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-- Posted 18 May, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $1214.20 | -$13.40 | Silver | $18.88 | +$0.01 | XAU | 178.75 | -0.67% | HUI | 472.86 | -0.78% | GDM | 1422.26 | -0.71% | JSE Gold | 2493.15 | -31.29 | USD | 87.14 | +0.94 | Euro | 122.07 | -1.88 | Yen | 108.29 | +0.29 | Oil | $69.41 | -$0.67 | 10-Year | 3.376% | -0.096 | T-Bond | 122.6875 | +1.25 | Dow | 10510.95 | -1.08% | Nasdaq | 2317.26 | -1.57% | S&P | 1120.80 | -1.42% |
The Metals: Gold remained near unchanged for most of trade in Asia before it fell as much as $21.10 to as low as $1206.50 by a little before 8AM EST in London and next rallied back higher for most of the rest of the morning in New York, but it then fell back off a bit in afternoon trade and ended with a loss of 1.09%. Silver dropped 25 cents to as low as $18.62 before it also climbed back higher and saw a $0.248 gain at $19.118 by late morning in New York, but it then fell back off in last couple of hours of trade and ended with a gain of just 0.05%. After hours action – Gold has jumped in after hours access trading and has risen to as high as $1229.05 at the time of writing. Silver is also seeing decent gains. Follow the action with our live charts here. Euro gold fell to about €987, platinum gained $18.50 to $1680, and copper gained 10 cents to about $3.02. Gold and silver equities saw slight gains in early trade before they fell back off and saw about 2% losses at around 2PM EST, but they then rallied back higher for most of the rest of trade and ended only slightly lower. The Economy: Report | For | Reading | Expected | Previous | Housing Starts | Apr | 672K | 655K | 635K | Building Permits | Apr | 606K | 680K | 685K | PPI | Apr | -0.1% | 0.1% | 0.7% | Core PPI | Apr | 0.2% | 0.1% | 0.1% |
Tomorrow at 8:30AM EST brings CPI and Core CPI for April both expected at 0.1%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil reversed early gains and dropped to under $70 a barrel as the U.S. dollar index reversed early losses and ended with a decent gain on renewed worries over Europe that sent the euro to a new four year low. Today’s reversals seemed to come after Germany announced plans to ban naked short-selling. The Dow, Nasdaq, and S&P climbed in early trade on decent economic news and a better-than-expected earnings report from Wal-Mart, but all three indices turned lower by late morning and ended with over 1% losses on renewed concerns over Europe that sent treasuries higher. Among the big names making news in the market today were Home Depot, Fidelity National, Wal-Mart, Toll Brothers, Macarthur Coal, and Microsoft. The Commentary:  “Gold – As noted last Wednesday night with gold trading at $1,236, my technical work suggested we could see a significant consolidation/correction with the worst case downside of $1,185. As I type, gold is trading around $1,210. I noted Friday appeared to be an “Outside” day and follow through selling has confirmed it. We’re seeing typical technical selling like suggested in this Market trades blog post.
All of this is healthy and does nothing to impact my 2010 target of $1,300 – $1,500. There’s a neckline support key support around the already psychological $1,200 number. We may never even test that area. I’ll watch the next day or two’s trading and follow-up with my analogy of it, but don’t lose sight that all this to me is just a pause that refreshes. U.S. Stock Market – The “Don’t Worry, Be Happy” crowd has a chance to gain back some ground off of yesterday’s late-day comeback. Stay tuned.”- Peter Grandich, Grandich Letter  “Dear CIGAs,
Price capping near the $1250 level has been effective at thwarting the continued rise in gold and has resulted in new short selling by locals looking to capitalize on the backstopping of the bullion bank sell programs. I was hoping to see the longs hold steady and not run but that appears to have not been the case today. Apparently they have been properly conditioned by the Feds to run at the first sign of a stall in upside momentum. That is how this market has traded for nearly a decade now so it is just wishful thinking to believe that might have changed. The charade in gold could end tomorrow if we had not raised a generation of computer nerds who never learned how to think for themselves. Keep in mind however that what started out as a mild dip in gold was widely announced to have been a lessening of fears concerning Europe’s credit woes. That is what caused the big spike in the equity markets early this morning along with some friendly economic news and put some pressure on gold. The Euro moved higher as a result and the lemmings all gave a collective sigh of relief as they plunged back into the risk trades. Midday however, it all began unraveling as the Euro got nailed and is currently down more than a full penny against the Dollar and the equities are falling sharply again. Gold has not yet responded because the bullion bank capping generated enough long liquidation to push the hedgie algos into the sell mode. It escapes my ability to comprehend how a collapse lower in the Euro is compatible with a lessening of fears about European debt woes. With this occurring, it should not be too long before gold responds accordingly and moves higher. Personally I love watching these “analysts” making asses of themselves by commenting on one day’s price action as if a crisis years in the making has suddenly gone away overnight. Wait and see how the physical market will lead this phony paper market at the Comex. The woes that are currently besetting Europe are not, I repeat, NOT going to go away. They may fade somewhat from the forefront of traders’ minds for a bit but that does not mean anything has been cured. Do not allow yourself to be shaken by the short term gyrations caused by these wild market fluctuations. There is NO INTELLIGENT thought behind them. It is machine generated. All such price movements do is to create opportunities for those who keep their wits and can calmly analyze a situation without being unduly influenced by the actions of the mob. I will be curious to see how gold “fixes” at tomorrow afternoon’s PM fix and whether or not is can get above the 1,000 Euro mark. I will say however, that the inability of the Euro to thus far even manage a complete one day short covering pop is a very troubling sign. It just shows how eager sellers are to hit it again and again. If it cannot hold yesterday’s low, it is going to trade at 12100 quite rapidly. It is still lower than its worst levels of 2008 when the great carry trade unwind was in full force. Looking at the monthly chart shows that there is not a lot of support until you get down below 11900. That is how serious this is becoming. The HUI could not hold support at yesterday’s low which coincided with the rising 10 day moving average. Unless we see those hedge fund ratio trades lifted off the shares, the most likely scenario is a drift down towards the 20 day moving average near 460. That will need to hold to prevent some sell stops from taking the shares lower. The index must get back above yesterday’s high to force a resurgence in bullish momentum. That level is near 487. Crude oil selling off continues to give drivers a bonanza for their summer vacations. Maybe the airlines can now actually afford to give us a bag of peanuts with our drink or at least stop trying to charge us for every thing we carry on the blasted planes. If this keeps up the Obama administration’s fixation with Hybrids is going to give way to a new wave of SUV buying!”- Dan Norcini, More at JSMineset.com GATA Posts: 
Jeff Nielson: The great debate, Part I Distortion after distortion from CPM Group's Jeff Christian The Statistics: Activity from: 5/17/2010 Gold Warehouse Stocks: | 10,477,967 | +4,634 | Silver Warehouse Stocks: | 10,477,967 | +2,297,430 |
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 | 1217.108 | 39,131,245 | US$47,600m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.71 | 3,913,050 | US$4,763m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 476,139 | US$560m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 46.37 | 1,490,874 | US$1,843m | NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,976 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.0.43 tonnes to a new record high holding, and the LSE added 0.57 tonnes. COMEX Gold Trust (IAU) Total Tonnes in Trust: 82.39: +0.60 change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 9,191.37 - No change from yesterday’s data. The Miners: Aurizon’s (AZK) option agreement, Claude’s (CGR) sale of assets, US Gold’s (UXG) drill results, Apollo’s (AGT) name change following the merger with Linear, MAG Silver’s (MVG) completed share offering, and ECU’s (ECU.TO) first quarter results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Almaden | AAU +1.83% $1.11 | 2. Claude | CGR +1.75% $1.16 | 3. Tanzanian Royalty | TRE +1.26% $4.81 |
LOSERS 1. Solitario | XPL -7.34% $2.40 | 2. Entree | EGI -6.44% $2.18 | 3. Minco | MVG-5.08% $6.92 |
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: Louvem Mines Announces Execution of an Acquisition Agreement With Richmont Mines and an Annual and Special Meeting - More
- May 18, 2010 | Item | ShareThis
Sona Releases Blackdome-Elizabeth Preliminary Economic Assessment - More
- May 18, 2010 | Item | ShareThis
New Pacific Metals Corp. Announces Results for the Three Months Ended March 31, 2010 - More
- May 18, 2010 | Item | ShareThis
Typhoon Signs a $27 Million Option Agreement With Aurizon Mines for the Development of the Fayolle Property and Engages MGI Securities Inc. - More
- May 18, 2010 | Item | ShareThis
Amseco Concludes $300,000 Private Placement - More
- May 18, 2010 | Item | ShareThis
Lincoln Mining reports high-grade gold intersections at Pine Grove property, Nevada - More
- May 18, 2010 | Item | ShareThis
Prospero Phase 1 Drilling Extends New Mineralized Discovery Zone at San Luis Del Cordero Project - More
- May 18, 2010 | Item | ShareThis
Aurizon Enters Into an Option Agreement with Typhoon On Its Fayolle Property - "Aurizon is pleased to announce an exploration joint venture with Typhoon Exploration Inc., ("Typhoon") on the Fayolle Project located 10 kilometres north of Aurizon's Joanna Project in Quebec. The property comprises 39 mining claims 100% owned by Typhoon covering 1,373 hectares across the Porcupine-Destor Break, one of the most productive gold bearing structures of the Abitibi Belt." More
- May 18, 2010 | Item | ShareThis
Denarii Appoints New CFO - More
- May 18, 2010 | Item | ShareThis
Moneta reports 29.85 g/t over 3.9 m on Southwest Zone; Contracts additional deep drill - More
- May 18, 2010 | Item | ShareThis
43-101 QP to walk Alpha Gold's property before completing resource estimate for Canyon Creek Skarn - More
- May 18, 2010 | Item | ShareThis
Golden Hope Mines Limited to Present at the Source Capital Group Small Cap Virtual Conference - More
- May 18, 2010 | Item | ShareThis
Xtierra Commences Drilling at Bilbao - More
- May 18, 2010 | Item | ShareThis
Golden Share Announces the Appointement of Christian Guilbaud to the Board of Directors - More
- May 18, 2010 | Item | ShareThis
Artha Updates Pirquitas Exploration - More
- May 18, 2010 | Item | ShareThis
Tao Minerals Ltd. Announces $500,000 Financing Commitment for Start Up of El Colmillo Gold Mine - More
- May 18, 2010 | Item | ShareThis
Cadillac Obtains a 19.7% Copper Sample from Angostura Project Dumps on the Esperanza P.I. and Receives Over Limit Result - More
- May 18, 2010 | Item | ShareThis
Geodex Announces Metallurgical Program for Sisson Brook - More
- May 18, 2010 | Item | ShareThis
Drilling Begins on Rodeo Creek Project, Carlin Trend Nevada - More
- May 18, 2010 | Item | ShareThis
Merrex Gold-Drilling Hits Zone 1B Northern Extension and New Gold Zone at Siribaya Gold Project - More
- May 18, 2010 | Item | ShareThis
Plexmar Resources Inc.: Bolsa and Financing Update - More
- May 18, 2010 | Item | ShareThis
Windarra (TSX VENTURE: WRA) Appoints Consultant for Africa - More
- May 18, 2010 | Item | ShareThis
Brett Resources Inc.: 400m South A-Zone Step Out Hole Intersects 226.5m of 0.67 g/t Au; Infill Drill Hole Intersects 206.5m of 1.02 g/t Au - More
- May 18, 2010 | Item | ShareThis
Uranium North Completes Land Acquisition at the Aura Gold-Copper-Silver Property - More
- May 18, 2010 | Item | ShareThis
Nevada Copper Discovers Two New Zones Intersecting 275 Feet of 0.98% Copper and 155 Feet of 0.82% Copper - More
- May 18, 2010 | Item | ShareThis
Canarc Shareholder Update First Quarter Review and Second Quarter Outlook, 2010 - More
- May 18, 2010 | Item | ShareThis
Jiminex Inc. appoints Mark Billings as a director; issues stock options - More
- May 18, 2010 | Item | ShareThis
Metallum Resources Inc. Announces Receipt of Conditional Approval from TSX-Venture Exchange in Respect to Its Proposed Business Combination With Solfotara - More
- May 18, 2010 | Item | ShareThis
Britannica Resources Corp.: New Drill Results From the McKenzie Break Project - More
- May 18, 2010 | Item | ShareThis
Azimut stakes a large Gold-Copper-Rare Earth Element exploration target in Nunavik, Quebec - More
- May 18, 2010 | Item | ShareThis
Gold Fields Reports on Drilling at Woodjam North and Intersects 90.8 m Grading 0.58 g/t Gold and 0.39% Copper, including 30.4 m Grading 1.10 g/t Gold - More
- May 18, 2010 | Item | ShareThis
StoneShield Commences Reconnaissance Exploration at the Tabisco Gold/Silver Property, Mexico - More
- May 18, 2010 | Item | ShareThis
Goldcliff Resource Corporation: New Gold Drill Discovery at Panorama Ridge - More
- May 18, 2010 | Item | ShareThis
Paragon and Crosshair Continue to Intersect High-Grade Gold at Jaclyn Main Deposit - More
- May 18, 2010 | Item | ShareThis
Amarillo Commissions Initial 43-101 Resource Estimate on the Butia Prospect, Southern Brazil - More
- May 18, 2010 | Item | ShareThis
Bell Copper Corporation - La Balsa update - More
- May 18, 2010 | Item | ShareThis
New Guinea Gold Corporation: Barrick Gold Commences Drilling on Coppermoly Projects - More
- May 18, 2010 | Item | ShareThis
Magellan Options an Additional 1,917 Hectares East of Coringa Gold Project, Brazil - More
- May 18, 2010 | Item | ShareThis
Liberty Star Receives ZTEM Report - Shows "at Least 6 to 7 Porphyry Copper Signatures" in Big Chunk South Block, AK - More
- May 18, 2010 | Item | ShareThis
American Energy Fields, Inc. Appoints Nobel Peace Prize Recipient Dr. Karen Wenrich to the Advisory Board - More
- May 18, 2010 | Item | ShareThis
Acrex options Grizzly-Kellar property in the Chibougamau region of Quebec - More
- May 18, 2010 | Item | ShareThis
Midland Exploration Formalized Its Rare Earth Ytterby Option Agreement With Japan Oil, Gas and Metals National Corporation - More
- May 18, 2010 | Item | ShareThis
Crosshair Continues to Intersect High-Grade Gold at Golden Promise - More
- May 18, 2010 | Item | ShareThis
Rye Patch Gold Announces First Resource Estimate for Lincoln Hill - More
- May 18, 2010 | Item | ShareThis
Pan American Lithium Corp. Retains Crescendo Communications as Investor Relations and Corporate Communications Advisor - More
- May 18, 2010 | Item | ShareThis
Canada Lithium Gains Listing on U.S. Trading Platform OTCQX - More
- May 18, 2010 | Item | ShareThis
Gladstone Pacific Nickel Limited (ACN 104 261 887) - Substantial Shareholder Dealing - More
- May 18, 2010 | Item | ShareThis
Gladstone Pacific Nickel Limited (ACN 104 261 887) - Board Changes - More
- May 18, 2010 | Item | ShareThis
Rodinia Minerals Closes Final Tranche of Private Placement Financing - More
- May 18, 2010 | Item | ShareThis
Cream Minerals Signs Letter of Intent on High Grade Silver-Base Metal Property - More
- May 18, 2010 | Item | ShareThis
Rockgate Announces Positive Metallurgy Results with Recoveries of 90% for Uranium and 77.5% for Silver, Falea U-Ag-Cu Project, Mali, West Africa - More
- May 18, 2010 | Item | ShareThis
Merc Intersects 15.85 Grams Gold Per Tonne Over 7.0 Metres at BIF Island - More
- May 18, 2010 | Item | ShareThis
New Dawn Advances Exploration Efforts in Zimbabwe - More
- May 18, 2010 | Item | ShareThis
Brazil Gold to Accelerate Exploration Program at Manicore - More
- May 18, 2010 | Item | ShareThis
GoldSpring Announces Behre Dolbear NI 43-101 Report on the Comstock Mine Project, Validating Gold Equivalent Measured and Indicated Resources of 770,000 Ounces - More
- May 18, 2010 | Item | ShareThis
Premium Exploration Clarifies Buffalo Gulch Historic Resource Estimate - More
- May 18, 2010 | Item | ShareThis
Champion Minerals Drills Significant Assay Intervals on the Fire Lake North Claim Block - More
- May 18, 2010 | Item | ShareThis
Rainy River Announces Appointment of Nicholas J. Nikolakakis as Vice President and Chief Financial Officer - More
- May 18, 2010 | Item | ShareThis
Probe Mines Commences 43-101 Resource Estimate on Black Creek Chromite Zone, McFauld's Lake, Northern Ontario - More
- May 18, 2010 | Item | ShareThis
Energizer Resources Inc. Recommences Drilling on Green Giant Vanadium Project to Expand Resource - More
- May 18, 2010 | Item | ShareThis
Airborne Surveying Starts at Mc Faulds - More
- May 18, 2010 | Item | ShareThis
Red Pine Exploration Acquires Gold Property from Goldcorp Canada Ltd in Coppell and Newton Townships, Swayze Greenstone Belt - More
- May 18, 2010 | Item | ShareThis
Beaufield Resources Inc.: Opinaca Gold Property I.P. Survey Will Start June 15th - More
- May 18, 2010 | Item | ShareThis
Avion Commences 5,000 Metre Drill Program at Hounde, Burkina Faso - More
- May 18, 2010 | Item | ShareThis
Fjordland: Gold Fields Reports on Drilling at Woodjam North - More
- May 18, 2010 | Item | ShareThis
Wallbridge Mining Announces Distribution of Miocene Metals Special Warrants - More
- May 18, 2010 | Item | ShareThis
Pacific Comox Reports 3.5% Copper, 0.2 g/tonne Gold, & 16 g/tonne Silver Reported for 21 Meter Sample Across Surface of New Zone - More
- May 18, 2010 | Item | ShareThis
Pitchstone Plans Summer Athabasca Uranium Drilling - More
- May 18, 2010 | Item | ShareThis
Firestone Reports High-Grade Zinc-Lead-Silver Assays from Quetzal Project Trenches - More
- May 18, 2010 | Item | ShareThis
Drilling to commence on Strike Point property optioned by San Gold Corporation - More
- May 18, 2010 | Item | ShareThis
Extensive Rare Earth Work Program Now Underway - More
- May 18, 2010 | Item | ShareThis
Claude Resources Announces Agreement To Sell Certain Oil and Natural Gas Assets - "Claude Resources Inc. ("Claude" or the "Company") today announced that it has entered into a Purchase and Sale Agreement with a private Canadian corporation (the "Purchaser"), pursuant to which the Purchaser has agreed to purchase a majority of the oil and natural gas assets owned by Claude. Gross proceeds from the transaction are expected to be $6.2 million." More
- May 18, 2010 | Item | ShareThis
US Gold Corporation: El Gallo Drilling Expands Silver Mineralization 100 Meters to the East - "US GOLD CORPORATION (TSX:UXG - News) (AMEX:UXG - News) is pleased to announce results from twenty-five new core holes (Fig. 1, Table 1) at the El Gallo Project in Sinaloa State, Mexico. The three best results since April 26, 2010 are: 12.0 ounces of silver per ton (opt) over 131.1 feet (ft) (410.2 grams of silver per tonne over 40.0 meters (m), 4.3 opt silver over 75.5 ft (149.0 gpt silver over 23.0 m) and 3.3 opt silver over 119.8 ft (114.6 gpt silver over 36.5 m)." More
- May 18, 2010 | Item | ShareThis
MAG Silver Corp. Completes $35.2 Million Common Share Offering - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("Company") announces that it has completed its previously announced bought deal financing and has issued 4,603,500 common shares, including 418,500 common shares issued on exercise of the over-allotment option, at C$7.65 per share, for gross proceeds of approximately C$35.2 million (the "Offering"). The Offering was conducted by a syndicate of underwriters, led by BMO Nesbitt Burns Inc., Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp. and Raymond James Ltd. (collectively, the "Underwriters")." More
- May 18, 2010 | Item | ShareThis
Apollo and Linear Announce Combined Entity to be Named Brigus Gold Corp. Following Closing of Proposed Merger - "Apollo Gold Corporation (TSX: APG - News) (NYSE Amex: AGT) (“Apollo”) and Linear Gold Corp. (TSX: LRR - News) (“Linear”) announce a new corporate identity and name, Brigus Gold Corp. (“Brigus Gold”), which is expected to take effect following the closing of their proposed business combination (the “Merger”), subject to applicable respective shareholder approvals." More
- May 18, 2010 | Item | ShareThis
ECU Releases First Quarter Results for 2010 - "ECU reported a net loss of $1.9 million, or 1 cent per share in the first quarter of 2010, compared with a net loss of $3.6 million, or 1 cent per share in the same period 2009. Revenues from metal sales used to offset mining property costs were $3.2 million in the first quarter of 2010, compared with $0.06 million in the same period 2009." More
- May 18, 2010 | Item | ShareThis - Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here 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 18 May, 2010 | |
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