-- Posted 9 April, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1160.60 | +$7.95 | +3.16% |
Silver | $18.33 | +$0.22 | +2.63% |
XAU | 177.00 | +0.60% | +3.34% |
HUI | 449.61 | +1.06% | +5.04% |
GDM | 1344.14 | +1.04% | +4.96% |
JSE Gold | 2360.23 | +27.12 | +5.18% |
USD | 80.93 | -0.61 | +0.27% |
Euro | 134.95 | +1.36 | -0.66% |
Yen | 107.28 | +0.18 | +0.72% |
Oil | $84.92 | -$0.47 | +0.06% |
10-Year | 3.888% | -0.006 | +0.75% |
Bond | 115.46875 | +0.25 | -0.38% |
Dow | 10997.35 | +0.64% | +0.64% |
Nasdaq | 2454.05 | +0.71% | +2.14% |
S&P | 1194.37 | +0.67% | +1.38% |
The Metals:
Gold climbed to $1158.00 in London before it fell to see a $1.25 loss at $1151.40 by about 10AM EST in New York, but it then jumped to a new 2010 high of $1164.38 by about noon and ended with a gain of 0.69%. Silver followed a similar pattern and ended near its midday high of $18.415 with a gain of 1.21%.
Euro gold fell to about €862, platinum gained $4.50 to $1717.50, and copper remained at about $3.58.
Gold and silver equities traded roughly 1% higher throughout the day.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Feb | 0.6% | 0.4% | 0.1% |
All of this week’s other economic reports:
Next week’s economic highlights include the Treasury Budget on Monday, Export and Import Prices and the Trade Balance on Tuesday, CPI, Retail Sales, Business Inventories, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Net Long Term TIC Flows, Capacity Utilization, Industrial Production, and the Philadelphia Fed on Thursday, and Building Permits, Housing Starts, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly on worries over energy demand.
The U.S. dollar index dropped as the euro rose on hopes for an aid package for Greece.
Treasuries saw slight gains along with the Dow, Nasdaq, and S&P on easing worries over Greece.
Among the big names making news in the market Friday were Constellation Brands, Massey, Fannie Mae, Citigroup, Barclays, and Continental.
The Commentary:
“The open interest numbers for Wednesday's big up day in gold were bad... but not as bad as I had feared. Gold open interest rose 14,453 contracts on pretty hefty volume of 176,049 contracts. And, amazingly enough, silver's o.i. was only up 871 contracts, on decent volume of 38,185 contracts. Since the open interest numbers are for Wednesday, they won't be in today's Commitment of Traders report, as the cut-off was at the end of trading on Tuesday.
The CME Delivery Report showed that 4 gold and 36 silver contracts have been put up for delivery on Monday. Most of the heavy deliveries for April gold are now behind us. As of yesterday, gold open interest for April was down to only 1,792 contracts... with only 60 left in silver. More contracts could be added between now and the end of the month, of course... but, at the moment, April already looks like it will pass into the delivery history books without incident.
The GLD added another big chunk of gold to its alleged inventory yesterday. This time it was a hefty 311,726 troy ounces... a hair under 10 tonnes. Since March 11th... 701,000 ounces of gold have been added to GLD. Of course SLV didn't add a thing yesterday. It's hard to add it when there isn't any to be had... and even the 'eligible participants' have been pulling their silver out of there hand over fist, because they can't get any, either. Don't forget that since February 26th... 9.6 million ounces has been withdrawn from SLV... at a time when it should be pouring in, but is pouring out, instead.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
If China does make a modest readjustment of the value of the Yuan (30% chance of happening over this weekend if it is to happen), that means very little when you look at the various trade requirements in China as quasi trade regulations for non Chinese countries.
It would primarily mean higher costs to US consumers such as Walmart.
It would in time shift some manufacturing to other Asian countries.
It is politically negative internally for China.
The less dollars they need to buy to maintain a level in the Yuan the less US Treasury instrument they would buy.
Conclusion:
A modest upward move in the Yuan means nothing whatsoever except political kudos for the US.
Keep firmly in mind that the Chinese will not injure the Chinese.
"Pretend inferiority and encourage his arrogance."
Is the US management ready for Sun Tzu?”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
Easing concerns regarding Greece amid speculation of an international bailout brought in a wave of buying into the European currencies with the result that the some technicians are now calling for a bottom in the Euro and a top in the Dollar based on the price charts. It is a bit early to confirm that but one thing is certain, gold certainly responded to the movement in the Forex markets as it shot upward directly into a region of considerable significance on its technical price chart further confirming the bullish signals that have been abounding of late.
As mentioned here recently in regards to the Commitment of Traders report analysis, the big hedge and index funds are holding relatively low speculative long side exposure in the gold market as the sideways trade of the last few months bled down their holdings considerably all the while the price held relatively firm. With the momentum now clearly bullish, these same funds are plowing back into the gold market judging from the sharp increases in the open interest numbers that are being reported. It is this flow of managed money which will take gold considerably higher as long as it continues in force. While these computer algorithms are the expression of mindless machines when they are selling, that same “mindlessness” works in favor of the bullish cause when they are firmly in the “BUY” mode. Whether we like it or not, Managed Money is what drives today’s markets and for now, it is driving gold higher.
Adding to the bullish momentum is the price action in the mining shares as evidenced by the very strong performance of the HUI which is confirming the move higher in bullion. The 2 cylinder engine is firing on both cylinders which is always a friendly development.
For you silver guys out there (I love reading your emails whenever I mention silver so keep them coming!) a factor that is of importance, silver just took out its all time high in Euro terms today at its morning fix in London. The same thing holds for the metal as holds for gold, a market making all time highs when priced in other currencies besides the Dollar, is very difficult to push down for any extended period of time simply because the successive highs makes for bullish investor psychology. Silver is functioning as a monetary metal right now because it is outperforming copper so its strength is not merely a reflection of improving industrial demand as some suggest.
Technically gold could not quite manage to push through the resistance noted on the chart near the $1165 level. It ran right to it but then pre-weekend profit taking and bullion bank led selling was able to prevent it from pushing past that level. As you can see on the chart, there is one more level of resistance left just above this level and then a clear path to the all time high is within reach. Next week will be key to seeing whether or not gold can follow through on this week’s very impressive technical performance. After a show like it put on this week, it will not be unexpected to see longs booking some profits.
Commodity markets were mixed today with some segments moving higher and others moving lower such as the crude oil market. It surrendered all of the gains it had put on throughout the week. The weekly chart still looks strong in spite of today’s bout of weakness. Natural gas however was higher so the energies were not completely down and out for the count.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Hommel complains to Justice Dept.'s anti-trust division about silver market rigging
Peter Keusgen: More IMF duplicity on gold
GoldSeek interviews James Turk on manipulation disclosure to CFTC
The Statistics:
Activity from: 4/08/2010
Gold Warehouse Stocks: | 10,056,068 | +4,413 |
Silver Warehouse Stocks: | 115,392,291 | -66,909 |
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 | 1141.041 | 36,685,623 | US$42,273m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.47 | 3,711,377 | US$4,309m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,330 | US$573m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.19 | 1,581,530 | US$1,816m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,978 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR 10.304 tonnes to a new record high holding and the LSE subtracted 0.46 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.94 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,178.27 - No change from yesterday’s data.
The Miners:
Freeport’s (FCX) recommended mini-tender offer rejection was the only big story in the gold and silver mining industry making headlines Friday.
WINNERS
1. Metalline | MMG+18.4% $1.48 |
2. Kimber | KBX +9.91% $1.21 |
3. Taseko | TGB +9.07% $6.01 |
LOSERS
1. Timberline | TLR -1.67% $1.18 |
2. Mines MGMT | MGN-1.08% $2.71 |
3. Minco | MGH-0.82% $1.21 |
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:
Cigma Metals Corporation Is Pleased to Announce the Purchase of Alphamin Reources Corp. Aurora Mining Concessions in Mexico - More
- April 09, 2010 | Item | ShareThis
Newcastle Retains Ethos Consulting Inc. for Corporate Communications and Investor Relations - More
- April 09, 2010 | Item | ShareThis
Premier Gold - Hardrock Project recipent of Northwest Ontario Discovery of the Year Award - More
- April 09, 2010 | Item | ShareThis
Colombian Mines Update on Yarumalito Exploration Drilling - More
- April 09, 2010 | Item | ShareThis
Avanti Mining issues shares in lieu of cash for interest payable under terms of bridge loan - More
- April 09, 2010 | Item | ShareThis
Stillwater Mining Company Releases 2009 Annual Report; Comments on State of Palladium Market - More
- April 09, 2010 | Item | ShareThis
Rainy River Resources Announces Appointment of Director of Environment and Sustainability - More
- April 09, 2010 | Item | ShareThis
Darnley Bay Resources Completes Airborne Surveys and Prepares for Drilling - More
- April 09, 2010 | Item | ShareThis
Golden Band Resources Inc. to buy back interest in mineral properties - More
- April 09, 2010 | Item | ShareThis
Consideration of SEIR by the Kern County Planning Commission - More
- April 09, 2010 | Item | ShareThis
StrikePoint drilling commences at Rice Lake, Manitoba - More
- April 09, 2010 | Item | ShareThis
OAK Agrees to Acquire Interest in the Terry Zone Property - More
- April 09, 2010 | Item | ShareThis
Sage Appoints Directors and Officers - More
- April 09, 2010 | Item | ShareThis
Queenston Mining Inc.-2009 Year End Results and Outlook - More
- April 09, 2010 | Item | ShareThis
Detour Gold Commits to Purchasing Long Lead-Time Equipment for the Plant Facility at Detour Lake - More
- April 09, 2010 | Item | ShareThis
Nortec Minerals Corp. Upgrades U.S. OTC Trading Market to Pink Sheet Status - More
- April 09, 2010 | Item | ShareThis
Explorator Appoints David Prins as President & CEO - More
- April 09, 2010 | Item | ShareThis
Panoro Signs Joint Venture Agreement for Antilla Copper/Molybdenum Project in Peru - More
- April 09, 2010 | Item | ShareThis
Gladstone Pacific Nickel Limited (ACN 104 261 887) - Results of General Meeting - More
- April 09, 2010 | Item | ShareThis
Gladstone Pacific Nickel Limited - ACN 104 261 887 - Appointment of new board members - More
- April 09, 2010 | Item | ShareThis
Newcastle Completes Geophysical Survey on Its Carscallen Project - More
- April 09, 2010 | Item | ShareThis
East Asia Minerals Bottoms Hole With 15.74 g/t Gold Over 22 Metres Within 111 Metres Grading 3.96 g/t Gold; Extends Miwah Further North Towards Moon River - More
- April 09, 2010 | Item | ShareThis
Rodinia Minerals Announces Private Placement Financing - More
- April 09, 2010 | Item | ShareThis
Salares Lithium Increases Land Package to Over 117 Sq km's and Provides Exploration Update - More
- April 09, 2010 | Item | ShareThis
Freeport-McMoRan Copper & Gold Inc. Recommends Rejection of Below-Market Price Mini-Tender Offer - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that it has been notified by TRC Capital Corporation (TRC) that it is making an unsolicited “mini-tender offer” to FCX shareholders to purchase up to 1,000,000 shares of FCX common stock at a below-market price of $83.00 per share. FCX cautions holders of its common stock that TRC’s offer price was approximately 4.96 percent below the $87.33 per share closing price of FCX’s common stock on April 6, 2010, the day prior to the date of the offer, and approximately 3.54 percent below the $86.05 per share closing price of FCX’s common stock on April 8, 2010. The shares sought by TRC represent approximately 0.23 percent of FCX’s total outstanding shares of common stock." More
- April 09, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 9 April, 2010 | |
