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Gold Seeker Closing Report: Gold and Silver Gain About 1%

By: Chris Mullen, Gold-Seeker.com


-- Posted 31 March, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1113.95

+$9.50

Silver

$17.50

+$0.21

XAU

165.28

+0.95%

HUI

406.94

+1.20%

GDM

1222.34

+1.09%

JSE Gold

2206.11

+13.18

USD

81.08

-0.40

Euro

135.11

+0.97

Yen

106.94

-0.82

Oil

$83.76

+$1.39

10-Year

3.833%

-0.035

T-Bond

116.21875

+0.46875

Dow

10856.63

-0.47%

Nasdaq

2397.96

-0.53%

S&P

1169.43

-0.33%

 
 

 

The Metals:

 

Gold steadily rose in Asia and London and jumped to as high as $1118.00 in early New York trade before it fell back off into the close, but it still ended with a gain of 0.86%.  Silver climbed to as high as $17.615 by about 11AM EST before it also fell back off a bit in late trade, but it still ended with a gain of 1.21%.

 

Euro gold fell near €823 on euro strength, platinum gained $21 to $1637.50, and copper fell slightly to about $3.55.

 

Gold and silver equities rose over 1% at the open and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Mar

-23K

40K

-24K

Chicago PMI

Mar

58.8

61.0

62.6

Factory Orders

Feb

0.6%

0.5%

2.5%

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/27 expected at 440,000 and at 10AM is the ISM Index for March expected at 57.0 and Construction Spending for February expected at -1.0%.

 

The Markets:

 

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

 

Oil held on to decent gains after the Energy Information Administration reported that crude inventories built 2.9 million barrels, gasoline inventories built 300,000 barrels, and distillates fell 1.1 million barrels.

 

The U.S. dollar index fell and treasuries rose on expectations for continued low interest rates after today’s economic data came in mostly worst than expected and held the Dow, Nasdaq, and S&P near unchanged to modestly lower for most of trade.

 

Among the big names making news in the market today were Boeing, Rite Aid, EADS, Fannie, Freddie, Peabody, Google, Carlyle, Polypore, and Cisco.

 

The Commentary:

 

“Gold's final volume figures for Monday were reported as 292,050 contracts... at least two thirds of that was roll-overs and spread trades.  Open interest fell a chunky 18,548 contracts... but both Ted and I felt that most of that was a spread trade being lifted.  Fortunately, this o.i. number will be in Friday's Commitment of Traders Report.  In silver, total volume was a pretty big 38,317 contracts but, once again, a big chunk of that was spreads... and roll-overs into the July contract and later months.  Monday's big gain in the silver price was accompanied by an unsurprising 2,861 contract increase in open interest, as the bullion banks went short against the technical funds who were going long... at least that's what the numbers looked like to me.  Ted said he would wait for Friday's COT report before he'd agree entirely with my assessment.

 

Well, yesterday was first day notice for delivery into the April gold contract... and the numbers were impressive as there were 7,925 gold contracts put up for delivery on April 1st.  The big issuers were Bank of Nova Scotia with 4,260 contracts and HSBC with 3,000 contracts.  The biggest stoppers were Deutsche Bank with 2,687 contracts and JPMorgan with 1,780 contracts.  I'd bet some serious coin, dear reader, that these four bullion banks mentioned here, are the '4 or less' traders that hold the biggest gold short positions in the Commercial category of the Commitment of Traders report.  Silver too!

 

In silver, there were 254 contracts delivered.  The big [and virtually the only] issuer was JPMorgan.  The biggest stopper was the Bank of Nova Scotia.  The entire delivery report is well worth running through, as it gives you snapshot of all the '4 or less' traders and who they're delivering to... the '8 or less' and the huge number of small traders.  Please click here, as it's an impressive list... in all metals.

 

There were no changes reported in either the GLD or SLV... and once again there was no report from the U.S. Mint.  The Comex-approved depositories added 152,279 ounces to their silver inventories on Monday.

 

The European Central Bank, in its weekly statement of condition, reported that "gold and gold receivables" fell by one million euros [1,304 ounces] because of the sale of gold coin by a subordinate bank. This precisely reverses last week's gain. Net, there has been no material change in ECB gold holdings this year.  I thank the usual New York gold commentator for that information.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

GATA Posts:

 

 

GATA's Murphy, Douglas, and Powell interviewed by King World News

Toby Connor: Manipulation, fact or fantasy?

Wall Street cabal seen derailing swaps regulation

Janet Tavakoli: How to corner the gold market

Jason Hommel: CFTC hearing -- poised to act

Gene Arensberg: Big gold shorts covering as GATA stuns CFTC hearing

 

The Statistics:

Activity from: 3/30/2010

Gold Warehouse Stocks:

10,021,863

+1,318

Silver Warehouse Stocks:

116,592,823

+588,332

 

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

1129.823

36,324,952

US$40,504m

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

Gold Bullion Securities

116.37

3,739,504

US$4,162m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.35

491,377

US$549m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.20

1,581,669

US$1,764m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,978

US$6m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.96 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,278.18 - No change from yesterday’s data.

 

The Miners:

 

Rubicon’s (RBY) project update, Ivanhoe’s (IVN) Investment Agreement, Great Basin’s (GBG) board addition, New Gold’s (NGD) mine sale update, Seabridge’s (SA) Preliminary Feasibility Study results, Randgold’s (GOLD) increase in reserves and resources, Richmont’s (RIC) announced intention to acquire Louvem Mines, and Minefinders’ (MFN) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Entree

EGI +9.47% $2.89

2.  Banro

BAA +4.43% $2.12

3.  Coeur

CDE+4.24% $14.98

 

LOSERS

1.  Metalline

MMG-13.04% $1.00

2.  Gammon Gold

GRS -6.87% $7.19

3.  Paramount

PZG -4.14% $1.39

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:

Gleichen Reports First Quarter Results - More
- March 31, 2010 | Item | ShareThis


Minefinders Reports Positive La Bolsa Drill Results and Provides Update on La Bolsa Pre-Feasibility Study - "We expect these drilling results to have a positive effect on the pre-feasibility work currently underway," commented Mark Bailey, President and Chief Executive Officer. "La Bolsa is advancing as we had hoped and we plan to complete feasibility work as promptly as possible. The pre-feasibility study is expected to be in hand during the second quarter of 2010." More
- March 31, 2010 | Item | ShareThis


Cogitore Resources Inc. Reports New Discovery at Scott Lake - More
- March 31, 2010 | Item | ShareThis


Argentex trenches 2.0 meters of 20.72 g/t gold at Pinguino; drilling scheduled to start on Condor - More
- March 31, 2010 | Item | ShareThis


Copper Fox updates status of feasibility study and reports 2010 first quarter financial results - More
- March 31, 2010 | Item | ShareThis


Fancamp Exploration Ltd.: Drilling to Start at McFaulds Lake - More
- March 31, 2010 | Item | ShareThis


Oromin Explorations Ltd.: Public Relations Consultant - More
- March 31, 2010 | Item | ShareThis


Lithium One CONSOLIDATES LAND PACKAGE at Sal De Vida Brine Project: Adding More Than 5,000 Hectares - More
- March 31, 2010 | Item | ShareThis


Western Lithium Appoints Dr. Graham R. Thompson to Advisory Committee - More
- March 31, 2010 | Item | ShareThis


Kodiak Continues to Intercept Widespread Gold Mineralization at Milestone - More
- March 31, 2010 | Item | ShareThis


Galway reports more high grade gold as sampling in the lower level of El Volcan nears completion - More
- March 31, 2010 | Item | ShareThis


Powertech Announces Drawdown of Third Tranche of $13.8 Million Loan Facility - More
- March 31, 2010 | Item | ShareThis


Alamos Reports a 17% Increase in Proven and Probable Reserves at Mulatos and Plans to Increase Crusher Throughput by Up to 20% - More
- March 31, 2010 | Item | ShareThis


Victory Nickel Receives Encouraging Results in First Hole of 2010 Minago Drill Program - More
- March 31, 2010 | Item | ShareThis


Niocan Inc.: Financial Update of the Oka Niobium Project Indicates to Continued Robust Economics - More
- March 31, 2010 | Item | ShareThis


Malbex Intersects High Grade Ag-Cu-Au Veins at Two Drill Targets; Surface Sampling Identifies New Prospect at Del Carmen Norte - More
- March 31, 2010 | Item | ShareThis


GoldSpring Commences 2010 Drilling Program - More
- March 31, 2010 | Item | ShareThis


Belmont Contracts to Commence Drilling at Lumby/Bufo Property Northeast of the Brett Resources Inc. Hammond Reef Deposit - More
- March 31, 2010 | Item | ShareThis


Vantex Resources Ltd.: Resumption of Drilling on Galloway - More
- March 31, 2010 | Item | ShareThis


Peru mining chamber urges tax agency to 'clear the air' - "The head of Peru's influential mining chamber urged the government's tax agency to clear the air about allegations, brought by labor unions, that companies underreported profits during the 2006-2008 commodities boom." More
- March 31, 2010 | Item | ShareThis


Avion Increases Tabakoto Area Resources by 25% for Less Than $7/Ounce - More
- March 31, 2010 | Item | ShareThis


Fire River Gold Corp. Announces Additional High Grade Gold Results From Nixon Fork Gold Mine, Alaska - More
- March 31, 2010 | Item | ShareThis


Argonaut Gold Ltd: Reports Initial Drill Results from 2010 Resource Expansion Program - More
- March 31, 2010 | Item | ShareThis


Glen Eagle Resources Inc.: Corporate Update - More
- March 31, 2010 | Item | ShareThis


Axmin Enters Into A Definitive Agreement With Avion Gold Corporation to Sell the Kofi Project Licences in Mali - More
- March 31, 2010 | Item | ShareThis


Canadian Mining Retains Bay Street Connect of Toronto - More
- March 31, 2010 | Item | ShareThis


Aldrin Closes $7 Million Non-Brokered Private Placement - More
- March 31, 2010 | Item | ShareThis


Gold-Ore Appoints Financial Advisor - More
- March 31, 2010 | Item | ShareThis


Green Park Capital Corp. to Acquire Josephine Mining Corp. - More
- March 31, 2010 | Item | ShareThis


Laurentian Goldfields Ltd. and Kinross Gold Corporation Sign Letter of Intent to Form the Goldpines North Joint Venture - More
- March 31, 2010 | Item | ShareThis


Nautilus Minerals Amended Discussion and Analysis for the Year Ended December 31, 2009 - More
- March 31, 2010 | Item | ShareThis


Farallon provides operations update - More
- March 31, 2010 | Item | ShareThis


Delta Shares to Commence Trading Through the Facilities of the TSX-V and the Appointment of Corporate Secretary - More
- March 31, 2010 | Item | ShareThis


Northern Gold Initiates Permitting Process for Advanced Exploration/Development at the Garrison Gold Property - More
- March 31, 2010 | Item | ShareThis


Kirrin Resources Starts Exploration Program at Key Lake SW Uranium Project in Athabasca Basin - More
- March 31, 2010 | Item | ShareThis


Ressources Minieres Pro-Or Inc.: Activity Update on the St-Augustin-de-Desmaures Plant - More
- March 31, 2010 | Item | ShareThis


Spur Ventures Updates Progress on Yichang Maple Leaf Chemicals Integrated Fertilizer Project and Announces Fiscal 2009 Results - More
- March 31, 2010 | Item | ShareThis


Goldspan Resources, Inc., Announces Signing Stock Purchase and Acquisition Agreement - More
- March 31, 2010 | Item | ShareThis


NWM Mining Announces Investor Relations Engagements - More
- March 31, 2010 | Item | ShareThis


Agnico-Eagle Midland Exploration's Partner Commence a New Drilling Program on Maritime-Cadillac Property - More
- March 31, 2010 | Item | ShareThis


Calibre Initiates Drill Program at Borosi Gold-Copper Project, Nicaragua - More
- March 31, 2010 | Item | ShareThis


Everclear Acquires Base Metal Projects in Europe - More
- March 31, 2010 | Item | ShareThis


BCGold Corp. Signs Agreement to Option Minto Area Property to Bling Capital Corp. - More
- March 31, 2010 | Item | ShareThis


Caledonia Mining 2009 Fourth Quarter and Annual Results and Management Conference Call - More
- March 31, 2010 | Item | ShareThis


Volta Continues to Report Wide Gold Intercepts At Its Kiaka Gold Project in Burkina Faso Including 219m (at) 0.90g/t Au and 90.90m (at) 1.06g/t Au - More
- March 31, 2010 | Item | ShareThis


Tasman expands drilling program at Norra Karr project, Sweden, following wide intersections of heavy rare earth element and zirconium mineralization - More
- March 31, 2010 | Item | ShareThis


Inmet Announces $500 Million Private Placement of Subscription Receipts to Wholly-Owned Subsidiary of Temasek Holdings - More
- March 31, 2010 | Item | ShareThis


San Gold Discovers High Grade Eastern Extension to Rice Lake Mine - More
- March 31, 2010 | Item | ShareThis


Inmet Announces Positive Study Results for Its Cobre Panama Project, Significant Progress on Financing and Milestones for Project Execution - More
- March 31, 2010 | Item | ShareThis


Vena Resources Appoints Kallpa Securities SAB as Its Sponsor in Lima - More
- March 31, 2010 | Item | ShareThis


Oro Gold Commences Drilling on New Gold Discovery at San Cristobal, Sinaloa, Mexico - More
- March 31, 2010 | Item | ShareThis


Eastern Platinum Reports Results for the Year Ended December 31, 2009 - More
- March 31, 2010 | Item | ShareThis


Nemaska Reports 52.3 m at 1.85% Li2O, 165 ppm Beryllium (Be) and 1579 ppm Rubidium (Rb) From Its Drilling Underway on Its Lithium/Beryllium Project (Whabouchi) - More
- March 31, 2010 | Item | ShareThis


Mercator Secures Commitments For US$130 million of Senior Secured Credit Facilities - More
- March 31, 2010 | Item | ShareThis


Anooraq Announces Results for the Period Ended December 31, 2009 - More
- March 31, 2010 | Item | ShareThis


Kria Resources Commences Preliminary Economic Assessment for Its Stratmat Project - More
- March 31, 2010 | Item | ShareThis


Sunridge Gold Initiates Production Study on Asmara Project, Eritrea - More
- March 31, 2010 | Item | ShareThis


Matamec Intersects .926% TREO Over 29.4 Metres With 34% HeavyREO+ Y2O3/TREO and 1.19% ZirconiumO2 Over 64.9 Metres in the New Central Zone on the Kipawa Deposit - More
- March 31, 2010 | Item | ShareThis


Wallbridge Mining Board Approves Special Warrant Dividend and Spin-out of BC Properties into New Company, Miocene Metals Limited - More
- March 31, 2010 | Item | ShareThis


Eurasian Reports Initial Drill Hole Results of 9 Meters Averaging 2.86% Lead, 3.36% Zinc, and 31.32 g/t Silver for the Balya Royalty Property in Turkey - More
- March 31, 2010 | Item | ShareThis


Bannerman Announces Expanded and Higher Confidence Etango Mineral Resource Estimate - More
- March 31, 2010 | Item | ShareThis


Achievement of significant milestones - Kipoi Stage 1 development - More
- March 31, 2010 | Item | ShareThis


Sidon Options High Grade Gold Project in Tanzania - More
- March 31, 2010 | Item | ShareThis


Northland Resources Releases Year-End Results - More
- March 31, 2010 | Item | ShareThis


Stroud Option of Leckie Lake Property Not Proceeding - More
- March 31, 2010 | Item | ShareThis


Rubicon Provides Update on Underground Development at the F2 Gold Zone, Phoenix Gold Project - "Rubicon Minerals Corporation (RMX:TSX: RBY.NYSE-AMEX) is pleased to provide an update on the progress of its ongoing underground development work at the F2 Gold Zone, at the Phoenix Gold Project, Red Lake, Ontario." More
- March 31, 2010 | Item | ShareThis


Ivanhoe Mines Ltd.: Oyu Tolgoi Investment Agreement Takes Full Legal Effect Following Completion of Conditions Precedent - "Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News), and John Macken, President and Chief Executive Officer, today welcomed the successful completion of the conditions precedent that had been incorporated into the landmark Investment Agreement to build and operate the Oyu Tolgoi copper-gold mining complex in Mongolia's South Gobi Region." More
- March 31, 2010 | Item | ShareThis


Great Basin Announces Addition to its Board - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that Mr Gerry Robbertze has been elected to the Board of Directors as a non-executive director, effective March 18, 2010." More
- March 31, 2010 | Item | ShareThis


New Gold Announces Update Related to Sale of Amapari Mine - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX: NGD) today announces that Beadell Resources Ltd. ("Beadell") has received bids from investors to subscribe for at least A$57 million of ordinary shares of Beadell in relation to the previously-disclosed sale of New Gold's Brazilian subsidiary Mineração Pedra Branca do Amapari Ltda. ("MPBA"), which holds the Amapari mine and other related assets." More
- March 31, 2010 | Item | ShareThis


Richmont Mines Inc. Announces Intention to Acquire Louvem Mines Inc. - "Richmont Mines Inc. ("Richmont") (TSX:RIC - News)(AMEX:RIC - News) and Louvem Mines Inc. ("Louvem") (TSX-V:LOV - News) jointly announced today that Richmont has notified Louvem that it intends to acquire all of the issued and outstanding shares of Louvem that are not currently owned by Richmont (the "Transaction"). Richmont holds approximately 70% of the shares of Louvem. Richmont has entered into support agreements whereby certain Louvem shareholders holding approximately 54% of the Louvem shares not already owned by Richmont have agreed to support the Transaction." More
- March 31, 2010 | Item | ShareThis


Preliminary Feasibility Study Completed for Seabridge Gold's KSM Project - "Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today results from a National Instrument 43-101 compliant Preliminary Feasibility Study ("PFS") of its 100% owned KSM project located in northern British Columbia, Canada. The PFS was prepared by Wardrop, a Tetra Tech Company (Wardrop). The Executive Summary from the PFS can be found at www.seabridgegold.net/KSM-PFS.pdf. The complete PFS will be filed on SEDAR at http://www.sedar.com/ within 45 days." More
- March 31, 2010 | Item | ShareThis


Randgold Resources Limited: Sustained Focus on Organic Growth Delivers Substantial Rise in Reserves and Resources - "Randgold's annual resource and reserve declaration published as part of its 2009 annual report today, shows that at the attributable level, measured, indicated and inferred resources rose from 16.13 million ounces to 27.33 million ounces over the year. This is mainly attributable to the delineation of new resources at Gounkoto and the acquisition of a 45% stake in Kibali. Attributable proved and probable reserves grew from 8.87 million ounces to 15.56 million ounces, largely due to the conversion of resources to reserves at Gounkoto and Massawa, an increase in ownership from 84% to 89% of the Tongon project, and the sharp rise in Kibali's reserves." More
- March 31, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2010

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 31 March, 2010 | |


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