dollar terms with buying coming in once again near the $1,100 region.
The Dollar, while stronger today and putting in some nice gains, still cannot seem to muster the energy needed to break out of its range between 81.50 and 80.
After going nearly vertical the last 3 weeks, the S&P 500 set back some today. That, plus weakness in the gold, contributed to selling in the mining shares as the HUI fell back down towards the bottom of its recent range trade. It has not been able to muster sufficient strength to take out the top side near the 430 – 432 level on a closing basis. Thus far it has seen buying on dips down towards 405.
Crude oil is sharply lower giving back most of the gains of the week but so far it remains above the $80/barrel level. It is also stuck in a trading range that has been ongoing since December of last year. The bottom is near $70; the top is near $82. Crude oil will have to take out $84 to start an uptrend. A downside breach of $81 will confirm the range trade is still in effect.”- Dan Norcini, More at JSMineset.com
GATA Posts:
GATA Chairman Murphy's planned testimony to the CFTC
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$40,257m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 118.02 | 3,780,659 | US$4,179m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,440 | US$546m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.20 | 1,581,894 | US$1,776m |
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:
Randgold’s (GOLD) restricted stock award and share of sales, Claude’s (CGR) intended sale of assets, Capital Gold’s (CGC) resignation, Barrick’s (ABX) pricing of the initial public offering of African Barrick Gold plc, Aurizon’s (AZK) year-end results, Agnico’s (AEM) private placement, Golden Minerals’ (AUMN) priced offering and AMEX listing, and Apollo Gold’s (AGT) completed private placement and management restructuring were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Vista Gold | VGZ +4.59% $2.28 |
2. Solitario | XPL +2.83% $2.18 |
3. Tanzanian Royalty | TRE +0.49% $4.11 |
LOSERS
1. Paramount | PZG -6.58% $1.42 |
2. DRDGOLD | DROOY-6.07% $4.64 |
3. Kimber | KBX -5.62% $1.00 |
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:
Discovery Harbour Resources Enters an Option Agreement With Northern Shield Resources Inc. for the Wabassi Ni-Cu-PGE Property, Ring Of Fire Area, Ontario - More
- March 19, 2010 | Item | ShareThis
Peter Mordaunt Joins Pediment's Board of Directors, Andre Audet Resigns as Director - More
- March 19, 2010 | Item | ShareThis
Hana Mining Announces New Advisory Board Member - More
- March 19, 2010 | Item | ShareThis
Kinross Mails Offer to Underworld Shareholders - "Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) announced today that it has completed the mailing of the take-over bid circular and related offer documents in respect of its offer to acquire all of the outstanding common shares ("Common Shares") of Underworld Resources Inc. ("Underworld") (TSX-V:UW - News) that it does not already own, on the basis of 0.141 of a Kinross common share plus $0.01 in cash per Common Share. The offer expires at 5:00 p.m. (Vancouver time) on April 26, 2010." More
- March 19, 2010 | Item | ShareThis
Rocmec to test its thermal fragmentation mining method at Goldcorp's Porcupine Gold Mine in Timmins Ontario - More
- March 19, 2010 | Item | ShareThis
Black Hawk Exploration's Wholly Owned Subsidiary Successfully Reaches Target Drill Depth - More
- March 19, 2010 | Item | ShareThis
Richmond Minerals Inc. - Settlement of debt for shares - More
- March 19, 2010 | Item | ShareThis
Big Bear Mining Corp. Board of Directors Provides Corporate Update - More
- March 19, 2010 | Item | ShareThis
Otish Energy Begins Pre-Drilling Exploration Work on Noyelles Gold Property, Abitibi Area, Quebec - More
- March 19, 2010 | Item | ShareThis
Canadian Shield Issues Options to New Team Members - More
- March 19, 2010 | Item | ShareThis
Gitennes equity financing - More
- March 19, 2010 | Item | ShareThis
Randgold Restricted Stock Award and Sale of Shares: D M Bristow - "Randgold Resources Limited (NASDAQ:GOLD - News) (LSE:RRS - News) announced on 27 March 2009 that two awards of 40 000 restricted shares were granted to the chief executive, Dr D M Bristow. In terms of the first award two thirds of the award would vest on 1 January 2010 and in the second award one third would vest on 1 January 2010. The stock has now vested and the shares have been issued to Dr D M Bristow. The price of the restricted stock calculation was the Nasdaq Global Select Market closing price on 2 January 2009, being US$43.26." More
- March 19, 2010 | Item | ShareThis
Mountain Boy Minerals Ltd.: BA Project Drill Hole Data Confirmation - More
- March 19, 2010 | Item | ShareThis
Claude Resources Inc. Intends to Sell Remaining Oil & Natural Gas Assets - "Claude Resources Inc. ("Claude" or the "Company") today announced that it is putting its remaining oil and natural gas interests on the market as it further executes its corporate strategy of monetizing non-core assets." More
- March 19, 2010 | Item | ShareThis
Apollo Gold and Linear Gold Complete Cdn$25,000,000 Private Placement and Announce Planned Management Restructuring - "Apollo Gold Corporation (TSX: APG - News)(NYSE Amex: AGT) (“Apollo”) and Linear Gold Corp. (TSX: LRR - News) (“Linear”) are pleased to announce the closing of the previously announced private placement (the “Private Placement”) whereby Linear has acquired 62,500,000 common shares of Apollo at a price of Cdn$0.40 per share for gross proceeds of Cdn$25,000,000. The common shares of Apollo were issued from treasury under the terms of a subscription agreement between Linear and Apollo dated March 9, 2010." More
- March 19, 2010 | Item | ShareThis
Noront resumes exploration at McFaulds Lake, James Bay Lowlands - More
- March 19, 2010 | Item | ShareThis
Amex Closes $1,084,000 Financing - More
- March 19, 2010 | Item | ShareThis
Ranger Gold Corp. Provides Corporate Update - More
- March 19, 2010 | Item | ShareThis
WGR - Wits Gold completes a scoping study on the De Bron project in the southern Free State Goldfield - More
- March 19, 2010 | Item | ShareThis
Apoquindo Expands High Grade Zone at Zafranal Intersecting 71m of 1.78% Cu and 0.35 G/T Au - More
- March 19, 2010 | Item | ShareThis
Aurizon posts Q4 profit; sees 2010 gold production dip - "Aurizon Mines Ltd (ARZ.TO) posted a quarterly profit, helped by gains from higher gold prices, but said expects gold production from a key mine to dip in 2010.
The Canadian gold producer sees production of about 145,000-155,000 ounces in 2010, compared with 159,261 ounces in 2009, at its Casa Berardi mine, hurt by lower average gold grades, especially in the first part of the year, it said." More
- March 19, 2010 | Item | ShareThis
Crosshair Announces Private Placement of $1.5 Million - More
- March 19, 2010 | Item | ShareThis
Heatherdale Drilling Continues to Expand New Discovery of High-Grade, Precious Metals-Rich Mineralization at Niblack - More
- March 19, 2010 | Item | ShareThis
Yukon-Nevada Gold Corp. continues to yield exciting exploration drill hole assay results - More
- March 19, 2010 | Item | ShareThis
CBR Gold Corp.: Niblack Drilling Continues to Expand New Discovery of High-Grade, Precious Metals-Rich Mineralization at Niblack - More
- March 19, 2010 | Item | ShareThis
American Consolidated Announces Non-Brokered Private Placement - More
- March 19, 2010 | Item | ShareThis
Guyana Goldfields to be included in the S&P/TSX Global Gold Index and S&P/TSX Global Mining Index - More
- March 19, 2010 | Item | ShareThis
Vaaldiam Receives Court Approval for Plan of Arrangement - More
- March 19, 2010 | Item | ShareThis
Tirex Closes $1,000,000 Private Placement Fully Subscribed - More
- March 19, 2010 | Item | ShareThis
Baffinland President and CEO Steps Down - More
- March 19, 2010 | Item | ShareThis
MBMI Closes Private Placement - More
- March 19, 2010 | Item | ShareThis
Dieterle Resigns From Capital Gold Corporation - "Gifford was the founder of Capital Gold and, since the early days, has dedicated himself to growing the company. He leaves the company in a strong financial position and with a bright future. We owe Gifford a debt of gratitude for his many years of valuable service to the company and wish him the best of everything in his future endeavors." More
- March 19, 2010 | Item | ShareThis
Barrick Announces Pricing of African Barrick Gold plc Initial Public Offering - "Barrick Gold Corporation ("Barrick") (NYSE:ABX - News)(TSX:ABX - News) announced today the pricing of the initial public offering of African Barrick Gold plc ("ABG"), a new company whose equity will be admitted to the Official List of the Financial Services Authority and to trading on the London Stock Exchange's main market for listed securities. An offer price of GBP 5.75 per ordinary share has been set and the net proceeds of the offering are expected to be approximately $834 million, which will be paid to Barrick." More
- March 19, 2010 | Item | ShareThis
Aurizon reports record earnings, revenues, and cash flow in 2009 - "Aurizon had an extremely successful year" said David Hall, President and Chief Executive Officer. "We exceeded our production targets, generated record revenues, cash flow and earnings, and increased our financial strength by building our cash balances and repaying our project debt. In addition we increased mineral reserves, completed a positive pre-feasibility study for Joanna and had success with our exploration programs. We are well positioned to implement our internal and external growth plans." More
- March 19, 2010 | Item | ShareThis
Agnico-Eagle to issue $600,000,000 of long-term unsecured notes - "Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") is pleased to announce today a private placement of an aggregate of $600,000,000 of guaranteed senior unsecured notes due 2017, 2020 and 2022 (the "Notes") with a weighted average maturity of 9.84 years and weighted average yield of 6.59%. The Company has received non-binding commitments from institutional investors in the United States and Canada to purchase the Notes. Net proceeds from the sale of the Notes will be used to reduce amounts outstanding under the Company's credit lines. The Company expects the transaction to close in April 2010." More
- March 19, 2010 | Item | ShareThis
Golden Minerals Company Prices US$41.7 Million Offering and Announces Approval of NYSE AMEX Listing - "Golden Minerals Company (TSX:AUM - News) ("Golden Minerals" or "the Company") today announced the pricing of its public offering of 4,000,000 shares of common stock at a price of US$8.50 per share. A total of 3,652,234 shares are being offered by the Company and a total of 347,766 shares are being offered by a selling stockholder." More
- March 19, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 19 March, 2010 | |
