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Gold Seeker Closing Report: Gold and Silver Gain With Stocks and Dollar

By: Chris Mullen, Gold-Seeker.com


-- Posted 3 May, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1182.40

+$2.55

Silver

$18.81

+$0.21

XAU

176.57

-1.37%

HUI

458.02

-1.23%

GDM

1379.53

-1.18%

JSE Gold

2393.98

-15.72

USD

82.34

+0.51

Euro

131.96

-1.01

Yen

105.73

-0.82

Oil

$86.19

+$0.04

10-Year

3.705%

+0.042

T-Bond

118.6875

-0.34375

Dow

11151.83

+1.30%

Nasdaq

2498.74

+1.53%

S&P

1202.26

+1.31%

 
 

 

The Metals:

 

Gold saw slight losses in Asia, but it then climbed back higher for most of the rest of trade in London and New York and ended with a gain of 0.22%.  Silver followed a similar pattern and ended near its late session high of $18.855 with a gain of 1.13%.

 

Euro gold rose to a new all-time high above €896, platinum lost $19 to $1718.50, and copper fell 6 cents to about $3.28.

 

Gold and silver equities fell roughly 1.5% by midmorning and remained at about that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Mar

0.3%

0.3%

0.1%

Personal Spending

Mar

0.6%

0.6%

0.5%

PCE Prices - Core

Mar

0.1%

0.1%

0.0%

Construction Spending

Mar

0.2%

-0.3%

-2.1%

ISM Index

Apr

60.4

60.0

59.6

 

Tomorrow at 10AM EST brings Factory Orders for March expected at -0.2% and Pending Home Sales for March expected at 5.0%.

 

The Markets:

 

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

 

Oil rose on better than expected economic data and worries over the oil spill in the Gulf of Mexico.

 

The U.S. dollar index rose as the euro fell again on skepticism over Greece’s bailout.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on better than expected economic news.

 

Among the big names making news in the market today were GMAC, Avis, Goldman Sachs, and UAL and Continental.

 

The Commentary:

 

Dear CIGAs,

 

Further strength in the Dollar accompanied by further resiliency in gold translated into another new all time high for gold priced in both Euro and British Pound terms although there was no reported Fix today. Look for gold priced in Yen terms to also be very strong.

 

That showing gave US gold bulls enough ammunition to push prices higher as gnawing uneasiness surrounding Greece, Spain and Portugal is drawing money into gold as a safe haven currency.

 

The fly in the ointment was the poor showing by the mining shares as hedge funds appeared to be back in the ratio trade business today. I am not sure why that strategy was adopted because the broader equity markets were strong. You’d have to ask their computers because hedge fund managers have no ability to think seeing that they are slaves to their computerized black boxes. Agent Smith from the Matrix could not have asked for more compliant subjects. Either way, it tends to take some of the bullish enthusiasm off the gold market when this sort of thing occurs as can be witnessed by gold’s drifting lower off the early session highs.

 

A point of interest – crude oil made a yearly high in price today and natural gas was higher as well. Energy prices will need to be monitored for further gains as that will feed into gold. Natural gas has been the laggard due to supply issues but if it can find an elusive bottom, those concerned about inflation will take note as higher gasoline prices at the pump are already garnering some comments from economic watchers. Remember, rising energy costs impact just about every segment of the society regardless of the deceivers at the federal level who concoct their CPI using fallacious inputs and then love to exclude food and energy costs from the “core”.

 

Bonds were lower today although considering the strength in stocks, are holding very well. Holding the low from Friday will be the key to whether or not they can continue higher and press towards 119 ^20.

 

One last thing – as a hobbyist beekeeper from some 35 years, I can tell you that the issue with CCD (Colony Collapse Disorder) is quite serious. The average person has no idea how deeply reliant agricultural food production is dependent on pollination by our little friends.- Dan Norcini, More at JSMineset.com

 

GATA Posts:

 

 

Australia considers 40% tax on mining profits

Price suppression may end by itself, but not as fast

On KWN, Ted Butler reveals Justice Dept. probe of Morgan silver rigging

Jay Taylor tells BNN about loss of confidence in fiat currencies

James Turk: Gold needed now more than ever

Gene Arensberg: Large commercials get shorter but not aggressively

If you're abusive you're not helping GATA

 

The Statistics:

Activity from: 4/30/2010

Gold Warehouse Stocks:

10,184,433

+100

Silver Warehouse Stocks:

114,941,477

-1,237,111

 

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

1159.002

37,263,058

US$43,924m

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

Gold Bullion Securities

114.68

3,682,536

US$4,356m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

476,215

US$540m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

49.18

1,581,148

US$1,865m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,977

US$6m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 78.61 - No change from yesterday’s data.

 

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

 

The Miners:

 

Goldcorp’s (GG) project sale, Imperial’s (III.TO) mineral resource estimate, Exeter’s (XRA) drill results, US Gold’s (UXG) drill results, and IAMGOLD’s (IAG) advanced start-up date were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  US Gold

UXG +6.45% $3.63

2.  Allied Nevada

ANV +4.10% $19.03

3.  Nevsun

NSU +2.04% $3.00

 

LOSERS

1.  Vista Gold

VGZ -7.63% $2.30

2.  Lihir

LIHR-4.98% $33.59

3.  Timberline

TLR -4.48% $1.28

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:

Goldcorp Announces Sale of Escobal Silver Deposit - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) today announced that Goldcorp subsidiaries have entered into a definitive agreement to sell the Escobal silver deposit in Guatemala to Tahoe Resources Inc. (Tahoe), a private company headed by former Goldcorp President and Chief Executive Officer Kevin McArthur. Under the terms of the definitive agreement, Goldcorp will receive total consideration of $505 million, consisting of Tahoe shares representing a 40% ownership position in Tahoe following Tahoe's proposed initial public offering of common shares in Canada, and the balance in cash of at least $230 million, depending on the final results of the offering." More
- May 03, 2010 | Item | ShareThis


Tahoe Resources Inc. Announces Initial Public Offering - More
- May 03, 2010 | Item | ShareThis


Dia Bras Files 2009 Audited Financials and MD&A - More
- May 03, 2010 | Item | ShareThis


Aura Silver Closes Second Tranche of Flow-Through Private Placement Financing - More
- May 03, 2010 | Item | ShareThis


Tamerlane Reports Financial Results for the Year Ended December 31, 2009 - More
- May 03, 2010 | Item | ShareThis


Bravada Begins Trading, Drilling Planned at Signal Project in June - More
- May 03, 2010 | Item | ShareThis


U.S. Silver 2009 Financial Statements Delayed One Week - More
- May 03, 2010 | Item | ShareThis


Sona Shares Now Trading on the Frankfurt Stock Exchange - More
- May 03, 2010 | Item | ShareThis


Accident at Breakwater Resources Ltd.'s Toqui Mine in Southern Chile - More
- May 03, 2010 | Item | ShareThis


Bell Copper Corporation - Shares issued to Macquarie - More
- May 03, 2010 | Item | ShareThis


Eagle Plains/Heemskirk Advance Coyote Creek Gypsum Project - More
- May 03, 2010 | Item | ShareThis


Abitex completes first tranche of private placement raising $2,844,281 - More
- May 03, 2010 | Item | ShareThis


New Global Provides Further Colombia Update - More
- May 03, 2010 | Item | ShareThis


Nanika Receives Assay Results for Drill Hole S10-2 on the Sweeney Property - More
- May 03, 2010 | Item | ShareThis


Soltoro Reports NI 43-101 Silver Resource at Its El Rayo Project in Jalisco, Mexico - More
- May 03, 2010 | Item | ShareThis


Laurion Mineral Exploration Inc. Files Year End Audited Financial Statements and Management Discussion and Analysis - More
- May 03, 2010 | Item | ShareThis


USPR Update Report on Drilling Activities - More
- May 03, 2010 | Item | ShareThis


Riverside Resources Inc.: Geophysical Survey Identifies Large Shallow Epithermal Gold-Silver Target Below Surface at Libertad Project, Sonora, Mexico - More
- May 03, 2010 | Item | ShareThis


Century Completes First Gold Pour at Lamaque and Discusses Late Filing of December 31, 2009 Financial Statements - More
- May 03, 2010 | Item | ShareThis


Royal Roads announces new directors and summarizes past work - More
- May 03, 2010 | Item | ShareThis


Excalibur Resources Closes Financing With the MineralFields Group and Pinetree Resource Partnership - More
- May 03, 2010 | Item | ShareThis


Coventry Resources Reports Winter Drill Results From Pele Mountain's Ardeen Gold Project - More
- May 03, 2010 | Item | ShareThis


Geologix Explorations Inc.: Geophysical Survey Identifies Large Epithermal Precious Metal Target Beneath Trenches at Libertad Project, Sonora, Mexico - More
- May 03, 2010 | Item | ShareThis


Gryphon Gold Commences Drilling Program - More
- May 03, 2010 | Item | ShareThis


Goldcorp Declares Fifth Monthly Dividend Payment for 2010 - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) is pleased to declare its fifth monthly dividend payment for 2010 of $0.015 per share. Shareholders of record at the close of business on Thursday, May 13, 2010 will be entitled to receive payment of this dividend on Friday, May 21, 2010. Goldcorp has paid a monthly dividend to its shareholders since 2003. Canadian resident individuals who receive dividends from Goldcorp after 2005 are entitled to an enhanced gross-up and dividend tax credit on such dividends." More
- May 03, 2010 | Item | ShareThis


Gleichen Announces Name Change to Torex Gold and Appoints Non-Executive Chairman - More
- May 03, 2010 | Item | ShareThis


Acadian Mining announces sale of its 29.18% interest in Royal Roads Corp. - More
- May 03, 2010 | Item | ShareThis


Duncastle Signs Exploration Access Agreement with First Nations at Porphyry Creek - More
- May 03, 2010 | Item | ShareThis


Canadian Mining Completes Bullard Phase 1 Drilling on Time and on Budget - More
- May 03, 2010 | Item | ShareThis


Riverstone Intersects Additional High Grade Gold at Rambo Main Zone - More
- May 03, 2010 | Item | ShareThis


MAX drills 0.823 g/t gold over 4.6 meters in silicified breccia at Table Top, Nevada; intersects potential Carlin style lamprophyre feeder system - More
- May 03, 2010 | Item | ShareThis


American Energy Fields, Inc. Submits Offer to Purchase Anderson Mine - More
- May 03, 2010 | Item | ShareThis


AmeriLithium Acquires Third Lithium Asset in Productive Nevada Region - More
- May 03, 2010 | Item | ShareThis


Sandstorm Resources Announces Receipt of Shareholder Approval for Spin-Out of Sandstorm Metals & Energy Ltd. - More
- May 03, 2010 | Item | ShareThis


Canyon Copper Announces NI 43-101 Indicated and Inferred Resource on Longshot Ridge Copper Skarn Deposit at New York Canyon Project - More
- May 03, 2010 | Item | ShareThis


Moly Mines Reports Quarter Highlights - More
- May 03, 2010 | Item | ShareThis


Excelsior Mining Corp. Files Technical Report and Filing Statement - More
- May 03, 2010 | Item | ShareThis


Silver America, Inc. Acquires Large Potential Silver & Gold Project in Proven Nevada Region - More
- May 03, 2010 | Item | ShareThis


Chariot Resources Limited Announces Special Meeting of Shareholders to Be Held May 31, 2010 - More
- May 03, 2010 | Item | ShareThis


Yukon-Nevada Gold Corp. continues to improve upon its already successful stack test results - More
- May 03, 2010 | Item | ShareThis


Explorator Resources Reports on 2009 Financial Results - More
- May 03, 2010 | Item | ShareThis


Kaminak Begins Drilling Coffee Gold Project - More
- May 03, 2010 | Item | ShareThis


Red Back Reports First Quarter Net Income of $33 Million - More
- May 03, 2010 | Item | ShareThis


Ironwood Gold Corp. Commences Phase One Exploration at Cobalt Canyon Project - More
- May 03, 2010 | Item | ShareThis


Radius Arranges $2.5 Million Flow-Through Private Placement - More
- May 03, 2010 | Item | ShareThis


New Drilling Program Increases Surface Area of Mineralized Zones to 200 Metres by 200 Metres... - More
- May 03, 2010 | Item | ShareThis


Barkerville Intercepts Gold Beneath Bonanza Ledge and Up to 25.7 g/T at Cow Mountain - More
- May 03, 2010 | Item | ShareThis


VG Gold Results at Davidson-Tisdale, Timmins, Ontario-51.4 gpt Gold Over 1.5 Meters. 10,000 Meters Planned - More
- May 03, 2010 | Item | ShareThis


Beaufield Contracts Modeling for Tortigny - More
- May 03, 2010 | Item | ShareThis


Cadillac Obtains 6.87 gpt Au from Gossan-Sulphide Contact Zone on San Miguel Gossan, Esperanza Investigation Permit Area - More
- May 03, 2010 | Item | ShareThis


VG Gold Results at Davidson-Tisdale, Timmins, Ontario - More
- May 03, 2010 | Item | ShareThis


Avion to Release 2010 1st Quarter Financials and MD&A on May 20, 2010 - More
- May 03, 2010 | Item | ShareThis


Crocodile Gold Extends Howley Mineralization-Intersections to 200m Depth: 2.41 g/t Au Over 28m-High Grade Potential Confirmed: 11.44 g/t Au Over 5m - More
- May 03, 2010 | Item | ShareThis


Canaco Drills 21.7m Grading 6.79 Grams Gold Per Tonne and 21.2m Grading 4.80 Grams Gold Per Tonne at Magambazi Central, Extending the Magambazi Gold Zone - More
- May 03, 2010 | Item | ShareThis


J.C. McFarland Joins Searchlight Minerals Corp. Board of Directors - More
- May 03, 2010 | Item | ShareThis


Vena and Trafigura Partner to Put Azulcocha Zinc Mine in Production - More
- May 03, 2010 | Item | ShareThis


Augusta Provides Rosemont DEIS Update - More
- May 03, 2010 | Item | ShareThis


Goldcorp shares are undervalued - Barron's - "Shares in miner Goldcorp (G.TO) could climb since they have been trading at 1.5 times net asset value over the past year, compared to the industry average of 1.75 times, Barron's reports." More
- May 03, 2010 | Item | ShareThis


New Australian tax to hit mining stocks hard - UBS - "Australian mining stocks face a sell-off on Monday as investors digest news that the government plans to slap a 40 percent tax on their profits, investment bank UBS said after the announcement on Sunday." More
- May 03, 2010 | Item | ShareThis


RX Exploration Completes Last Tranche of Private Placement - More
- May 03, 2010 | Item | ShareThis


Kent Announces Spin-Off Approval at Annual Shareholder Meeting - More
- May 03, 2010 | Item | ShareThis


Gold Hawk Announces 2009 Financial Results - More
- May 03, 2010 | Item | ShareThis


Imperial Metals Corporation: Red Chris Mineral Resource Increased and Metallurgy Improved - "Imperial Metals Corporation (TSX:III - News). A recently completed mineral resource estimate taking into account the 22 holes drilled by Imperial since its acquisition of the Red Chris copper/gold project in northwest British Columbia has added 1.29 billion pounds copper and 2.73 million ounces gold to measured and indicated resources, and 1.37 billion pounds copper and 2.54 million ounces gold to the inferred resources, at a 0.3% copper cut-off grade. Metallurgical testwork has confirmed improved metal recoveries at depth from the higher gold and copper grades found there." More
- May 03, 2010 | Item | ShareThis


Exeter reports new drilling at Caspiche Gold-Copper Project - "Exeter Resource Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the "Company") is pleased to announce drilling results that expand the central high grade zone within the Caspiche porphyry." More
- May 03, 2010 | Item | ShareThis


El Gallo: Drilling 350 Meters Away From Known Mineralization Returns Significant Grades & Widths 785.7 gpt Silver Over 10.4 Meters - "US GOLD CORPORATION (AMEX:UXG - News) (TSX:UXG - News) is pleased to report the results of a significant new core hole (Fig 1) at the El Gallo Project in Sinaloa State, Mexico. This hole intersected 22.9 ounces of silver per ton (opt) over 34.1 feet (ft) (785.7 grams per tonne silver (gpt) over 10.4 meters (m). The intersection occurs 1,150 ft (350 m) southwest of all previous core drilling in a new area named the "Southwest Zone" and starts just 29.5 ft (9.0 m) below surface." More
- May 03, 2010 | Item | ShareThis


IAMGOLD Advances Start-Up Date for Essakane Mine - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce that it has advanced the start-up date of its new Essakane gold mine in Burkina Faso in West Africa. Processing of ore through the mill is forecast to begin in June, four to six weeks ahead of the previously announced production schedule, and five to six months earlier than the originally projected start-up date of year-end 2010." More
- May 03, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© 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 3 May, 2010 | |


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