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Gold Seeker Closing Report: Gold and Silver Gain With Oil

By: Chris Mullen, Gold-Seeker.com



-- Posted 24 May, 2011 | |

 

Close

Gain/Loss

Gold

$1523.20

+$8.10

Silver

$36.20

+$0.30

XAU

202.63

+2.58%

HUI

537.92

+2.44%

GDM

1570.87

+2.40%

JSE Gold

2606.38

+13.75

USD

75.89

-0.27

Euro

141.05

+0.56

Yen

122.09

+0.10

Oil

$99.59

+$1.89

10-Year

3.123%

-0.011

T-Bond

125.28125

+0.1875

Dow

12356.21

-0.20%

Nasdaq

2746.16

-0.46%

S&P

1316.28

-0.08%

 
 

 

The Metals:

 

Gold climbed to as high as $1527.60 by a little after 10AM EST before it fell back off a bit in the last few hours of trade, but it still ended with a gain of 0.53%.  Silver surged to as high as $36.395 before it also fell back off, but it still ended with a gain of 0.86%.

 

Euro gold climbed to a new all-time high above €1080, platinum gained $7.25 to $1754.75, and copper climbed a couple of cents to about $4.01.

 

Gold and silver equities rose over 2% in the first half hour of trade before they fell back off a bit midday, but they then rose to new highs in the last couple of hours of trade and ended with about 2.5% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

April

323K

300K

301K

 

Troubled banks made up about 12 pct of total in Q1  Yahoo

Priciest Homes Languish in Greenwich, Connecticut  Bloomberg

 

Tomorrow at 8:30AM EST brings Durable Goods Orders for April expected at -2.0%.  Excluding transportation, orders are expected at 0.6%.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose on bullish price forecasts as the U.S. dollar index fell on the euro’s rebound from yesterday’s sharp fall.

 

Treasuries turned higher after today’s $35 billion 2-year note auction sold at a high yield of 0.56% with a bid to cover of 3.46.

 

The Dow, Nasdaq, and S&P waffled near unchanged on lingering worries over Europe.

 

Among the big names making news in the market today were Chrysler, Moody’s, Sony, AIG, Yandex, Toyota, and Caterpillar.

 

The Commentary:

 

If you are looking for a reason to explain the strength seen across a widespread portion of the commodity sector today, particularly silver, crude oil and gasoline, look no further than comments from the St. Louis Federal Reserve President Bullard, who actually provided a date in the future at which the Fed might begin pulling back on its monetary accomodation.

He was speaking at a Rotary Club meeting in Missouri when he stated that it might be in the SECOND HALF OF NEXT YEAR that the Fed would begin to effectively tighten.

The Fed Funds futures contract is signaling a move higher in the Fed Funds rate in the July 2012 contract.

Once the market digested those comments, some of the commodity markets got a fresh influx of hot money flows lifting them strongly higher on the session. No surprise that Goldman would issue their call to buy commodities. They obviously knew in advance.

That buying was enough to take silver out of the top of its recent tighter range near $36. It has a chance now to make a run towards $37.50. Only a good breakout above $40 will see it resume its uptrending move in earnest.

Crude oil punched through $100 today, no mean feat considering the selling it has been experiencing of late due to risk aversion flows. Goldman Sachs, whose call for lower commodities a few weeks back, touched off an avalanche of selling, changed their colors and came out today with a buy recommendation for several commodity markets, including crude oil. Crude was already moving higher on that news but when the Bullard comments hit the wire, it got an extra kick higher.

While today's move higher in crude is impressive, it is still stuck in a range trade on the technical price charts and will need a solid close above $101 at a bare minimum if it is going to set off any fireworks in there. Unleaded gasoline needs a closing push through today's session high near $302.50 to get something going in there.

The CCI, Continuous Commodity Index, while higher today, is still trading below 640. I view this level as a pivot around which it is rotating and which it must clear on the upside if we are going to see a solid revival in the overall "buy commodities" theme. There are still more than a few individual commodity sectors which are lagging badly, among them the grains and the livestock markets. If those both turn in conjunction with higher energy and metals prices, then I think we are on to something again with the risk trades. If not, it will be more range trading and consolidation for the sector as whole with traders having to hand pick which markets that they want to buy instead of just plopping down money on anything tangible and then waiting for prices to go higher.

In a perverse sort of way, Bullard's comments managed to get the best of all worlds for the Fed - they put a bid under the equity markets as traders were less fearful of monetary accomodation coming off anytime soon while bonds moved higher, shoving yields lower, on the idea that the easy monetary policy was indicative of the Fed's caution towards any economic recovery. Today was one of those days where the Fed got to have its cake and eat it too.

While the broad equity markets were on the plus side today, the mining stocks as exemplified by the HUI and the XAU confirmed technical bottoms by todays strong showing. They have been flirting with bottoming action for nearly a week now but were not quite able to get the job done. The solid push through last week's high for both indices is a bullish chart development and augurs for further gains, provided that we do not get any contradictory statements coming from any other Fed governor soon.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

Gene Arensberg: Silver's parabolic corrections

Euro's father favors rigging the currency markets -- gold too?

 

The Statistics:

Activity from: 5/23/2011

Gold Warehouse Stocks:

11,163,119

-

Silver Warehouse Stocks:

101,300,108

+581,591

 

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

1209.532

38,887,654

US$59,364m

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$5,650m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

126.23

4,058,350

US$6,183m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,221

US$696m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.73

1,566,633

US$2,366m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,955

US$8m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 7.579 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 135.36 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,136.99 -15.17 change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRE) review, Kirkland’s (KGI.TO) production, Bear Creek’s (BCM.V) government study, and Great Panther’s (GPL) postponed resource estimate were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavor Silver

EXK +9.25% $9.33

2.  First Majestic

AG +8.56% $19.28

3.  Richmont

RIC +8.11% $8.00

 

LOSERS

1.  Cardero

CDY -4.47% $1.58

2.  Gold Resource

GORO-3.90% $27.83

3.  Great Panther

GPL -3.45% $2.80

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:

Amseco Exploration Ltd.: Barry-Urban Drill Holes Intersect Significant Gold Values - More
- May 24, 2011 | Item | ShareThis


North American Nickel Inc. Announces Cashel Meagher, VP Exploration of HudBay Minerals, Joins Its Advisory Board; Grant of Stock Options - More
- May 24, 2011 | Item | ShareThis


Seafield Closes $3,000,000 Private Placement at Market Premium - More
- May 24, 2011 | Item | ShareThis


West Melville Iron Company Ltd. Signs Joint Venture With Roche Bay plc to Acquire Up to 70% of Iron Ore Project - More
- May 24, 2011 | Item | ShareThis


Lincoln Mining Advances Pine Grove Gold Property, Nevada - More
- May 24, 2011 | Item | ShareThis


Tanzanian Royalty Reports Historical Surface Rubble Pitting Results From Buckreef Gold Mine Re-development Project in Tanzania - "Tanzanian Royalty Exploration is pleased to announce that it has completed a detailed review of a previously completed but non-reported reconnaissance pitting program on its Buziba West Prospect in northern Tanzania." More
- May 24, 2011 | Item | ShareThis


Argentum Closes First Tranche of Non-Brokered Financing - More
- May 24, 2011 | Item | ShareThis


Critical Elements Corporation Intersects 1.64% Li20 and 226 ppm Ta2O5 Over 9.20 Metres Near Surface - More
- May 24, 2011 | Item | ShareThis


Yukon-Nevada Gold Corp. Raises $59,328,000 by Exercise of Warrants and Private Placement - More
- May 24, 2011 | Item | ShareThis


RX Exploration Inc. Announces Appointment of Special Committee - More
- May 24, 2011 | Item | ShareThis


Gryphon Gold Announces US$382,500 Over-Allotment Option Exercise - More
- May 24, 2011 | Item | ShareThis


Z-Gold Exploration Increases Abitibi Gold Property - More
- May 24, 2011 | Item | ShareThis


Fancamp Drilling at McFaulds Lake Property, Ring Of Fire, Northern Ontario-Important New Chromite Occurrence - More
- May 24, 2011 | Item | ShareThis


Cartier Resources Inc. Announces the Results of the Annual General Meeting - More
- May 24, 2011 | Item | ShareThis


Crazy Horse Resources Inc.: Economic Benefits Study on Taysan Demonstrates Positive Economic Impact - More
- May 24, 2011 | Item | ShareThis


Glass Earth Gold Limited: Financial Statements and Management's Discussion & Analysis for the First Quarter Ended 31 March 2011 - More
- May 24, 2011 | Item | ShareThis


Ruby Creek Moves to Close Gold Standard Acquisitions - More
- May 24, 2011 | Item | ShareThis


Zenyatta Ventures Ltd.-Motion for Injunction by First Nation Community Adjourned to June 1St; Mediation to Take Place While Drilling Continues - More
- May 24, 2011 | Item | ShareThis


Strategic Mining Appoints CEO - More
- May 24, 2011 | Item | ShareThis


Jayden Resources Inc.: Drilling Commences at Silver Coin Project, B.C. - More
- May 24, 2011 | Item | ShareThis


Red Ore Gold Inc. Signs LOI on Pogonip Ridge, Nevada Gold-Silver Property - More
- May 24, 2011 | Item | ShareThis


Amarillo Gold Receives Pre-Feasibility Metallurgical Report, Defining Gold Recovery Circuit, With 90% Recoveries - More
- May 24, 2011 | Item | ShareThis


Taku Commences Exploration in the Yukon - More
- May 24, 2011 | Item | ShareThis


Barrick%u2019s Golden Sunlight Mine Intends to Purchase and Process Vein Material from RX Exploration - More
- May 24, 2011 | Item | ShareThis


Pele Mountain Launches 7,000 Metre Drill Program at Its Eco Ridge Mine Rare Earths and Uranium Project - More
- May 24, 2011 | Item | ShareThis


Rye Patch Starts Drilling on Jefferson Zone at Lincoln Hill - More
- May 24, 2011 | Item | ShareThis


Sandspring Infill Drill Results from the Toroparu Gold-Copper Deposit Includes 181.5 m of 1.17g/t Gold and 0.15 % Copper in TPD 168 - More
- May 24, 2011 | Item | ShareThis


Meadow Bay Gold Completes NI 43-101 Technical Report for the Colorback Gold Project, Lander County, Nevada - More
- May 24, 2011 | Item | ShareThis


Starcore's Tailings Dam Expansion Approved for 16 More Years of Production - More
- May 24, 2011 | Item | ShareThis


Orex Engages Sigorex as New Investor Relations Consultant - More
- May 24, 2011 | Item | ShareThis


New Mexico Copper Corporation Parent Company, THEMAC Resources Group Limited, Gains 100% Ownership of Copper Flat - More
- May 24, 2011 | Item | ShareThis


MBMI Appoints John Cook as Executive VP and Interim CFO - More
- May 24, 2011 | Item | ShareThis


Trueclaim Exploration Inc.: Stock Option Grants - More
- May 24, 2011 | Item | ShareThis


Parlane Commences Exploration Program at Mercedes Gold-Silver Project, Sonora, Mexico - More
- May 24, 2011 | Item | ShareThis


Choice Gold Corp. Releases Titan 24 IP Results and Expands 2011 Drilling Program - More
- May 24, 2011 | Item | ShareThis


Otterburn Ventures Inc. Closes Four Option Agreements with Lake Victoria Mining Company, Inc. to Acquire Properties in Tanzania; Previously Announced on May 10 - More
- May 24, 2011 | Item | ShareThis


AndeanGold Reports Additional Positive Assay Results, Urumalqui Au-Ag Project, Peru - More
- May 24, 2011 | Item | ShareThis


Tombstone Exploration Announces Appointment to the Board of Directors - More
- May 24, 2011 | Item | ShareThis


Moly Mines Company Update - More
- May 24, 2011 | Item | ShareThis


Tyhee Gold Corp Announces the Appointment of Brian K Briggs as Vice President of Engineering and Project Manager for the Yellowknife Gold Project, Nwt Canada - More
- May 24, 2011 | Item | ShareThis


Uranium Energy Corp Completes Acquisition of Coronel Oviedo Uranium Project in Paraguay - More
- May 24, 2011 | Item | ShareThis


Oremex Resources Provides Update on Its Silver Exploration Activities - More
- May 24, 2011 | Item | ShareThis


Pan Global Balkans Project Update - More
- May 24, 2011 | Item | ShareThis


Excelsior Commences Trading on OTCQX - More
- May 24, 2011 | Item | ShareThis


Southern Arc Minerals Inc.: Resumption of Drilling Program at Pelangan, West Lombok - More
- May 24, 2011 | Item | ShareThis


Aura Silver Increases Mineralized Zones at Higo Blanco, Drilling On-Going - More
- May 24, 2011 | Item | ShareThis


Canamex Commences 2011 Exploration Program at Bruner Gold-Silver Project, Nevada - More
- May 24, 2011 | Item | ShareThis


American Paramount Gold Completes Updated NI43-101 Report on the Gold and Silver Capgold Project - More
- May 24, 2011 | Item | ShareThis


White Tiger Gold and Century Mining Announce Update to Proposed Business Combination Timing - More
- May 24, 2011 | Item | ShareThis


Comstock Mining Announces Highest Gold Assay to Date with 3.56 Ounces per ton of Gold, Includes 5.20 Ounces per ton of Silver - More
- May 24, 2011 | Item | ShareThis


Energizer Resources' Green Giant Vanadium Project Visited by Madagascar's Prime Minister, Minister of Mines and Other Key Officials - More
- May 24, 2011 | Item | ShareThis


Redstar Acquires High Grade Gold Project; Historic Drilling Returns Values Up to 33 g/t Over 3.4 Metres - More
- May 24, 2011 | Item | ShareThis


Kirrin Resources Announces Completion of Airborne Geophysics Survey at Key Lake SW - More
- May 24, 2011 | Item | ShareThis


Cerro Resources NL Commences Drilling at Its Namiquipa Project - More
- May 24, 2011 | Item | ShareThis


Eastern Platinum Limited: Operations Resume at Crocodile River Mine-Two Year Wage Agreement Reached With NUM - More
- May 24, 2011 | Item | ShareThis


Black Iron Hires Former Ferrexpo General Director as Chief Operating Officer - More
- May 24, 2011 | Item | ShareThis


Pelangio Exploration Hits High Grade Gold on the Manfo Property-14.1 g/t Over 7 Metres at Pokukrom West - More
- May 24, 2011 | Item | ShareThis


Duluth Metals Announces Normal Course Issuer Bid and Securities Repurchase Plan for its Class a Shares - More
- May 24, 2011 | Item | ShareThis


Reservoir Capital Corp.: Progress Report on the Deli Jovan Gold Project in Serbia - More
- May 24, 2011 | Item | ShareThis


Lara Exploration Ltd.: Drill Program Started at Canabrava in Central Brazil - More
- May 24, 2011 | Item | ShareThis


Canaco Announces a New Mineralized Gold Lode at Magambazi and Increases Continuity of High-grade Mineralization in the Western Lode - More
- May 24, 2011 | Item | ShareThis


American Manganese Inc.: Artillery Peak Environmental and Permitting Contract Awarded - More
- May 24, 2011 | Item | ShareThis


Salazar Hits New High Grade at Curipamba With 15.6 Meters of 1.59 g/t Gold & 1.07% Copper Including 5.89 Meters of 3.35 g/t Gold & 2.37% Copper - More
- May 24, 2011 | Item | ShareThis


Driven Capital Commences Work at Kuyakuz Mountain, Blackwater District - More
- May 24, 2011 | Item | ShareThis


Orosur Mining Inc. Southern Uruguay Project Farm Out - More
- May 24, 2011 | Item | ShareThis


Bear Creek Reports on Peruvian Government Study on Mining Permit Processes Within Two Southern Puno Provinces - "Bear Creek Mining (TSX Venture:BCM.v - News) ("Bear Creek" or the "Company") announces that the Peruvian government has issued a decree setting up a 180 day Multi-Sectorial Commission comprised of ministers and elected local officials to study and propose appropriate action in respect to mining activities within the provinces of Yunguyo and Chucuito while the Peruvian government resolves certain protests occurring in the Puno region. The government called for the study in response to two weeks of strikes in the region protesting mining, oil and gas, and hydroelectric activities." More
- May 24, 2011 | Item | ShareThis


Great Panther Silver Postpones Resource Estimate for San Ignacio Mine Property, Guanajuato - "GREAT PANTHER SILVER LIMITED (TSX:GPR - News)(AMEX:GPL - News) (the "Company") has decided to postpone the NI 43-101 compliant mineral resource estimate for the San Ignacio Mine property, Guanajuato, pending further drilling. Diamond drilling has continued at San Ignacio, where silver-gold mineralization was intersected and results announced for the first 8 holes (see news releases dated October 28, November 15, December 21, 2010 and March 10, 2011). As drilling continued and results were compiled, steps were taken to prepare an internal NI 43-101 compliant resource estimate. This involved a Quality Assurance ("QA") procedure that was even more stringent than the normal process of inserting standards, blanks and duplicates into the drill core sample sequence. Under the new procedure, drill core from select samples was quartered and assayed to compare to the original results and, during this process, it was observed that there was no consistent correlation between the original and check assays." More
- May 24, 2011 | Item | ShareThis


Kirkland Lake Gold Announces Record April, Fourth Quarter & Full Year Gold Production Numbers for Fiscal 2011 - "Kirkland Lake Gold Inc. ('Kirkland Lake Gold' or the 'Company') (TSX:KGI - News)(AIM: KGI), an operating and exploration gold mining company located in Ontario, Canada, is pleased to announce its fourth quarter and full fiscal year 2011 gold production for the year ended April 30, 2011. The Company's new fiscal year 2012 began May 1, 2011." More
- May 24, 2011 | Item | ShareThis


- Chris Mullen, Gold Seeker Report

 

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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 24 May, 2011 | |


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