Latest Headlines

Search

-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold continued yesterday’s after hours rally to over $900 in Asia before it drifted back near unchanged in London and dropped to as low as $888.22 by a little after 10AM EST in New York, but it then shot higher and climbed to a new session high of $908.67 by about 11:30.  The yellow metal then drifted roughly 1% higher for the remaining 2 hours of trade and ended with a gain of 1.1%.  Silver fell to as low as $16.907 in early New York trade before it also jumped higher in late morning trade and ended near its high of $17.54 with a gain of 1.5%.

Euro gold rose near €578, platinum gained $43 to $1985, and copper gained another couple of cents to about $3.90.

Gold and silver equities traded mostly slightly higher and ended with about 0.5% gains.

The Economy:

The senate banking committee spoke today first with Fed Chairman Bernanke, US Securities and Exchange Commission Chairman Cox, and New York Federal Reserve Bank President Geithner on the fed’s role in the Bear Stearns rescue.  The committee then spoke with JP Morgan Chairman Dimon and Bear Stearns CEO Schwartz about their actions over the last few weeks.  Details about the deal were discussed, but no real new facts were revealed beyond some specifics about the overall fact that Bear Stearns failed and needed to be bailed out by JP Morgan and the fed to prevent broader market damage and a potential collapse of the entire financial system.

Tomorrow at 8:30AM EST brings March’s jobs data.  Nonfarm Payrolls are expected at -50,000, the Unemployment rate is expected at 5.0%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.7.

The Markets:

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

Oil fell on worries over demand due to a poor economic outlook.

The U.S. dollar index fell and treasuries rose as worse than expected jobless claims data trumped better than expected ISM Services data, but moves were limited ahead of tomorrow’s jobs report.

The Dow, Nasdaq, and S&P fell in morning trade after jobless claims rose to a 2-year high, but all three indices turned higher in afternoon trade and ended slightly higher on optimism that the financial problems that caused the collapse of Bear Stearns are now behind us.

Among the big names making news in the market today were ATA, Constellation Brands, Dell, and Schering Plough.

The Commentary:

“April Gold finished up 9.8 at 905, equal to the high and equal to the low.

May Silver closed up 0.3 at 17.48. This was 0.5 up from the low and 0.1 off the high.

While the bull camp will suggest that gold did manage a higher high in the action Thursday, the market was unable to hold above the prior session's high. However, the gold market was partially lifted by a slight reversal in the Dollar from early strength. On the other hand, the gold market was also partially undermined as a result of weakness in the energy complex and perhaps because ongoing US Congressional testimony by regulators seem to further reduce concerns toward the US financial situation. Clearly some players were unwilling to take fresh positions in gold ahead of the potentially ultra critical US Non Farm payroll report on Friday morning. A quadrant of the market thinks that the rally in gold from the Wednesday low was simply technical short covering from the massive late March/early April washout.

Like the gold market, the silver market did manage to forge a fresh new high for the move and unlike gold, the silver market seemed to have the capacity to hold up close to the prior session's highs. In the end across the board strength in all the metals markets lent some support to silver, which could have been held back because of the prospect of significant volatility in the coming trading session.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Charges dropped for man who used Liberty Dollars at market

Giving more power to the Fed is no reform

The Statistics:

As of close of business: 4/02/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: Change in Total Tonnes from yesterday’s data: 74.34 tonnes were added to the trust.

The Stocks:

Eldorado’s (EGO) first quarter operating results, Paramount’s (PZG) halt in trading, Minco Gold’s (MGH) drill results, Silvercorp’s (SVM.TO) drill results, Silver Wheaton’s (SLW) reserves and resources, Minco Silver’s (MSV.TO) drill results, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

StrataGold identifies a new silver target in the Keno Hill Silver District, Yukon - More
- April 03, 2008 | Item | E-mail

Corriente Resources Inc.: Updated Feasibility Study for Mirador Shows Attractive Starter Project With Major Copper Growth Potential - More
- April 03, 2008 | Item | E-mail

Pure Nickel Announces Appointment of CEO and President - More
- April 03, 2008 | Item | E-mail

Coronado Receives 2nd Gold Payment Plans Surface Geophysical Survey - More
- April 03, 2008 | Item | E-mail

Nebu Resources Inc. Completes IPO - More
- April 03, 2008 | Item | E-mail

Silvercorp Metals Inc.: Drilling and Tunnelling Discover High Grade Silver-Lead Veins in the LM Silver-Lead Mine in the Ying Silver District, Henan Province, Ch - "Silvercorp Metals Inc. ("Silvercorp") (Toronto:SVM.TO - News) is pleased to provide an update on its LM Silver (Ag)-Lead (Pb) Mine. The LM Mine was acquired in November 2007 through a 70% owned subsidiary, Henan Huawei Mining Co. Ltd. ("Huawei") which also holds the HPG Property. The acquisition of the LM mine has been approved by relevant Chinese Government authorities and the application for transfer of the LM mine permit was accepted by the Department of Land and Resources of Henan Province." More
- April 03, 2008 | Item | E-mail

Vulcan Minerals Inc.: Options Kingurutik, Labrador Nickel Property to Nortec Ventures Corp. - More
- April 03, 2008 | Item | E-mail

American Uranium Announces Intent to Submit License Application - More
- April 03, 2008 | Item | E-mail

Hathor & Terra's Claim Status Is Secure - More
- April 03, 2008 | Item | E-mail

Lincoln Gold adds third core rig La Bufa property, Chihuahua, Mexico - More
- April 03, 2008 | Item | E-mail

Nevada Copper Files NI 43-101 Report for Preliminary Economic Assessment - More
- April 03, 2008 | Item | E-mail

UNOR's 2008 Uranium Exploration Season - More
- April 03, 2008 | Item | E-mail