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Gold Seeker Closing Report – Silver ETF Discussion
By: Chris Mullen, Gold Seeker


-- Posted Thursday, 27 April 2006 | Digg This ArticleDigg It!

Market Analysis from GoldSeek.com, SilverSeek.com & CapitalUpdates.com:

 

Today’s Economic Data:

 

Report

For

Reading

Expected

Previous

Initial Claims

4/22

315K

305K

304K

Help-Wanted Index

Mar

38

39

39

 

The big news today came from fed chairman Bernanke’s testimony before the joint economic committee on Capitol Hill.  While he indicated the fed will likely hike rates at least one more time in order to combat inflation, he also said that: "At some point in the future the committee may decide to take no action at one or more meetings in the interest of allowing more time to receive information relevant to the outlook."  Surprisingly, Bernanke indicated that the fed may pause even if economic data indicates that they should continue to tighten.

 

Also making news was China’s central bank raising their lending rate in an effort to slow their economy.

 

Tomorrow at 8:30AM EST brings the advanced 1st quarter GDP report expected at 4.9%.  The Chain Deflator is expected at 2.7% and the Employment Cost Index is expected at 0.9%.  At 9:50 is the revised reading for April Michigan Sentiment expected at 89.0 and at 10AM is Chicago PMI for April expected at 58.0.

 

How Will The Fed's Next Move Affect Your Investments?
The debate seems to never end on how the Fed's decisions will affect your investments. But should the Fed's potential actions factor into your financial planning? The answer will surprise you. Elliott Wave International Senior Analyst Steven Hochberg tackles the question with eye-opening analysis and a must-see chart that challenges the status quo of financial thinking. This isn't the standard "bull versus bear" commentary that dominates the media concerning the Fed's actions. It's brave analysis that you won't find anywhere else.

 

 

Close

Gain/Loss

Gold

$633.90

-$5.50

Silver

$12.47

-$0.33

XAU

152.05

-3.55%

HUI

361.63

-3.92%

GDM

1130.14

-3.80%

JSE Gold

3032.46

UNCH

USD

86.67

-0.60

Euro

125.39

+0.88

Yen

87.69

+0.53

Oil

$70.97

-$0.96

10-Year

5.084%

-0.021

T-Bond

106.6875

+0.09375

Dow

11382.51

+0.25%

Nasdaq

2344.95

+0.49%

S&P

1309.72

+0.33%

 

Gold Warehouse Stocks:

7,696,693

-

Silver Warehouse Stocks:

124,256,792

-

 

Gold was all over the map in the last 24 hours.  It fell near $635 in Asia, rose over $640 in early London trade, fell to under $630 by the New York open, and rose back above $640 in midmorning New York trade, but it then fell off into the close and ended a bit under $635 to fall from yesterday’s 25 year closing high.  Silver followed a similar rollercoaster ride.  It fell to as low as $12.20 and rose to as high as over $13, but it ultimately ended with a 2.58% loss at $12.47.

 

Euro gold fell but held above €505, platinum gained $1 to $1,128 to new 26 year highs, palladium lost $6 to $358, and copper dropped nearly 30 cents near $2.80.

 

Gold and silver equities started off near unchanged but then fell off throughout the rest of trade and ended with nearly 4% losses.

 

Some important gold/silver stories recently crossing the wire:

 

U.S. SEC clears Barclays iShares Silver Trust

Analysts upbeat on silver after ratio breaks out

Barclays: Silver ETF 'Expected' To Start Trading Friday

 

"Silver ETF Discussion"

 

--- Peter Spina of www.goldforecaster.com wrote:

 

There are rumors that Warren Buffet will supply his silver to the ETF and it will cause a short-term pullback. 

 

--- Jason Hommel of Silverstockreport.com wrote:

 

Pension fund demand can swamp Warren's 130 mil oz. silver.

 

Warren probably is behind the ETF's, I agree, because he is connected to the guys who created them: both are from the CalPers, the pension fund of California, which runs into the 200 billion.  Warren is connected to that through Arnold, as his economic advisor.

 

Warren is putting his silver into the ETF, not to sell it, but to allow the creation of the ETF, which will allow other larger investors to bid up the value of silver!!! 

 

Do not expect a slaughter in the silver price.  These rumors have it backwards.  If Buffet's silver backs the ETF, the price of silver will soar!  And here's why:

 

If the ETF has 1.5 million oz. that will not attract $1-2 billion in buying power.

 

But if the ETF has 130 million oz. then someone with 1-2 billion might "bite", and push up the silver price.

 

To catch a large fish, you need larger bait.

 

Buffet's silver is merely the bait.  Just watch.

 

- Jason

 

From Peter Grandich of the Grandich Letter:

 

“In my last commentary, here at www.goldseek.com on April 19th, I suggested a metals correction was very near and raised a cautionary flag. By 10AM the next morning, a very sharp correction hit the precious metals. While the market has bounced since then, I do think it was the start of the correction and consolidation I envisioned. I don’t believe it will amount to anything more than the previous short, but sharp, corrections we have endured since 2003. These bouts correct the excessive optimism built up and knowing bullish sentiment was sky high when I penned my commentary last week, I’m quite confident it must drop off considerably before we can get over significant resistance areas like $650-$700 in gold. As mentioned last week, the U.S. Dollar has indeed topped out and is beginning another slide down the slope of economic carnage. This should be one of gold’s most bullish factors as we go through 2006 into 2007.”

 

From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com:

 

“What is so aggravating is the markets act the same no matter what numbers come out from Washington. Gold is knocked down on 95% after the release of any US economic number. It is almost automatic. The locals, knowing these patterns, must have cleaned up for years – selling before the number and quickly buying their positions back after the takedown.

 

I can’t recall a time when gold roared AND the US stock markets sank sharply after a US economic numbers release. Just that alone ought to give market watchers a clue how the Orwellians do what they can to influence and manage the markets.”

 

From The Hightower Report, Futures Analysis and Forecasting:

 

“The gold market was up moderately, down sharply, then up sharply and then was sharply lower again. In other words, the market was flopping back and forth and that could easily serve to undermine weak handed longs, which have certainly noticed a clouding in the trend designation. However, the gold market should be a little disappointed with the lack of support from a sharply higher mid Day US equity market impact and a sharp decline in the US Dollar. While the US stock market seemed to take sentiment beyond of the potential negative ramifications of the Chinese rate hike, the inability to hold gold in positive ground has prompted concerns of a month ending liquidation threat on Friday.

 

The silver market posted its own brand of volatility on Thursday and with the copper market also sliding very aggressively in the back ground, we have to think that the rosy physical industrial demand outlook for silver is back into question again. In fact, seeing the Chinese hike interest rates hasn't usually been a development that classical physical commodity markets have easily discounted in the past! In conclusion, the recent weakness in silver prices, in the wake of the Chinese rate hike seems to have put the bull camp back on its heels again.”

 

Oil fell for the fourth day in a row on easing geopolitical concerns and signs that demand from China may ease as they raised interest rates in an effort to cool their economic growth.  Off the U.S. mainstream newswire was this story released yesterday: Iran oil bourse next week

 

The U.S. dollar index fell a bit on China’s interest increase, but it was able to find slight gains ahead of Bernanke’s testimony which sent the index markedly lower as Bernanke indicated that a halt in interest rate hikes was near.  The euro made new 7 and ˝ month highs and the yen made new 6 and ˝ month highs.

 

Treasuries started off the day lower, but they then jumped higher following Bernanke’s testimony that sent the yield on the 10-year falling from its highest levels since May 2002 achieved yesterday.

 

The Dow, Nasdaq, and S&P rose despite some weak earnings reports as Bernanke’s testimony encouraged buyers on signs for a halt in interest rate hikes.  The Dow closed at a 6 year high and the S&P closed at a 5 year high.

 

Among the big names making news in the market today were Microsoft, Intel, XM, Sony, Aetna, Kellogg, Mercedes, DaimlerChrysler, Bristol-Myers, Exxon Mobil, Comcast, Dow Chemical, and Harrah’s.

 

GATA Posts:

 

Gold's rising price pushes Hong Kong jewellery makers to silver

Chinese central banker repeats urgent warning on U.S. dollar reserves

John Hathaway: How central bankers fritter away their time -- and ours

 

Gold & Silver Stock News Update from GoldReview.com:

 

Gold Fields’ takeover talk, Goldcorp’s joint venture with Eastmain and Azimut and plans to acquire a major interest in Eastmain, Seabridge Gold’s agreement with Falconbridge to re-acquire 100% interest in the Kerr-Sulphurets project, and Apollo Gold’s Black Fox project update were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.      Richmont Mines

RIC +4% $4.68

2.      IMA Exploration

IMR +0.31% $3.19

 

LOSERS

1.       Miramar Mining

MNG -8.11% $3.40

2.       Rio Narcea

RNO -7.56% $2.08

3.  Claude Resources

CGR -7.25% $1.28

         

All of today's gold and silver stock news:

Globex Completes Transaction, Regarding Advanced Fabie Bay and Magusi Copper, Zinc, Gold, Silver Deposits - More
- April 27, 2006 | Item | E-mail


Aquiline Resources Inc.: New Calcatreu Gold Silver Target Returns Promising Results - More
- April 27, 2006 | Item | E-mail


Fort Chimo Minerals Inc.: Aquisition of Limestone Basin Exploration Ltd. - More
- April 27, 2006 | Item | E-mail


Farallon Updates on Drilling at G-9; Results Confirm Presence of New Zone - More
- April 27, 2006 | Item | E-mail


Klondike Star Acquires Option on DOM Claims - More
- April 27, 2006 | Item | E-mail


Sur American Gold Corporation: Major Copper-Gold Exploration Program to Commence at Comval Project, Philippines - More
- April 27, 2006 | Item | E-mail


Morgain Minerals Inc. Signs Definitive Agreement with Alamos Gold Inc. to Acquire the La Fortuna Property - More
- April 27, 2006 | Item | E-mail


ECU Silver Mining Inc.- Press Release - More
- April 27, 2006 | Item | E-mail


Goldbelt Announces Results from Diamond Drilling - More
- April 27, 2006 | Item | E-mail


CORRECTING and REPLACING Tao Minerals Inc. Announcing Initial Results from Work Program on Colombian Property - More
- April 27, 2006 | Item | E-mail


Palladon Appoints Director of Operations for Iron Mountain Project - More
- April 27, 2006 | Item | E-mail


Crowflight-Falconbridge Hit Second New Nickel Discovery Near Wabowden, Manitoba - More
- April 27, 2006 | Item | E-mail


Northland Resources Financing Oversubscribed - More
- April 27, 2006 | Item | E-mail


Mountain Boy Minerals Ltd. - George Copper Exploration Update - More
- April 27, 2006 | Item | E-mail


Wesdome Gold Mines Ltd. - Eagle River Mine - Favourable Drill Results Prompt New Development - More
- April 27, 2006 | Item | E-mail


Geocom Initiates Iliamna Drill Program - More
- April 27, 2006 | Item | E-mail


Romios Options Trek and Royce/Porc Properties in the Galore Creek Area, Northwestern British Columbia - More
- April 27, 2006 | Item | E-mail


Golden Goose Resources Inc.: Confirmation of 124.50 g/t Gold and an Additional 299.00 g/t Gold from Magino Drilling - More
- April 27, 2006 | Item | E-mail


Aurogin Announces Closing of Private Placement - More
- April 27, 2006 | Item | E-mail


MetalCORP to Farm-Out GOLD Projects in Ontario to Focus on Two (2) New DISCOVERIES - More
- April 27, 2006 | Item | E-mail


East Delta Resources Corp. Closes on 1 Million Euro Financing - More
- April 27, 2006 | Item | E-mail


Inmet Mining announces Petaquilla feasibility study to be updated - More
- April 27, 2006 | Item | E-mail


Plexmar Resources Inc.: High Grade Trenches Results on Bolsa Del Diablo - More
- April 27, 2006 | Item | E-mail


Douglas Lake and Canaco Create Partnership to Explore Tanzania - More
- April 27, 2006 | Item | E-mail


Anglo American Exploration 'USA', Inc. Commences Drilling on Nevada Star's MAN Alaska Project - More
- April 27, 2006 | Item | E-mail


Tournigan Receives Positive Jahodna Uranium Economic Study - More
- April 27, 2006 | Item | E-mail


Magnus International Resources Hires Former Head of Exploration of Placer Dome Asia Pacific - More
- April 27, 2006 | Item | E-mail


Sierra Completes First Phase of Exploration Drilling at San Martin Silver-Lead-Zinc Project, Mexico - More
- April 27, 2006 | Item | E-mail


Intrepid Minerals Implements Exchangable Share Structure with Respect to Merger - More
- April 27, 2006 | Item | E-mail


Petaquilla Minerals Ltd.: Update of AMEC 1998 Feasibility Study - More
- April 27, 2006 | Item | E-mail


Tao Minerals Inc. Announcing Initial Results from Work Program on Colombian Property - More
- April 27, 2006 | Item | E-mail


Battle Mountain Royalty Update --- Increased Resource Estimates at Dolores - More
- April 27, 2006 | Item | E-mail


Mawson stakes high grade iron oxide uranium mineralization at Asnebogruvan, Sweden - More
- April 27, 2006 | Item | E-mail


Exeter Resource Corporation: Drilling Extends Cuello Zone Gold and Siliver Mineralization - More
- April 27, 2006 | Item | E-mail


High Grade Silver, Zinc, Copper and Gold Found at Dolly Varden - More
- April 27, 2006 | Item | E-mail


Equitable Mining Corp Announces Listing on Frankfurt Exchange to Increase Investor Awareness - More
- April 27, 2006 | Item | E-mail


Petaquilla Minerals Ltd.: Update of AMEC 1998 Feasibility Study - More
- April 27, 2006 | Item | E-mail


Megastar Development Corporation: Drilling has Started on Cu-Zn RALLEAU Property to Test DeepEM Conductors - More
- April 27, 2006 | Item | E-mail


Medoro Resources Announces 2005 Year-End Results, Lo Increible Update - More
- April 27, 2006 | Item | E-mail


Compania de Minas Buenaventura Announces First Quarter 2006 Conference Call - "Friday, April 28, 2006 @ 11:00 a.m. EDT" More
- April 27, 2006 | Item | E-mail


Goldcorp to Acquire Major Interest in Eastmain - "Eastmain Resources Inc. is pleased to announce that it has signed a Letter of Intent with Goldcorp Inc. pursuant to which Goldcorp will acquire from Eastmain, by way of private placement, two million common shares at a price of $0.70 per share and two million flow-through common shares at a price of $1.00 per share, for total gross proceeds of $3.40 million. In addition, Goldcorp will acquire one million common share purchase warrants and one million flow through common share purchase warrants." More
- April 27, 2006 | Item | E-mail


Goldcorp-Eastmain-Azimut Form Three-Way JV on Eleonore South Property - "Eastmain Resources Inc. is pleased to announce that Goldcorp Inc., Eastmain and Azimut Exploration Inc. have signed a letter of intent to form a three-way joint venture on ground comprising a selected portion of Goldcorp's southern Eleonore claim block and the adjacent Azimut C Block. The joint venture is designed to simplify ownership and accelerate the exploration of a highly prospective target zone bordering two significant properties, located in the Opinaca region of James Bay, Quebec." More
- April 27, 2006 | Item | E-mail


Gold Fields sees no reason to merge with AngloGold - "Gold Fields, the world's fourth-biggest gold producer, sees no reason at present to merge with gold giant AngloGold Ashanti, but it does not oppose the idea of a takeover by a company offering value to its shareholders, a senior company official said on Thursday. "Obviously if we were approached and they wanted to have discussions, we would have discussions. But I think for us to do a deal with AngloGold, there has to be a compelling reason," Nick J. Holland, chief financial officer of Gold Fields, told Reuters." More
- April 27, 2006 | Item | E-mail


Seabridge Gold Re-Acquires 100% Interest in Kerr-Sulphurets Project - "Seabridge Gold announced today that it has reached agreement with Falconbridge Limited whereby Seabridge will purchase Falconbridge's option to earn a 65% interest on Seabridge's Kerr-Sulphurets project located in British Columbia, Canada. Consideration to be paid by Seabridge to Falconbridge includes 200,000 common shares and up to 2.0 million conditional common share purchase warrants exercisable for five years at a strike price of C$13.50 per share. One warrant will be issued for each new ounce of gold resources discovered at Kerr-Sulphurets, up to a maximum of two million. The transaction is subject to regulatory approval." More
- April 27, 2006 | Item | E-mail


Apollo Gold Reports on Black Fox Exploration Project - "Apollo announces today that there will be up to a two month delay in the issuing of an ore reserve for its Black Fox property in Canada. This delay to the previously announced date of April 2006 is due to the complexity of the geology and resource models as well as the process of resolving the challenges of properly modeling a deposit with a coarse gold content and grade variability such as the Black Fox project." More
- April 27, 2006 | Item | E-mail


 

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Do you have questions, comments, or suggestions about this report?  Email Chris Mullen at cm@goldseek.com

         

- Written by Chris Mullen

 

 

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

 

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

 

All sources are given within the report and most articles can be found as they are released at http://www.capitalupdates.com/, http://www.goldseek.com/, http://www.silverseek.com/, and http://www.goldreview.com/.

 

© Gold Seeker 2006

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 Thursday, 27 April 2006 | Digg This Article




 



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