-- Posted 9 March, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1428.90 | +$1.80 |
Silver | $36.00 | +$0.23 |
XAU | 208.78 | -1.57% |
HUI | 558.14 | -0.86% |
GDM | 1633.99 | -1.04% |
JSE Gold | 2708.20 | +25.79 |
USD | 76.70 | -0.09 |
Euro | 139.06 | +0.02 |
Yen | 120.94 | -0.02 |
Oil | $104.38 | -$0.64 |
10-Year | 3.469% | -0.075 |
T-Bond | 120.9375 | +0.84375 |
Dow | 12213.09 | -0.01% |
Nasdaq | 2751.72 | -0.51% |
S&P | 1320.02 | -0.14% |
The Metals:
Gold went up to as high as $1436.25 shortly after the open of trade in New York before it fell back to $1426.41 by late morning, but it then bounced back higher in afternoon trade and ended with a gain of 0.13%. Silver rose to $36.41 and dropped to $35.62 before it also rallied back higher and ended with a 0.64% gain at a new 31-year closing high.
Euro gold climbed to about €1028, platinum gained $1.75 to $1798.50, and copper fell 13 cents to about $4.20.
Gold and silver equities fell about 2% by late morning before they rebounded a bit, but they still ended with roughly 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Jan | 1.1% | 1.0% | 1.3% |
Mortgage applications surge to highest in three months Reuters
Americans see U.S. on wrong track: Reuters/Ipsos poll Reuters
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/05 expected at 382,000 and the Trade Balance for January expected at -$41.5 billion. At 2PM is the Treasury Budget for February expected at -$196.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the Energy Information Administration reported that crude inventories rose 2.5 million barrels, gasoline inventories fell 5.5 million barrels, and distillates fell 4.0 million barrels.
The U.S. dollar index found slight losses after a successful Portuguese debt auction sent the euro modestly higher.
Treasuries added to early gains after today’s $21 billion 10-year note auction sold at a high yield of 3.499% with a bid to cover of 3.32.
The Dow, Nasdaq, and S&P waffled near unchanged on worries over the Middle East.
Among the big names making news in the market today were Pimco, BofA, IBM, Dynegy, and Toyota.
Gross Drops Government Debt From Pimco's Flagship Fund, Zero Hedge Reports Bloomberg
The Commentary:
“The chart pattern on the 4 hour basis shows us pretty much the same thing as yesterday - Silver runs into strong selling whenever it approaches $36. Part of this can be attributed to the vagaries of the crude oil market which is swinging up and down depending on traders' perceptions of the events in MENA.
When crude dips, silver seems to lose upside stream; when crude rises, it moves up. The problem is the same as yesterday however; there is very little upside volume. All of the volume is on the downside moves. That continues to trouble me. If the bulls cannot muster any more power to the upside, some of the older longs are going to get stale and will probably liquidate unless the metal can take out overhead resistance above $36 and HOLD ABOVE this level.
As noted on last evening's chart, silver has tended to work off the bearish chart signal on the MACD (other indicators not shown as well) by moving sideways above a horizontal support level and thus consolidating while it then builds enough of a base to launch another leg higher.
What concerns me is the fact that during the last consolidation phase, the dips lower in price were on low volume while the blips higher were where the strong volume was. Clearly buyers were eager to come in. Now we are seeing a change from that pattern where the buyers seem more eager to run on the way down.
It is not the end of the world but as stated above, the bulls will need to hold horizontal support near and just above $35.50 for a repeat of the prior performance the first week of this month.
On the delivery front for the March contract - we finally saw a decent number of deliveries - 79 to be exact - with Morgan and BNS issuing the bulk of those and Barclay's the biggest stopper of the metal. Morgan was issuing for customers and not for the house account. The EFP's were all done in the May once again, 1,612 of them; nothing in the March. If Morgan is supposedly paying a cash premium to longs in lieu of delivering, it is not showing up in the March contract. Could they be doing this in the May? It is unclear at this point. Perhaps we will be able to decipher some of this come Friday's COT report but I doubt it. Incidentially, there are 1,516 contracts still open in March silver.
See the chart for some short term support and resistance levels. The key for silver will be whether or not it can hold $35.50.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Murray Pollitt: They don't fear inflation; it's their policy
Another PIMCO fund dumps U.S. government debt
Buy gold's dips, key Chinese economist advises
Alasdair Macleod: Governments are about to lose control of the markets
Ted Butler, silver position limits make Wall Street Journal, thanks to 'Charlie Sheen'
Oil markets brace for Saudi 'rage' as spare capacity wears thin
The Statistics:
Activity from: 3/08/2011
Gold Warehouse Stocks: | 11,076,935 | -64,324 |
Silver Warehouse Stocks: | 102,755,597 | +499,993 |
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 | 1217.295 | 39,137,259 | US$55,998m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 116.51 | 3,746,032 | US$5,352m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 122.56 | 3,940,260 | US$5,632m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,628 | US$653m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.40 | 1,556,242 | US$2,220m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,960 | US$7m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 119.42 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,913.32: +15.18 change from yesterday’s data.
The Miners:
Randgold’s (GOLD) mine operations and Timmins Gold’s (TMM.V) letter to Capital Gold (CGC) shareholders were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco | MGH +10.5% $2.42 |
2. Aurizon | AZK +1.97% $7.26 |
3. Randgold | GOLD+1.61% $74.94 |
LOSERS
1. Midway | MDW -13.78% $1.94 |
2. Metalline | MMG -9.09% $1.20 |
3. Golden Minerals | AUMN -7.83% $21.66 |
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:
Venga: GMI Resumes Liberian Gold Mining Operations - More
- March 09, 2011 | Item | ShareThis
Pancontinental Uranium Corporation: High Value Rare Earth Elements ("REE") Stream Sediment Results and New REE Hard Rock Drill Intersection at Charley Creek - More
- March 09, 2011 | Item | ShareThis
AuRo Resources and White Gold Corporation to Enter Into Business Combination - More
- March 09, 2011 | Item | ShareThis
First American Silver Corp. Strengthens Management Team - More
- March 09, 2011 | Item | ShareThis
Sabina Announces Updated Resource Estimate for Back River Gold Project, Nunavut - More
- March 09, 2011 | Item | ShareThis
Prosperity Goldfields Announces Spring 2011 Drill Program - More
- March 09, 2011 | Item | ShareThis
Soldi Ventures Inc. Expands the Current Drilling Program - More
- March 09, 2011 | Item | ShareThis
Emgold Announces Idaho-Maryland Project Update - More
- March 09, 2011 | Item | ShareThis
Romarco Encounters 31.8 Meters of 17.3 G/T at West Ledbetter and Provides Land Update - More
- March 09, 2011 | Item | ShareThis
Lake Victoria Closes Private Placement for Proceeds of US$3,000,000 - More
- March 09, 2011 | Item | ShareThis
Columbus Gold Commences Drilling at Eastside Gold Project, Nevada - More
- March 09, 2011 | Item | ShareThis
Asia Now Retains Roscoe Postle Associates for the NI43-101 Resource Estimate on the Beiya North High-Grade Gold/Silver and Base Metal Zone - More
- March 09, 2011 | Item | ShareThis
Swift Announces Closing of Private Placement - More
- March 09, 2011 | Item | ShareThis
Spanish Mountain Announces Closing of Financing and Change in Management Team - More
- March 09, 2011 | Item | ShareThis
Vior Enters Into Definitive Agreements With Aurvista Gold - More
- March 09, 2011 | Item | ShareThis
Consolidated Thompson Iron Mines Reports Fourth Quarter and 2010 Financial Results - More
- March 09, 2011 | Item | ShareThis
Bellhaven Makes New Discovery at Filo De Oro, La Mina, Colombia; Trench Delivers 22 Meters @ 0.70 g/t Gold-Mineralized Zone Open at Both Ends - More
- March 09, 2011 | Item | ShareThis
StoneShield Provides Corporate & Project Update - More
- March 09, 2011 | Item | ShareThis
Randgold Resources -- Tongon Mine Still Operating on Plan - "Randgold Resources (NASDAQ:GOLD - News) (LSE:RRS - News) said today that despite the continuing political impasse in the Côte d'Ivoire, its recently commissioned mine at Tongon was still operating on plan as stated when the company reported its quarterly results last month." More
- March 09, 2011 | Item | ShareThis
Timmins Gold Mails Letter to Capital Gold Shareholders - "As the March 18 Capital Gold Special Meeting approaches, we urge you to carefully consider what's at stake: The Capital Gold Board of Directors is asking you to surrender your shares to Gammon in a transaction that delivers significantly less value than an existing proposal. Timmins has a superior offer on the table that both attractively rewards your investment in Capital Gold and allows you to participate in the growth and value creation of the combined company going forward." More
- March 09, 2011 | 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 9 March, 2011 | |
