-- Posted Monday, 7 April 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $922.55 | +$13.25 |
Silver | $18.075 | +$0.365 |
XAU | 184.71 | +0.02% |
HUI | 451.79 | +0.27% |
GDM | 1360.06 | +0.46% |
JSE Gold | 2442.12 | +13.01 |
USD | 72.20 | +0.23 |
Euro | 157.07 | -0.23 |
Yen | 97.60 | -0.91 |
Oil | $109.09 | +$2.86 |
10-Year | 3.556% | +0.075 |
T-Bond | 118.34375 | -0.765625 |
Dow | 12612.43 | +0.02% |
Nasdaq | 2364.83 | -0.26% |
S&P | 1372.54 | +0.16% |
The Metals:
Gold traded slightly higher above $910 in Asia and climbed over $915 in London before it rose to as high as $929.27 by late morning in New York and then fell back off slightly in the last couple of hours of trade, but it still ended with a gain of 1.5%. Silver briefly dipped to $17.69 in Asia before it rallied higher in London and New York and ended near its late morning high of $18.233 with a gain of 2.1%.
Euro gold rose to about €587, platinum gained $25.50 to $2030.50, and copper gained roughly 4 cents to about $3.99.
Gold and silver equities rose a little over 2% by late morning, but they then fell back off in afternoon trade and ended with just slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | Feb | $5.2B | $6.0B | $10.3B |
Tomorrow at 10AM EST is the Pending Home Sales report for February expected at -1.0% and at 2PM is the release of FOMC minutes from the fed’s March 18 meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose nearly $3 as OPEC stated there was no need to change output levels and refinery troubles in Europe increased supply concerns.
The U.S. dollar index rose and treasuries fell as markets remained calm with no more bad news or credit concerns coming out over the weekend.
The Dow, Nasdaq, and S&P rose in morning trade on various company deal making news, but all three indices fell back off in afternoon trade and ended near unchanged on worries over upcoming earnings reports.
Among the big names making news in the market today were Motorola, Novartis and Nestle, Washington Mutual, Bear Stearns, Goldman Sachs, and Yahoo and Microsoft.
The Commentary:
“April Gold finished up 13.7 at 922.7, 0.8 off the high and equal to the low.
May Silver closed up 0.365 at 18.12. This was 0.31 up from the low and 0.13 off the high.
The gold market started out positive but then managed to add aggressively to the initial gains well ahead of mid session. While the market backed away from the early highs in the early afternoon action, it was clear that gold traders were discounting the strength in the Dollar. Certainly seeing such conclusive strength in energy prices gave the bull camp confidence, but seeing the equity market also extend its recent pattern of strength really began to downplay the threat of too much slowing. In fact, in the face of a somewhat broad based physical commodity buying wave, some traders were suggesting that classical inflationary psychology was partly behind the strength in gold prices.
With a big range up extension silver prices managed to outperform the rest of the metals complex for most of the trading session Monday. In fact, seeing silver clearly outperform the copper market on an up day in the metals complex certainly suggests a change of pace from the last two week's action. Apparently flight to quality concerns and the action in the US Dollar were replaced as the primary force driving silver prices, as silver prices seemed to take most of their direction from the energy complex.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Good thing there's no inflation -- just maybe starvation
Bid in the fund-raising auction at GATA's Washington conference
Gene Arensberg: Gold, silver 'bubbles' pricked? Rubbish
Chinese investors want market manipulation as in U.S.
No stigma in taking cheap (maybe free) money from Fed
German finance ministry seen opposing propping up dollar
The Statistics:
As of close of business: 4/04/2008
Gold Warehouse Stocks: | 7,628,122 | - |
Silver Warehouse Stocks: | 136,182,774 | +1,081,421 |
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) | StreetTRACKS Gold Shares | 642.04 | 20,642,203 | US$ 18,683m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.06 | 3,667,190 | US$ 3,388m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,620 | US$ 612m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.97 | 931,489 | US$ 843m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/4/2008 | |
Total Net Assets | $1,871,384,479 | Ounces of Gold
in Trust | 2,058,818.136 |
Shares Outstanding | 20,850,000 | Tonnes of Gold
in Trust | 64.04 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/4/2008 | |
Total Net Assets | $3,214,704,772 | Ounces of Silver
in Trust | 184,233,513.600 |
Shares Outstanding | 18,600,000 | Tonnes of Silver
in Trust | 5,730.30 |
Note: Change in Total Tonnes from yesterday’s data: 77.01 tonnes were added to the trust.
The Stocks:
Aurelian’s (ARU.TO) board member stepping down, Centerra’s (CG.TO) mine back in operation, Vista’s (VGZ) project sale, Gammon Gold’s (GRS) production guidance, Great Basin’s (GBN) completed acquisition of Rusaf, Endeavour’s (EXK) 2007 results, Golden Tag’s (GOG.V) and ECU’s (ECU.TO) drill results, Bear Creek’s (BCM.V) drill results, and Arian Silver’s (AGQ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +4.26% $5.39 |
2. Solitario | XPL +4.05% $5.40 |
3. New Gold | NGD +3.11% $7.63 |
LOSERS
1. Fronteer | FRG -5.09% $5.22 |
2. Minco | MGH -4.58% $1.46 |
3. International Royalty | ROY -4.34% $5.29 |
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:
Vanguard Acquires Second Uranium Prospect -- Geophysics Indicates Potential for Athabasca Unconformity-Type Uranium Deposits - More
- April 07, 2008 | Item | E-mail
Wega Mining Completes Compulsory Acquisition of Goldbelt Resources - More
- April 07, 2008 | Item | E-mail
CORRECTION FROM SOURCE: Alexis-90.77 Grams Gold Per Ton Over 1.7 Metres in New Delineation Drilling as Alexis Advances Lac Herbin Towards Production - More
- April 07, 2008 | Item | E-mail
Hawk Uranium Inc.: VTEM Airborne Survey Completed Over Charlebois Lake Uranium Project - More
- April 07, 2008 | Item | E-mail
Explor Resources Grants Stock Options - More
- April 07, 2008 | Item | E-mail
Taranis Engages Kingsdale Capital to Raise $2,000,000 By Way of Private Placement - More
- April 07, 2008 | Item | E-mail
Emgold Mining announces the appointment of Chief Financial Officer - More
- April 07, 2008 | Item | E-mail
Volta Resources Commences a 2,400m RC Drilling Program at Kampti Gold Project, Burkina Faso - More
- April 07, 2008 | Item | E-mail
Stingray Consultants Full Speed Ahead on Feasibility Study at El Pilar, Mexico - More
- April 07, 2008 | Item | E-mail
Millstream Uncovers 11 Zones of Stacked Mineralization At VMS Potter Mine Property - More
- April 07, 2008 | Item | E-mail
Phoenix Matachewan Mines: Infinitem Geophysics Starts at Barville - More
- April 07, 2008 | Item | E-mail
Goldcorp Declares Fourth Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its fourth monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Thursday, April 17, 2008 will be entitled to receive payment of this dividend on Friday, April 25, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- April 07, 2008 | Item | E-mail
Update on Progress on Mega's Uranium Resource Development Projects - More
- April 07, 2008 | Item | E-mail
Baja Mining Provides Clarification - More
- April 07, 2008 | Item | E-mail<
Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%