-- Posted 20 May, 2011 | |
Please Note: Canadian stock markets will be closed on Monday for Victoria Day.
| Close | Gain/Loss | On Week |
Gold | $1509.20 | +$17.20 | +1.06% |
Silver | $35.08 | +$0.18 | +0.11% |
XAU | 199.29 | +0.38% | +2.06% |
HUI | 529.73 | +0.31% | +2.74% |
GDM | 1548.64 | +0.43% | +3.05% |
JSE Gold | 2556.56 | -7.61 | -0.86% |
USD | 75.63 | +0.53 | -0.20% |
Euro | 141.48 | -1.65 | +0.33% |
Yen | 122.36 | -0.18 | -1.08% |
Oil | $99.49 | +$1.05 | -0.16% |
10-Year | 3.152% | -0.019 | -1.10% |
Bond | 124.84375 | +0.21875 | +0.33% |
Dow | 12512.04 | -0.74% | -0.66% |
Nasdaq | 2803.32 | -0.71% | -0.89% |
S&P | 1333.27 | -0.77% | -0.34% |
The Metals:
Gold climbed $12.34 to $1504.34 in Asia before it fell back off in London to as low as $1486.80 by about 10AM EST, but it then shot to a new session high of $1515.75 by early afternoon in New York and ended with a gain of 1.15%. Silver surged to as high as $35.556 in Asia before it fell back to $34.215 in New York and then also bounced back higher in late trade, but it ended with a gain of just 0.52%.
Euro gold rose to almost €1062 (just shy of its all-time high of €1063 made on 11-30-2010), platinum gained $1.50 to $1763, and copper gained 7 cents to about $4.12.
Gold and silver equities fell about 2% by midmorning, but they then climbed to see over 1% gains by midday and remained near that level for the rest of the day.
The Economy:
All of this week’s economic reports:
Next week’s economic highlights include New Home Sales on Tuesday, Durable Goods Orders on Wednesday, GDP and Initial Jobless Claims on Thursday, and Personal Income and Spending, Core PCE Prices, Michigan Sentiment, and Pending Home Sales on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed higher in late trade and ended near $100 a barrel on short covering heading into the weekend.
The U.S. dollar index rose as the euro fell after Fitch downgraded Greece’s credit rating.
Treasuries rose as the Dow, Nasdaq, and S&P fell on poor earnings reports.
Among the big names making news in the market Friday were Barnes & Noble, Gap, Goldman Sachs, Tepco, BP, Apple, and Fortune Brands.
The Commentary:
“While US Dollar priced gold has been holding relatively firm lately, it remains well off its recent record high near $1580. That has not been the case with gold priced in terms of the major European currencies. Take a look at the following charts and note that gold is trading very close up against its record price in terms of two out of three European majors.
What this tells us is that the metal is attracting significant safe haven buying by investors out of Europe who are increasingly concerned over the unstable financial picture of some of the member nations of the EU. These sovereign debt woes continue to unnerve investors who are attracted to gold as a place to park their wealth.
I believe that this is one of the reasons that gold in US Dollar terms will not break down technically but continues to find substantial buying on dips into the lower part of its trading range. If gold does forge ahead into new highs in terms of any of these European currencies, look for US Dollar priced gold to break out of its range trade and make a run towards $1550.
While gold priced in terms of the Swiss Franc is not as strong on its chart as the two currency-priced charts above, it is still holding very firm. The Swiss Franc is still retaining some of its historical safe haven status and its relative strength against both the Euro and the Pound, and of course the Dollar, is working to keep the price of gold a bit weaker.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
An interview with Hugo Salinas Price on returning to a silver Mexican peso
Stacy Herbert: Show me the silver bubble
The Statistics:
Activity from: 5/18/2011
Gold Warehouse Stocks: | 11,163,342 | +3,500 |
Silver Warehouse Stocks: | 100,931,867 | +418,915 |
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 | 1191.344 | 38,302,887 | US$57,085m |
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$5,609m |
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$5,610m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,243 | US$691m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.58 | 1,594,029 | US$2,392m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,956 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 135.36 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,203.73 -242.7 change from yesterday’s data.
The Miners:
Kinross Gold’s (KGC) work stoppage and Midway’s (MDW) bought deal offering were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Midway | MDW+12.41% $1.72 |
2. Claude | CGR +10.15% $2.17 |
3. Extorre | XG +5.94% $10.17 |
LOSERS
1. Gold Reserve | GRZ -3.30% $1.76 |
2. ITH | THM -1.79% $8.25 |
3. Golden Minerals | AUMN -1.72% $17.12 |
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:
Klondike Silver Private Placement - More
- May 20, 2011 | Item | ShareThis
Comstock Mining Announces Annual Shareholders' Meeting and Record Date - More
- May 20, 2011 | Item | ShareThis
Legion Resources Corp. & Samaranta Mining Corporation Complete Amalgamation - More
- May 20, 2011 | Item | ShareThis
Malaga Says it is Not Aware of Any Undisclosed Development That Would Account for Recent Trading Activity - More
- May 20, 2011 | Item | ShareThis
Vantex Grants Options to New Director - More
- May 20, 2011 | Item | ShareThis
Portex Minerals Inc. Announces Third Closing of Equity Financing - More
- May 20, 2011 | Item | ShareThis
Thompson Creek Announces Closing of its Senior Unsecured Notes Offering - More
- May 20, 2011 | Item | ShareThis
Orosur Mining Inc. Issue of Ordinary Shares upon Exercise of Stock Options - More
- May 20, 2011 | Item | ShareThis
EURO Ressources Announces Date of Ordinary Annual Shareholders' Meeting and a Maximum Amount of EUR 0.47 per Common Share Issuance Premium Distribution - More
- May 20, 2011 | Item | ShareThis
Apollo Solar Energy Reports First Quarter 2011 Earnings - More
- May 20, 2011 | Item | ShareThis
Medoro Resources Announces Filing of Preliminary Economic Assessment for the Marmato Project - More
- May 20, 2011 | Item | ShareThis
U3O8 Corp. Files NI 43-101 Technical Report on the Laguna Salada Project, Argentina - More
- May 20, 2011 | Item | ShareThis
Fancamp Announces First Tranche Closing of Brokered Financing by the Magpie Mines Inc. - More
- May 20, 2011 | Item | ShareThis
AFR successfully completes trial processing of Luisha south stockpile with processing of a 200 tonne bulk sample through a modular concentration plant - More
- May 20, 2011 | Item | ShareThis
IP Survey Significantly Expands Potential of Santana Project - More
- May 20, 2011 | Item | ShareThis
Platinex Files Technical Report for Norton Lake Property - More
- May 20, 2011 | Item | ShareThis
TNR Gold Corp.: International Lithium Corp. Listing Date - More
- May 20, 2011 | Item | ShareThis
RX Exploration Inc. Advises Shareholders to Take No Voting Action at This Time With Respect to Any Gold Proxy Form Received - More
- May 20, 2011 | Item | ShareThis
Tosca Mining Corp to Commence Trading on the United States OTCQX on Friday May 20, 2011 - More
- May 20, 2011 | Item | ShareThis
Chalice Gold Announces Financing - More
- May 20, 2011 | Item | ShareThis
Seymour Ventures Subsidiary Rare Earth Industries to Enhance Its Corporate Branding - More
- May 20, 2011 | Item | ShareThis
Athena Silver Begins Preparation of NI-101 Technical Report on Langtry Silver Project - More
- May 20, 2011 | Item | ShareThis
American Lithium Minerals to File Delayed Form 10-Q - More
- May 20, 2011 | Item | ShareThis
Ashburton Update on Drilling Program at Deep Creek, Nevada - More
- May 20, 2011 | Item | ShareThis
Senetek Announces Appointment of Two New Directors - More
- May 20, 2011 | Item | ShareThis
Golden Reign Resources Ltd.: Lab Data Entry Error Detected - More
- May 20, 2011 | Item | ShareThis
Kinross Gold: Unionized Workers at Tasiast Return Following Brief Work Stoppage - "Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) said today that a brief work stoppage at its Tasiast gold mine in Mauritania on May 19th had ended. Normal operations at the site have resumed and all unionized workers are back to work following the resolution of certain issues related to working conditions and pay. Constructive dialogue with the union is continuing with the aim of improving working conditions to Kinross standards, and to negotiating a collective agreement with unionized employees. Production at Tasiast was not affected by the work stoppage, which lasted less than a day. In the first quarter of 2011 Tasiast produced 51,321 gold equivalent ounces." More
- May 20, 2011 | Item | ShareThis
Midway Announces US$12 Million Bought Deal Offering - "Midway Gold Corp. ("Midway" or the "Company") (TSX-V:MDW - News)(AMEX:MDW - News) is pleased to announce that it has entered into an agreement with Haywood Securities Inc. (the "Underwriter"), pursuant to which the Underwriter has agreed to purchase, on a bought deal basis, 7,500,000 common shares (the "Common Shares") of the Company at a price of US$1.60 per Common Share (the "Issue Price") for aggregate gross proceeds to the Company of US$12,000,000 (the "Offering"). The Common Shares are to be sold by way of a prospectus supplement to Midway's existing base shelf prospectus dated April 21, 2011 and filed with the securities commissions in the provinces of British Columbia, Alberta and Ontario and in the United States by way of a prospectus supplement to the Company's base shelf prospectus included in the Company's shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC") on April 21, 2011." More
- May 20, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 20 May, 2011 | |
