-- Posted 3 May, 2011 | |
| Close | Gain/Loss |
Gold | $1540.00 | -$5.10 |
Silver | $42.47 | -$1.28 |
XAU | 210.05 | -2.48% |
HUI | 554.13 | -3.37% |
GDM | 1614.12 | -3.23% |
JSE Gold | 2676.52 | -88.30 |
USD | 73.11 | +0.06 |
Euro | 148.28 | +0.01 |
Yen | 123.53 | +0.40 |
Oil | $111.05 | -$2.47 |
10-Year | 3.255% | -0.031 |
T-Bond | 123.09375 | +0.50 |
Dow | 12807.51 | +0.00% |
Nasdaq | 2841.62 | -0.71% |
S&P | 1356.62 | -0.34% |
The Metals:
Gold dropped down to $1532.49 by late morning in New York before it bounced back higher midday, but it still ended with a loss of 0.33%. Silver slumped throughout most of the day and ended near its late session low of $42.375 with a loss of 2.93%. Both metals are falling further in after hours access trade as well.
Euro gold fell to about €1038, platinum closed at $1850, and copper gained 6 cents to about $4.24.
Gold and silver equities fell throughout most of trade and ended with roughly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Mar | 3.0% | 1.8% | 0.7% |
Tomorrow at 8:15AM EST brings ADP Employment for April expected at 200,000 and at 10AM is the ISM Services report for April expected at 57.4.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries over waning energy demand.
The U.S. dollar index waffled near unchanged and ended slightly higher on varying interest rate outlooks.
Treasuries rose as the Dow, Nasdaq, and S&P traded mostly slightly lower on weak earnings reports.
Among the big names making news in the market today were GM, Pfizer, MasterCard, Sears, and Deutsche Bank.
The Commentary:
“For the third time in a week, the exchange has hiked margin requirements for trading silver futures contracts.
New margin requirement rises to $16,200 from $14,513. Maintenance margin moves up to $12,000 from $10,750.
Hedgers pay the maintenance margin as their initial margin requirements.
It looks as if the exchange is extremely worried after seeing a nearly 10% plunge in silver prices overnight. It will make it more and more difficult for small specs to participate and as I have said previously here, will tend to magnify downward moves in price as margin calls escalate rapidly.
Small specs - be extremely careful in this market right now. There is an attempt going on here to rid the general public of its positions leaving only the big boys to play.
That will also aggravate the volatility even more as open interest drops off and liquidity begins to shrink.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Peter Degraaf: Nuts to all you top pickers!
Lars Schall: The sound of silence from the Fed
Niall Ferguson: The great inflation of the 2010s
J.S. Kim: Use the silver dip to convert paper into metal
The Statistics:
Activity from: 5/02/2011
Gold Warehouse Stocks: | 10,962,273 | -193 |
Silver Warehouse Stocks: | 102,027,906 | -284,318 |
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 | 1229.643 | 39,534,241 | US$60,869m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$5,704m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 115.36 | 3,708,882 | US$5,705m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,334 | US$701m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.47 | 1,590,429 | US$2,442m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,957 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 134.61 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 11,013.75 - No change from yesterday’s data.
The Miners:
Randgold’s (GOLD) dividend, ITH’s (THM) drill results, Great Basin’s (GBG) operational update, Nevsun’s (NSU) mine update, Allied Nevada’s (ANV) drill results, AngloGold’s (AU) market update, Pan American’s (PAAS) mine update, U.S. Silver’s (USA.V) increase in reserves, Great Panther’s (GPL) management additions, and ECU Silver’s (ECU.TO) new mineralization were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. Gold Reserve | GRZ +1.69% $1.80 |
LOSERS
1. Richmont | RIC-12.57% $7.86 |
2. US Gold | UXG -9.12% $8.07 |
3. Nevsun | NSU -8.58% $5.65 |
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:
Detour Gold Closes US$105 Million Financing for Mining Fleet - More
- May 03, 2011 | Item | ShareThis
First Quantum Minerals Holds Groundbreaking Ceremony for Trident Project - More
- May 03, 2011 | Item | ShareThis
Uranium Resources Announces First Quarter 2011 Conference Call and Webcast - More
- May 03, 2011 | Item | ShareThis
Benton Advised That Coro Makes US$4 Million Payment to Lumina for San Jorge - More
- May 03, 2011 | Item | ShareThis
Guinness Exploration Partner Raises US$5.3 Million to Fund Exploration Program at Charlotte Project In Yukon, Canada - More
- May 03, 2011 | Item | ShareThis
North American Nickel Inc. Receives TSXV Conditional Listing Approval; Announces the Arrangement of Two Private Placements, for Up to $3 Million in Proceeds - More
- May 03, 2011 | Item | ShareThis
Uranium 308 Corp. Enters into Letter of Intent with Laberinto Holdings, S.A. for an Option to Acquire a 75% Ownership Interest in Two Mineral Concessions - More
- May 03, 2011 | Item | ShareThis
Laurion Announces Filing of the 2010 Financial Statements and MD&A - More
- May 03, 2011 | Item | ShareThis
Pan American Silver Provides an Update on the San Vicente Mine - "On May 1, Bolivian President Evo Morales announced the formation of a multi-disciplinary committee to re-evaluate several pieces of legislation, including the mining law. However, Mr. Morales made no reference to reviewing or terminating agreements with private mining companies. Pan American operates the San Vicente mine in Bolivia under the terms of a joint-venture contract with the state-owned mining company COMIBOL." More
- May 03, 2011 | Item | ShareThis
SAMEX President's Letter to Shareholders-"Onward to Our Goals"; 2010 Annual Report, Annual General Meeting - More
- May 03, 2011 | Item | ShareThis
DIOS Exploration: Shipshaw Carbonatite Exploration Campaign - More
- May 03, 2011 | Item | ShareThis
BonTerra Continues Drilling - More
- May 03, 2011 | Item | ShareThis
Coro Makes US$4 Million Payment to Lumina for San Jorge - More
- May 03, 2011 | Item | ShareThis
Trueclaim Intersects 1.5 Metres of 94.5g/t Au at the Scadding Gold Project - More
- May 03, 2011 | Item | ShareThis
Weststar $9.0 Million Financing - More
- May 03, 2011 | Item | ShareThis
U.S. Silver Reports Year-End Increase in Proven and Probable Reserves - "U.S. Silver Corporation (TSX-V: USA, US OTCQX: USSIF, Frankfurt: QE2) (“US Silver” or “the Company”) announced that year-end reserves have again increased in excess of production for the fourth consecutive year. Proven and probable silver reserves are 21.9 million ounces, an increase of 304,000 ounces after replacing production of 2.3 million ounces as detailed in the Company’s 43-101 filed on SEDAR." More
- May 03, 2011 | Item | ShareThis
Great Panther Silver Appoints Martin Carsky Executive Vice President & Chief Financial Officer and Adds R.W. (Bob) Garnett to Board of Directors - "GREAT PANTHER SILVER LIMITED (TSX:GPR - News)(AMEX:GPL - News) (the "Company") is pleased to announce the appointment of Martin Carsky B.Sc., CA to the newly created position of Executive Vice President and Chief Financial Officer, effective June 1, 2011, and is therefore stepping aside as an independent director." More
- May 03, 2011 | Item | ShareThis
Burnstone Ventures Closes Acquisition of Major Cu Mo Porphyry Property - More
- May 03, 2011 | Item | ShareThis
La Mancha Appoints New COO and CFO - More
- May 03, 2011 | Item | ShareThis
Strait Gold Files New 43-101 Report on Alicia Copper Project - More
- May 03, 2011 | Item | ShareThis
Zazu Metals Corporation: JDS Energy and Mining to Advance Lik Deposit - More
- May 03, 2011 | Item | ShareThis
Randgold Resources - Final Dividend/Results of AGM - "Randgold Resources Limited confirmed today that shareholders approved an annual dividend for the year ended 31 December 2010 of US$0.20 per share. The dividend payment will be made on 27 May 2011 to shareholders on the register on 13 May 2011. The ex-dividend date will be 11 May 2011." More
- May 03, 2011 | Item | ShareThis
Cartier Confirms Continuity of Gold Zones on Dollier - More
- May 03, 2011 | Item | ShareThis
ECU Silver Finds New Mineralization in Upper Levels of the Santa Juana Mine - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to announce that it has uncovered additional high grade mineralization in the upper levels of the Santa Juana mine which is located in the main Velardena Property. This new mineralization averaged 1.64 grams per tonne (g/t) gold (Au), 324 g/t silver (Ag), 0.72% lead (Pb), 0.13% Zinc (Zn) and 0.35% Copper (Cu) over 3.8 meters (12.5 feet). This mineralization is additional to the mineral resources from the mine's lower levels that were included in the Company's last NI 43-101 mineral resource report." More
- May 03, 2011 | Item | ShareThis
Ranger Gold Receiving Bids for Drill Rigs on Its Nevada Properties - More
- May 03, 2011 | Item | ShareThis
Terra Firma Deploys Indonesian Field Team to Begin Work Program on Gold and Copper Property in South Sulawesi, Indonesia - More
- May 03, 2011 | Item | ShareThis
New Guinea Gold Receives Independent Report for Sinivit Gold Project, Papua New Guinea - More
- May 03, 2011 | Item | ShareThis
IBC Provides Update on Utah Exploration and Announces Summer Drill Program - More
- May 03, 2011 | Item | ShareThis
USEC Inc. and B&W Launch American Centrifuge Manufacturing - More
- May 03, 2011 | Item | ShareThis
White Tiger Mining Corp.: Drill Hole RMZ11-23 Intersects 62.5 m of 0.60% Copper, 2.7 grams/tonne Silver, Including 24m of 1.01% Copper and 4.0 grams/tonne Sil. - More
- May 03, 2011 | Item | ShareThis
Red Metal Completes Acquisition of Two Mining Claims in Chile Region III - More
- May 03, 2011 | Item | ShareThis
Pele Mountain Commences Trading in the United States on OTCQX International - More
- May 03, 2011 | Item | ShareThis
Pan American Goldfields Ltd Announces Appointment of Dr. Alexander Becker as advisor to the board of directors. - More
- May 03, 2011 | Item | ShareThis
Q-Gold Acquires Option on Historic Arizona Peck and Oriental Silver Mines - More
- May 03, 2011 | Item | ShareThis
International Tower Hill Mines Intersects 33.5 Metres of 8.07 g/t Gold in Shallow Drilling at the Livengood Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce the results from a further 29 holes drilled during the Company's 2011 Winter Drill Program at the Livengood Gold Project near Fairbanks, Alaska. The winter drill program, which began in February, is focused on confirming the continuity and grade of the mineralization in the Southwest (SW), South Core and Sunshine zones of the Money Knob deposit, as well as follow-up exploration of a new, deeper, higher grade zone with a series of 500-metre core holes." More
- May 03, 2011 | Item | ShareThis
Uranerz Energy Corporation Letter to Shareholders - More
- May 03, 2011 | Item | ShareThis
Zone Resources Inc. Adds a Fifth Property to its Labrador Trough Iron Project, Quebec - More
- May 03, 2011 | Item | ShareThis
Candente Gold Intersects High Grade Gold in Hanging Wall Veins above the San Rafael Vein, El Oro Gold Project, Mexico - More
- May 03, 2011 | Item | ShareThis
EurOmax Commences Drilling and Geophysical Programs - More
- May 03, 2011 | Item | ShareThis
Drilling Intersects Wide Spread Gold, Silver and Copper Mineralization Including 21.1 Metres Grading 0.88 g/t Gold, 5.05 g/t Silver and 1.60% Copper - More
- May 03, 2011 | Item | ShareThis
Mill Bay Ventures Completes Diamond Drilling on BN & Discovery Zones on Valentine Mountain Gold Project - More
- May 03, 2011 | Item | ShareThis
Marifil Advancing Agreement With Saccharum for Argentina Potash Properties - More
- May 03, 2011 | Item | ShareThis
Ridgemont Welcomes Aaron Wolfe to the Board - More
- May 03, 2011 | Item | ShareThis
Metals Creek Resources Corp. Acquires Claims Near the Goldquest Area, Southwestern Newfoundland - More
- May 03, 2011 | Item | ShareThis
Entourage Metals Expands Land Position in Hemlo Greenstone Belt - More
- May 03, 2011 | Item | ShareThis
Avino Samples 2.10M of 536 g/t Ag, 1.692 g/t Au at San Gonzalo - More
- May 03, 2011 | Item | ShareThis
Silver Bull Intersects 214 g/t Silver, 1.5% Zinc, 0.92% Lead, and 0.7% Copper Over 38.6 Meters on its Sierra Mojada Property in Mexico - More
- May 03, 2011 | Item | ShareThis
Animas Resources Commisions Study to Advance Santa Gertrudis, Prepares for Additional Field Work at Kinsley Mountain - More
- May 03, 2011 | Item | ShareThis
Silver Spruce Discovers Significant Gold/Silver Mineralization, Big Easy Property, Eastern Newfoundland - More
- May 03, 2011 | Item | ShareThis
Pacific Bay Minerals Ltd.: New Uranium Discovery Made at Regalo Property, Argentina - More
- May 03, 2011 | Item | ShareThis
Great Basin Gold Provides Operational Update - "The Metallurgical Plant, as well as all other major capital projects was successfully commissioned by the end of January 2011. During the quarter, Burnstone recovered 5,511 gold ounces (Au oz) and sold 2,794 oz to record its maiden revenue of $3.8 million. The cash production cost per tonne for the period is estimated at US$70 (ZAR490), which is in-line with the planned cost during production build-up. Ounces recovered were predominantly from development ore processed, which at a lower head grade of 0.03 Au oz/t (1.03 g/t) grade resulted in a gold recovery of 83%. Gold recoveries are expected to improve as the grade of the mill feed increases. The impact of the lower head grade resulted in a cash production cost of approximately US$1,365 (ZAR 9,555) per oz." More
- May 03, 2011 | Item | ShareThis
Richfield Drills 91 Metres of 2.04 g/t Au and 226 Metres of 0.92 g/t Au - More
- May 03, 2011 | Item | ShareThis
Phelps Dodge Corporation of Canada Enters Into Agreement to Explore Serengeti Resources' Tchentlo and Choo Porphyry Properties in British Columbia - More
- May 03, 2011 | Item | ShareThis
East Asia Minerals Announces Acquisition of 50% of Carbon Conservation Pty Ltd. - More
- May 03, 2011 | Item | ShareThis
Logan Appoints New Directors - More
- May 03, 2011 | Item | ShareThis
Ruby Creek Resources to Appear at the New York Hard Asset Conference May 9th & 10th - More
- May 03, 2011 | Item | ShareThis
Tahoe Announces Addition to Board of Directors - More
- May 03, 2011 | Item | ShareThis
Gunpowder Gold Corp. Announces Closing of $200,000 Private Placement and Phase 1 Exploration Update at Its Dome Rock Property in the Walker Lane Belt, Arizona - More
- May 03, 2011 | Item | ShareThis
Explor Resources Inc.: Private Placement - More
- May 03, 2011 | Item | ShareThis
Pacific Rim Mining Closes Private Placement Financing - More
- May 03, 2011 | Item | ShareThis
East Asia Minerals Announces Change in Board of Directors - More
- May 03, 2011 | Item | ShareThis
Black Iron Inc. Announces Ground Gravity Survey Results at Its Shymanivske Iron Ore Project in Ukraine - More
- May 03, 2011 | Item | ShareThis
Nevada Copper Intersects 1,164 Feet of 0.49% Copper in the Pumpkin Hollow North Deposit - More
- May 03, 2011 | Item | ShareThis
Nevsun Resources Ltd.: Bisha Mine and Corporate Update - "Nevsun Resources Ltd. is pleased to announce that the Bisha mine in Eritrea continues to have strong operating performance since declaring commercial production in February this year. The Company also advises that Nevsun and the Eritrean National Mining Corporation (ENAMCO) have agreed to finalize the Bisha purchase price by June 30, 2011 (see details below)." More
- May 03, 2011 | Item | ShareThis
Avion Increases Measured & Indicated Resource by 20% to 1.17 Million Ounces of Gold From 979,000 Ounces of Gold - More
- May 03, 2011 | Item | ShareThis
Lithium Exploration Group Contracts with Long for Valleyview Project - More
- May 03, 2011 | Item | ShareThis
Mercator Minerals Ltd. - Record Monthly Molybdenum Production at Mineral Park in April - More
- May 03, 2011 | Item | ShareThis
Allied Nevada Drills 190 Meters of 1.4 g/t Gold and 36.8 g/t Silver (2.5 g/t Gold Equivalent) in the Vortex Zone at Hycroft - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce recent drill results from the ongoing exploration program at its wholly owned Hycroft mine located near Winnemucca, Nevada. The Company implemented a program of north-south oriented infill drilling in the Vortex Zone, which had previously been drilled on an east-west drill pattern, to test grade and continuity of mineralization in that orientation. This drilling confirmed that mineralization is tabular and disseminated in nature, with no apparent bias in orientation. This north-south oriented drilling encountered grades at or above those of the current resource highlighted by 190 meters grading 1.4 g/t gold and 36.8 g/t silver (2.5 g/t gold equivalent)." More
- May 03, 2011 | Item | ShareThis
Geopulse Exploration Completes the La Sal Mountains Property Acquisition - More
- May 03, 2011 | Item | ShareThis
Dacha Reports Assets of C$0.71 Per Share With Inventory Valued at US$48.8 Million as of April 29, 2011 - More
- May 03, 2011 | Item | ShareThis
Bridgeport Ventures Inc. Commences Drill Program for Gold at Hot Pot, Nevada - More
- May 03, 2011 | Item | ShareThis
AngloGold Ashanti Limited -- First Quarter 2011 Market Update - "AngloGold Ashanti (NYSE:AU - News) will publish detailed first-quarter earnings on 11 May 2011. Given that this is the first reporting period in the company's history without the effects of its hedge book, which was eliminated on 7 October 2010, the company deems it prudent to release this market update in advance of its earnings." More
- May 03, 2011 | Item | ShareThis
Yukon-Nevada Gold Corp. Reports a Significant Resource Increase at Jerritt Canyon, Nevada - More
- May 03, 2011 | Item | ShareThis
Drilling Identifies New Copper Gold Targets and Expands Raintree West Prospect at Whistler Project, Alaska - More
- May 03, 2011 | Item | ShareThis
Stillwater Mining Reports Record Quarterly Earnings for the First Quarter - More
- May 03, 2011 | Item | ShareThis
Northland Engages Forcit to Supply Explosives for Kaunisvaara - More
- May 03, 2011 | Item | ShareThis
Driven Capital Options Lyn Silver Project, Yukon - More
- May 03, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 3 May, 2011 | |
