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Gold Seeker Closing Report: Gold Falls Slightly While Silver Gains Over 2%

By: Chris Mullen, Gold-Seeker.com


-- Posted 29 April, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1167.90

-$2.90

Silver

$18.51

+$0.43

XAU

178.59

+1.13%

HUI

460.67

+0.83%

GDM

1386.33

+1.00%

JSE Gold

2382.27

+32.81

USD

82.01

-0.29

Euro

132.33

+0.21

Yen

106.29

-0.05

Oil

$85.17

+$1.95

10-Year

3.728%

-0.045

T-Bond

117.65625

+0.6875

Dow

11167.32

+1.10%

Nasdaq

2511.92

+1.63%

S&P

1206.77

+1.29%

 
 

 

The Metals:

 

Gold reversed yesterday’s after hours losses and rose in late Asian trade to see a $0.25 gain at $1171.05 in London before it fell to as low as $1161.90 by about 9AM EST, but it then chopped its way back higher in New York and ended with a loss of just 0.25%.  Silver waffled near unchanged in Asia and London before it climbed higher throughout most of trade in New York and ended near its late session high of $18.558 with a gain of 2.38%.

 

Euro gold fell to about €882, platinum gained $25 to $1729.50, and copper remained at about $3.37.

 

Gold and silver equities traded roughly 1% higher for most of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

4/24

448K

445K

459K

 

More Than a Million May Lose Jobless Aid Due to Deficit Concern  Bloomberg

Obama Fed Picks to Help Bernanke Manage Stimulus End  Bloomberg

Obama taps Yellen as Fed No. 2  Reuters

 

Tomorrow at 8:30AM EST brings first quarter GDP expected at 3.3%, the Chain Deflator expected at 1.0%, and the Employment Cost Index expected at 0.5%.  At 9:45 is Chicago PMI for April expected at 59.9, and at 9:55 is Michigan Sentiment for April expected at 71.0.

 

The Markets:

 

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

 

Oil climbed above $85 a barrel and the U.S. dollar index fell as the euro rose on renewed hopes for a bailout package for Greece.

 

Treasuries remained slightly higher after today’s $32 billion 7-year note auction drew a high yield of 3.21% with a bid to cover of 2.82.

 

The Dow, Nasdaq, and S&P rose over 1% on better than expected earnings reports and decent economic data.

 

Among the big names making news in the market today were Kodak, P&G, HP and Palm, Exxon, Motorola, PPL, ConocoPhillips, and Philadelphia Inquirer.

 

The Commentary:

 

Thoughts For The Day:

 

God help us if we have to listen to Frau Merkel, the mercurial political antics on the subject of Spain, Portugal and Italy.

 

She woke up yesterday and realized that German banks are loaded with all this debt and did her reverse moon walk. The MOPE is maddening.

 

If you need solid proof that gold is the ultimate currency, then yesterday’s action was it. Yesterday the physical market for gold kicked the ass of the CRIMEX. This trend has been demonstrated as the spot price moves closer to the cash contract on the CRIMEX. That means Gold is the major currency and when push comes to shove, the CRIMEX will get shoved.

 

I actually heard a major personality in the legislative say that the old derivatives could be fixed by new legislation. That it total world class crap. These guys making laws do not have a clue what they are doing. No standards means there cannot be a fix. An OTC derivative that is listed is no longer and OTC derivative, it is a listed derivative. What these guys do not know could fill a massive void of space.”- Jim Sinclair, JSMineset.com

 

GATA Posts:

 

 

Bullion Bulls Canada interviews GATA's Adrian Douglas

Broad, bipartisan coalition fighting Fed in Senate

 

The Statistics:

Activity from: 4/27/2010

Gold Warehouse Stocks:

10,153,231

-4,716

Silver Warehouse Stocks:

114,999,800

-95,217

 

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

1152.913

37,067,319

US$43,232m

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

Gold Bullion Securities

115.13

3,695,192

US$4,313m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

476,236

US$533m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.18

1,581,182

US$1,836m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,977

US$6m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 6.088 tonnes to a new record high holding and the LSE added 0.5 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 78.61: +0.30 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 8,912.94 - No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) announced conversion rate for its 6 3/4% Mandatory Convertible Preferred Stick, Minco’s (MGH) commenced field program, Golden Minerals (AUMN) initiated feasibility study, Minefinders’ (MFN) exploration program, and Orko’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Allied Nevada

ANV +5.57% $17.82

2.  Seabridge

SA +4.32% $33.06

3.  Coeur

CDE+3.18% $17.82

 

LOSERS

1.  Timberline

TLR -3.01% $1.29

2.  Metalline

MMG-1.87% $1.05

3.  Kimber

KBX -1.85% $1.06

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:

Apella Resources Inc.: Corporate Update - More
- April 29, 2010 | Item | ShareThis


Galahad Metals Completes Private Placement - More
- April 29, 2010 | Item | ShareThis


Matamec Intersects 1.562% TREO Over 10.5 Metres with 35% HeavyREO+ Y2O3/TREO and .96% ZirconiumO2 Over 73.2 metres in the West Zone on the Kipawa Deposit - More
- April 29, 2010 | Item | ShareThis


Orex And Joint Venture Partner Osisko Complete Phase 2 Delineation Diamond Drilling at Goldboro - More
- April 29, 2010 | Item | ShareThis


Fortuna Reports Record Net Income of US$ 5.30 Million on Revenue of US$ 17.53 million in Q1 of 2010 - "During the first quarter of 2010, the Company generated record net income of US$ 5.30 million compared to a net loss of US$ 1.06 million in Q1 2009. This increase is attributable to a higher price environment, increased silver output and the addition of copper production as reflected by the strong operating income of $7.89 million in Q1 2010 compared to US$ 0.08 million in the same period of 2009." More
- April 29, 2010 | Item | ShareThis


Canada Lithium announces drill program at Quebec Lithium Project - More
- April 29, 2010 | Item | ShareThis


Pele Mountain to Drill Ni-Cu-PGE Targets at Pigeon River - More
- April 29, 2010 | Item | ShareThis


Alexis Minerals Announces Closing of Acquisition of Garson Gold - More
- April 29, 2010 | Item | ShareThis


Dia Bras Continues Drilling High-Grade Silver Mineralization at Cusi - More
- April 29, 2010 | Item | ShareThis


Argonaut Gold Ltd. Provides Notice of First Quarter Financial Results and Annual Meeting of Shareholders - More
- April 29, 2010 | Item | ShareThis


Pancontinental's JV Partner Files Quarterly Update - More
- April 29, 2010 | Item | ShareThis


Oroco Announces Updated Resource Calculation - More
- April 29, 2010 | Item | ShareThis


Crosshair and Universal Uranium Ltd. Settle Litigation - More
- April 29, 2010 | Item | ShareThis


Brazilian Gold Corporation 2009 Financial Results - More
- April 29, 2010 | Item | ShareThis


Witwatersrand Consolidated Gold Resources Limited - Trading update - More
- April 29, 2010 | Item | ShareThis


Olympus: First Quarter Gold Result Tracks 2010 Production Target - More
- April 29, 2010 | Item | ShareThis


Acero-Martin Exploration Inc.: Change in Management/Closing of 4,000,000 Unit Non-Brokered Private Placement/Setting of New Incentive Stock Options - More
- April 29, 2010 | Item | ShareThis


2010 Exploration Program Advances at Minefinders' La Virginia Project, Sonora State, Mexico - "Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) is pleased to report that drilling has begun on its 100% owned La Virginia Project following receipt of exploration permits and completion of road and drill pad construction. The La Virginia Project has never been drilled and contains six untested target areas located within an area 20 kilometres in length and 12 kilometres in width." More
- April 29, 2010 | Item | ShareThis


RiskMetrics and Glass Lewis recommend shareholders vote FOR all Resolutions at forthcoming Equinox Annual and Special Shareholders Meeting - More
- April 29, 2010 | Item | ShareThis


Golden Predator - 2010 Yukon Drill Programs - More
- April 29, 2010 | Item | ShareThis


SEMAFO: Corporate Social Responsibility Remains Top Priority - More
- April 29, 2010 | Item | ShareThis


USEC Reports to Shareholders on American Centrifuge Progress - More
- April 29, 2010 | Item | ShareThis


Temex announces flow-through private placement financing - More
- April 29, 2010 | Item | ShareThis


Strategic Metals Announces New Gold Acquisitions - More
- April 29, 2010 | Item | ShareThis


Volta Identifies Large Gold Anomalies at its Titao Gold Project in Burkina Faso, West Africa - More
- April 29, 2010 | Item | ShareThis


Lundin Mining Releases 2010 First Quarter Results - More
- April 29, 2010 | Item | ShareThis


IBC Advanced Alloys Appoints Ray White as President of its Beralcast(R) Division - More
- April 29, 2010 | Item | ShareThis


Bell Copper Corporation Retains Renmark Financial Communications Inc. - More
- April 29, 2010 | Item | ShareThis


VHGI Gold Extends Right to Purchase Arizona Gold Properties - More
- April 29, 2010 | Item | ShareThis


Mantra Resources: Integrated pilot plant test work confirms Mkuju River Project PFS flowsheet - More
- April 29, 2010 | Item | ShareThis


Sage and Gryphon Retains SRK for Borealis Mine Bankable Study - More
- April 29, 2010 | Item | ShareThis


Northern Freegold Files Nucleus Deposit NI 43-101 Compliant Technical Report - More
- April 29, 2010 | Item | ShareThis


General Metals Announces Annual and Special Meeting May 15, 2010 - More
- April 29, 2010 | Item | ShareThis


Gold-Ore Reports Positive Earnings in First Quarter, 2010 - More
- April 29, 2010 | Item | ShareThis


Canadian Orebodies Finalizes Deal to Vend 100% Interest of Ring of Fire Properties - More
- April 29, 2010 | Item | ShareThis


African Gold Group, Inc., Airborne Survey of Asankrangwa Holdings-Contiguous and on Strike With Keegan's Esaase Deposit-Has Commenced - More
- April 29, 2010 | Item | ShareThis


Alto Announces a Private Placement of Up to $1,500,000 - More
- April 29, 2010 | Item | ShareThis


Caerus Resource: El Cafetal Mine Optioned in Colombia - More
- April 29, 2010 | Item | ShareThis


MDN: Exploration Drilling at Tulawaka Mine Identify a New Gold Zone - More
- April 29, 2010 | Item | ShareThis


Silver America, Inc. Announces Commencement of Trading & Launch of Corporate Website - More
- April 29, 2010 | Item | ShareThis


Radius Revisits Banderas & Holly Projects - More
- April 29, 2010 | Item | ShareThis


Nord Resources Granted Forbearance by Nedbank Regarding Payment Due Under Copper Hedge Agreement - More
- April 29, 2010 | Item | ShareThis


Intrepid Mines Limited Releases Activities Report for the First Quarter - More
- April 29, 2010 | Item | ShareThis


Appleton Completes First Phase of 2010 Drill Program at Manalo - More
- April 29, 2010 | Item | ShareThis


Intrepid Mines Limited: Tujuh Bukit Porphyry Zone Extended Further - More
- April 29, 2010 | Item | ShareThis


Focus Starts Work at Chucara and Confirms High-Grade Assays - More
- April 29, 2010 | Item | ShareThis


American Paramount Gold Corp. Announces the Appointment of Mr. Kristian Ross as Project Development Consultant - More
- April 29, 2010 | Item | ShareThis


Canadian Shield Retains First Canadian Capital for Investor Relations - More
- April 29, 2010 | Item | ShareThis


Spanish Mountain Gold Announces Work Programs for 2010 - More
- April 29, 2010 | Item | ShareThis


Creston Moly Announces Additional Results for Holes Drilled North of the Resource Limits - More
- April 29, 2010 | Item | ShareThis


Thundermin and Cornerstone Intersect 4.6% Copper Over 5.9 Metres, Including 14.5% Copper Over 1.5 Metres, Within A Broader Zone Assaying 2.1% Copper Over 19.6 M - More
- April 29, 2010 | Item | ShareThis


Alto Group Holdings Announces Start of Work Program in Mexico - More
- April 29, 2010 | Item | ShareThis


Zincore Receives Report Better Defining High Grade Zinc Resources at Accha Project - More
- April 29, 2010 | Item | ShareThis


Capstone Reports High Grade Copper-Gold Intercepts From Area 2/118 Extensions - More
- April 29, 2010 | Item | ShareThis


Colombian Mines Corporation: Initial Drill Results Confirm Gold-Copper Porphyry System at Yarumalito Project and Company Update on Paramos Environmental Leg. - More
- April 29, 2010 | Item | ShareThis


U3O8 Corp. Reports Significant Grades of Uranium, Vanadium, Molybdenum & Phosphate From Trenching in the Berlin Project, Colombia - More
- April 29, 2010 | Item | ShareThis


Network Exploration proposes share consolidation - More
- April 29, 2010 | Item | ShareThis


Orko Silver Corp.: Multiple High Grade Silver Intersections at La Preciosa - "April 29, 2010) - Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that it continues to receive favourable results from the ongoing drilling program being completed by our joint venture partner, Pan American Silver Corp. (PAA) on the La Preciosa Project in Durango, Mexico." More
- April 29, 2010 | Item | ShareThis


Freeport-McMoRan Copper & Gold Inc. Announces Terms for Mandatory Conversion of Its 6 3/4% Mandatory Convertible Preferred Stock - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today the conversion rate for its 6 3/4% Mandatory Convertible Preferred Stock (the “Preferred Stock”), which automatically converts into shares of FCX’s common stock on May 1, 2010. Under the terms of the Preferred Stock, the conversion rate per $100 face amount of the Preferred Stock will be 1.3716. All of the outstanding shares of Preferred Stock will automatically convert into common stock; therefore, no action by Preferred Stock holders is required." More
- April 29, 2010 | Item | ShareThis


Minco Gold Has Commenced Field Program to Follow Up Discoveries at Oujiaba and Yejiaba Properties - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is pleased to announce that it has started its field program to follow the significant results and the discovery of the gold mineralization zone discovered during 2009 along the 6 km long structural zone on its Oujiaba property (13.2 g/t Au over 10.0 m, see March 9, 2010 press release) and along the +10 km long structural trend (100.2 g/t Ag, 1.25% Pb, 46.6% Fe over 5.0 M, March 23, 2010 press release) on its Yejiaba property both located in Gansu Province, P.R.C." More
- April 29, 2010 | Item | ShareThis


Golden Minerals Initiates Feasibility Study at El Quevar - "Golden Minerals Company ("Golden Minerals" or the "Company") (AMEX:AUMN - News) (TSX:AUM - News) is pleased to announce the initiation of a feasibility study for the El Quevar project, located in Salta Province in northwestern, Argentina." More
- April 29, 2010 | Item | ShareThis


World`s 100 top gold stock longs - "With no disrespect meant to Greece, and other interesting countries, dollar gold bullion has in the past few hours moved to levels not seen since early December 2009, when the metal would go on to trade at record nominal levels. Investors in listed gold stocks, of which roughly 500 can be counted up around the world, have been nosing this story pretty keenly." More
- April 29, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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-- Posted 29 April, 2010 | |


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