-- Posted 29 March, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1416.40 | -$3.30 |
Silver | $36.93 | -$0.13 |
XAU | 211.47 | -0.03% |
HUI | 557.43 | +0.18% |
GDM | 1623.64 | +0.07% |
JSE Gold | 2710.80 | +50.71 |
USD | 76.19 | +0.02 |
Euro | 141.06 | +0.24 |
Yen | 121.26 | -1.13 |
Oil | $104.79 | +$0.81 |
10-Year | 3.491% | +0.043 |
T-Bond | 119.75 | -0.65625 |
Dow | 12279.01 | +0.67% |
Nasdaq | 2756.89 | +0.96% |
S&P | 1319.44 | +0.71% |
The Metals:
Gold fell $9 to $1410.70 in London before it surged back higher in New York and climbed to as high as $1423.21 by about noon EST, but it then fell back off in afternoon trade and ended with a loss of 0.23%. Silver dropped 60 cents to $36.46 before it also rallied back higher in New York and climbed to as high as $37.188 by midday, but it then slipped back off in late trade and ended with a loss of 0.35%.
Euro gold fell to about €1006, platinum lost $14 to $1732.50, and copper remained at about $4.34.
Gold and silver equities rose to find slight gains by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Case-Shiller 20-city Index | Jan | -3.06% | -3.3% | -2.43% |
Consumer Confidence | Mar | 63.4 | 65.0 | 72.0 |
Tomorrow at 8:15AM EST brings ADP Employment for March expected at 210,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on uncertainty over Japan, Libya, and Syria.
The U.S. dollar index found slight gains “after a top Federal Reserve official said the central bank's asset purchase plan should be curtailed, but analysts said the dollar would remain under pressure on views the Fed would lag other monetary authorities in tightening policy.”
Treasuries extended lower after today’s $35 billion 5-year note auction drew a high yield of 2.26% with a bid to cover of 2.79.
The Dow, Nasdaq, and S&P rose on worse than expected economic data that may prevent the fed from raising interest rates sooner than previously expected.
Among the big names making news in the market today were GE, Lennar, and Apollo Group.
The Commentary:
“As March draws to a close, deliveries in the March Silver contract are ramping up. A total of 290 deliveries were posted for tomorrow with Merrill Lynch the biggest issuer for customers while JP Morgan was second also issuing for both customers and their own accounts.
Barclays continues to gobble up the silver for its clients.
The total deliveries for the month of March has thus far been 1,707. Open interest remaining in the March contract is 330 contracts.
Notable is the fact that the March silver contract, which recently had been trading at a small premium to the May is now back to a discount of about a cent and a half. That pretty much means any fireworks related to the delivery process for the rest of March are over. These front month spreads have been extremely volatile but they have not moved in the direction that would indicate any short squeeze is forthcoming. Such an event would have been marked by a steady and continuous widening of any premium that March would have held over the May.
Rollovers continue in the gold pit with traders' move into the June being accompanied by a further reduction in open interest as longs hesitate to push the market higher as the end of the quarter draws near.
Both gold and silver are weakening as they head into the close of pit session trading. We'll see if they are able to garner any strength in the after market hours. The end of the month is currently is working against the bulls. It will be up to physical market buyers to keep a floor of buying support under the market until the speculators decide to return to the long side more aggressively.
Strength in the HUI might be the result of hedge fund unwinding of ratio spread trades due to the move higher in the broader US equity markets.
Dollar strength is the result of downgrades to Portugal and Greek debt which is weighing slightly on the Euro. Additionally the Yen is seeing a strong bout of selling pressure today. Even at that, the Dollar is only marginally higher.
The long bond is looking heavy today.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Morgan-crashing Max Keiser interviewed by Lars Schall
Trace Meyer: What Liberty Dollar should have learned from the Godfather
China TV reports great shortage of gold
World Gold Council to CFTC: Don't mess with paper gold
Gene Arensberg credits GATA for silver's surge in last year
James Turk: Gold's hyperbolic trajectory
Ron Paul legislation seeks competition in currency
Big commodity traders mount last stand on U.S. curbs
Vietnamese aren't only ones moving gold outside banking system
The Statistics:
Activity from: 3/28/2011
Gold Warehouse Stocks: | 11,012,938 | -15,357 |
Silver Warehouse Stocks: | 104,514,718 | +879,661 |
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 | 1211.836 | 38,961,725 | US$55,209m |
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$5,320m |
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$5,596m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,521 | US$648m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.15 | 1,548,103 | US$2,194m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,959 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.123 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.93 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 11,139.52 - No change from yesterday’s data.
The Miners:
Banro’s (BAA) short form prospectus, ITH’s (THM) drill results, AngloGold’s (AU) 2010 reports, and Hochschild’s (HOC:LN) 2010 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITH | THM +5.54% $9.43 |
2. Harmony | HMY+3.52% $14.72 |
3. US Gold | UXG +3.38% $8.57 |
LOSERS
1. Golden Minerals | AUMN -2.51% $21.36 |
2. Rubicon | RBY -2.16% $4.54 |
3. Nevsun | NSU -2.15% $5.47 |
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:
Ring of Fire Resources Inc. Increases Size of Private Placement Offering - More
- March 29, 2011 | Item | ShareThis
Denison Files Annual Report on Form 40-F - More
- March 29, 2011 | Item | ShareThis
Ensurge, Inc. Reports Developments on Initial Gold Recovery Projects - More
- March 29, 2011 | Item | ShareThis
AndeanGold Commences Drilling at Urumalqui Au-Ag Project, Peru - More
- March 29, 2011 | Item | ShareThis
Panoro Minerals Completes Three Year Community Agreement and Plans Expansion of Exploration Program at Cotabambas Copper/Gold Project, Peru - More
- March 29, 2011 | Item | ShareThis
The Frog's Leg Mine Drives La Mancha's Year-End Resource Higher in 2010 While the VMS Project Is the Focus for 2011 - More
- March 29, 2011 | Item | ShareThis
Themac Resources Group Limited: World-Class Mining Executive Returns to State - More
- March 29, 2011 | Item | ShareThis
Frontier Makes Senior Appointment to its Management Team to Lead Scoping, Prefeasibility and Feasibility Studies at the Zandkopsdrift Rare Earth Project - More
- March 29, 2011 | Item | ShareThis
Sphere Receives 80.5% of the US$962,000 Proceeds from the Sale of Its Argentine Sodium Sulphate Concessions at Pocitos and Rio Grande - More
- March 29, 2011 | Item | ShareThis
Geodex Announces Sisson Feasibility Study Progress, Drill Results - More
- March 29, 2011 | Item | ShareThis
Critical Elements and Blue Note Extend Completion of Croinor Acquisition - More
- March 29, 2011 | Item | ShareThis
Maya Acquires the Azegour Mine and Consolidates Position South of Amizmiz - More
- March 29, 2011 | Item | ShareThis
Gold Finder Announces Appointment of Mr. Mark Bloom as Director - More
- March 29, 2011 | Item | ShareThis
Hathor Receives Conditional Acceptance for TSX Listing - More
- March 29, 2011 | Item | ShareThis
A Record Year for La Mancha in 2010 as Production Increases 30% and Net Earnings More Than Double - More
- March 29, 2011 | Item | ShareThis
Athena Silver Corporation Announces First Assay Results From Drill Program on Langtry Silver Project - More
- March 29, 2011 | Item | ShareThis
Abcourt Announces Pricing of New Issue of Units - More
- March 29, 2011 | Item | ShareThis
Magma Metals Limited: Thunder Bay North-Exploration Update - More
- March 29, 2011 | Item | ShareThis
(BRG-TSXV) Awaits Assay Results From Initial Drilling On The Incamayo Project In North West Argentina - More
- March 29, 2011 | Item | ShareThis
ICN Signs Definitive Agreement With Lode Star Gold, Inc. - More
- March 29, 2011 | Item | ShareThis
Gold Standard Mining Corp. Appoints Ricardo A. Valls, P.Geo., M.Sc. as Chief Geologist and QP. - More
- March 29, 2011 | Item | ShareThis
Benton to Spin Out Assets to Shareholders - More
- March 29, 2011 | Item | ShareThis
Silver Spruce Reports on Diamond Drilling and Geophysical Surveys Pope's Hill REE Project-Trans Labrador Highway, Labrador - More
- March 29, 2011 | Item | ShareThis
New Hana Appoints Three New Members to Its Board of Directors - More
- March 29, 2011 | Item | ShareThis
EurOmax Reports 0.5 Million Ounces Gold and 2.1 Million Ounces Silver Initial Resource Estimate for Breznik Project, Bulgaria - More
- March 29, 2011 | Item | ShareThis
Nevado Resources Corporation: Update Regarding the Fermont Transaction - More
- March 29, 2011 | Item | ShareThis
Cap-Ex Ventures Ltd.: Airborne Gravity Gradiometer Survey to Target Additional DSO - More
- March 29, 2011 | Item | ShareThis
Coronet Announces Update to the Acquisition of the Yanamina ('Paron') Gold Project and the Terms of Non-Brokered Private Placement - More
- March 29, 2011 | Item | ShareThis
Redhill Closes Honey Comb Hills Rare Earth Acquisition - More
- March 29, 2011 | Item | ShareThis
Mill Bay Ventures Plans CSAMT Survey on AC Claims, Lander County, Nevada - More
- March 29, 2011 | Item | ShareThis
Richfield Signs Formal Joint Venture Agreement on Davidson Property - More
- March 29, 2011 | Item | ShareThis
Drilling below Pit 2 intersects 127.5m grading 1.01% Cu, 2.38g/t Ag and 0.25g/t Au - More
- March 29, 2011 | Item | ShareThis
Fission Intersects 14.5m of 7.84% U3O8 on 60m Step-Out - More
- March 29, 2011 | Item | ShareThis
Inter-Citic Shares Commence Trading on the U.S. OTCQX - More
- March 29, 2011 | Item | ShareThis
Quaterra Grants Stock Options - More
- March 29, 2011 | Item | ShareThis
Springpole Gold Project Continues to Produce Long Gold Intercepts for Gold Canyon; Including 150 Meters at 2.56 Grams Per Tonne Gold - More
- March 29, 2011 | Item | ShareThis
Otterburn Ventures Inc. Signs Letter of Intent With Lake Victoria Mining Company, Inc. - More
- March 29, 2011 | Item | ShareThis
Huakan International Mining Inc. Announces Sale of Greenwood Gold Project Assets - More
- March 29, 2011 | Item | ShareThis
Nevado Resources Corporation: Update on La Blache Properties - More
- March 29, 2011 | Item | ShareThis
Silver Quest Executes Formal Joint Venture Agreement on Davidson Property, BC - More
- March 29, 2011 | Item | ShareThis
Indigo Intersects 28 Metres of 1.12 gpt Au on Zelingpe 1 Target at Moule - More
- March 29, 2011 | Item | ShareThis
Silver Dragon's Sino-Top Joint Venture Receives Annual Performance Award From Shengda Group - More
- March 29, 2011 | Item | ShareThis
BE Resources Expands Beryllium Zone and Adds Rare Earth Element Potential to Warm Springs Project in New Mexico - More
- March 29, 2011 | Item | ShareThis
Nevgold Drill Program to Follow-up on Historic High-Grade Silver Mineralization at Historic Cornucopia Mining District, Nevada - More
- March 29, 2011 | Item | ShareThis
LIM: Independent Review of Houston Deposits Increases Resource Estimate to Over 22 Million Tonnes - More
- March 29, 2011 | Item | ShareThis
Largo Acquires an Additional 10% Interest in the Maracas Vanadium Project - More
- March 29, 2011 | Item | ShareThis
Wide Intervals of High Grade Gold Further Expand Leprechaun Deposit Along Strike and Down Dip - More
- March 29, 2011 | Item | ShareThis
American Manganese Inc.: Artillery Peak Contracts Awarded for 6100m of Rotary Drilling - More
- March 29, 2011 | Item | ShareThis
Salazar Intercepts 22.7 m @ 6.73 g/t Gold and 4.69% Copper at the El Domo Deposit - More
- March 29, 2011 | Item | ShareThis
Miranda Gold and Agnico-Eagle USA Sign Exploration Agreement for Ester Dome Project - More
- March 29, 2011 | Item | ShareThis
Weststar Executes Letter of Intent to Acquire High Grade Past Producing Gold and Silver Mine in Jalisco, Mexico - More
- March 29, 2011 | Item | ShareThis
Banro Receives Receipt for Final Short Form Prospectus - "Banro Corporation ("Banro") (NYSE AMEX: BAA) (TSX:BAA.to - News) is pleased to announce that it has received a receipt or deemed receipt, as applicable, for its short form prospectus dated March 25, 2011 (the "Prospectus") from each of the Ontario Securities Commission, the British Columbia Securities Commission and the Alberta Securities Commission." More
- March 29, 2011 | Item | ShareThis
International Tower Hill Mines Intersects Additional Zones of Higher Grade Mineralization at Livengood Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) announces that multiple, thick zones of higher grade mineralization were encountered in the first 14 holes drilled in its 2011 drill program at the Livengood Gold Project near Fairbanks, Alaska. The drill program, which commenced in February 2011, is aimed at confirming the continuity and grade of the mineralization at its Money Knob deposit and testing a new,deeper, higher grade zone of mineralization in the southern Core and SW zones of the deposit which was encountered in late 2010 (see Figure 1)." More
- March 29, 2011 | Item | ShareThis
AngloGold Ashanti Publishes Its Suite of 2010 Annual Reports - "AngloGold Ashanti (NYSE:AU - News) is pleased to announce that it has today, Tuesday, 29 March 2011, published the group's complete suite of reports for the financial year ended 31 December 2010. The posting to shareholders of the Annual Review commenced today." More
- March 29, 2011 | Item | ShareThis
Hochschild Mining's Profit Rises 60% as Silver Prices Soar - "Hochschild Mining Plc (HOC), a producer of silver in Peru, said full-year profit rose 60 percent after silver prices surged.
Net income climbed to $156.6 million in 2010 from $98.1 million a year earlier, the company said today in a statement. Sales advanced 39 percent to $752.3 million." More
- March 29, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 29 March, 2011 | |
