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-- Posted Wednesday, 9 April 2008 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | Gold | $934.45 | +$20.00 | Silver | $18.22 | +$0.53 | XAU | 186.38 | +2.04% | HUI | 454.13 | +2.02% | GDM | 1361.46 | +1.65% | JSE Gold | 2462.96 | +40.67 | USD | 71.88 | -0.37 | Euro | 158.22 | +1.12 | Yen | 98.20 | +0.74 | Oil | $110.87 | +$2.37 | 10-Year | 3.466% | -0.092 | T-Bond | 119.421875 | +1.15625 | Dow | 12527.26 | -0.39% | Nasdaq | 2322.12 | -1.13% | S&P | 1354.49 | -0.81% |
The Metals:  Gold fell to $902.80 by late trade in Asia and remained about $10 lower in early London trade, but it then took off at the New York open, steadily gained for the rest of the day, and ended at its high of the session with a gain of 2.2%. Silver fell to $17.365 in Asia before it also took off in New York and ended near its high of $18.39 with a gain of 3%.
Euro gold rose near €590, platinum gained $8.50 to $2016.50, and copper rose nearly 12 cents to about $4.03. Gold and silver equities rose over 2% by about 2PM EST and remained near their highs into the close despite weakness in the major indices. CBGA gold sales tapering off with 6 months still to go
Resource Investor The Economy: Report | For | Reading | Expected | Previous | Wholesale Inventories | Feb | 1.1% | 0.5% | 1.3% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/05 expected at 383,000 and the Trade Balance for February -$57.4 billion. At 2PM is the Treasury Budget for March expected at -$70.3 billion. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose to a new record intraday high at $112.21 and also made a new record closing high as inventories came in lower than expected and the dollar resumed its fall. Oil inventories fell 3.2 million barrels instead of an expected build of over 2 million barrels, gasoline inventories fell 3.4 million barrels, distillates fell 3.7 million barrels, and refinery utilization rose 0.6% to 83.0%. The U.S. dollar index fell and treasuries rose ahead of tomorrow’s European Central Bank meeting that is expected to hold rates unchanged despite wishes for the ECB to cut rates along with the fed as recent high inflation readings have kept the Europeans resilient. The Dow, Nasdaq, and S&P fell on another warning over lower than previously expected profits in upcoming earnings reports as record high oil also kept many uneasy. Among the big names making news in the market today were UPS, American Airlines, Citigroup, Boeing, Honeywell, Circuit City, and Apollo Management. The Commentary: “April Gold finished up 19.6 at 933.6, equal to the high and 8.6 up from the low. May Silver closed up 0.492 at 18.2. This was 0.59 up from the low and 0.2 off the high. Apparently the combination of a falling US Dollar and another new record high in crude oil prices provided the gold market with an influx of buying. A big range down extension in the Dollar back to the lowest level since March 31st probably rekindled flight to quality buying of gold, especially after a former Fed Chairman suggested that US monetary policy changes were not capable of solving all problems. In other words, the past Fed Chairman seems to have re-cast a shadow of doubt on the US situation. However, the market wasn't without classic fundamental support as Gold Fields Mineral Services suggested that 2008 gold production was going to remain steady and that apparently suggests to some that steady production will result in an eventual tightening of the world's gold supply. Clearly the silver market was able to throw off an early wave of selling pressure as prices managed to run up sharply and in the process reached the highest level since March 28th. With copper prices also up sharply on Wednesday it would almost seem like the fear of slowing was lost on physical demand driven markets like silver and copper. Perhaps the sharp rise in oil prices distracted the silver trade from its slowing fears but a resumption of declines in the Dollar might also have allowed the financial or inflationary aspect of silver control sentiment.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts: 
Fed plotting how to achieve infinite money Former Chairman Volcker practically denounces Fed China would buy huge stake in mega-miner Billiton Michael Kosares: Golden gut check Gold should shake off any sales by IMF Ted Butler: Believing your own eyes The Statistics: As of close of business: 4/08/2008 Gold Warehouse Stocks: | 7,628,122 | - | Silver Warehouse Stocks: | 135,559,987 | - |
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$ 18,878m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.06 | 3,667,108 | US$ 3,425m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.62 | 662,606 | US$ 619m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 27.99 | 899,886 | US$ 823m |
Note: Change in Total Tonnes from yesterday’s data: The JSE subtracted 0.98 tonnes. COMEX Gold Trust (IAU) Profile as of 4/8/2008 | | Total Net Assets | $1,881,596,228 | 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 4/8/2008 | | Total Net Assets | $3,315,855,771 | Ounces of Silver
in Trust | 184,233,513.600 | Shares Outstanding | 18,600,000 | Tonnes of Silver
in Trust | 5,730.30 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: South African power problems, ITH’s (THM) project sale, and Metallica’s (MRB) record quarterly revenue were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Minco | MGH+6.43% $1.51 | 2. Richmont | RIC +5.97% $4.08 | 3. Fronteer | FRG+5.67% $5.03 |
LOSERS 1. Almaden | AAU -3.67% $2.36 | 2. Ivanhoe | IVN -2.08% $10.81 | 3. Mines MGMT | MGN -1.89% $3.63 |
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: Uranium Moratorium Does Not Affect Universal's Two Time Zone or Other High Priority Targets - More
- April 09, 2008 | Item | E-mail
Wealth Exploration Update - More
- April 09, 2008 | Item | E-mail
Endurance reports 2007 financial results and summary of activities - More
- April 09, 2008 | Item | E-mail
Scarcity and regulation send miners digging for water - "Tougher legislation and increasingly scarce supplies are making water a growing cost component for miners who are now seeking new technologies to improve efficiency and seek new water sources." More
- April 09, 2008 | Item | E-mail
Minterra Resource Corp.: Amendment to $750,000 Private Placement - More
- April 09, 2008 | Item | E-mail
Opawica Explorations Inc. Announces a Non-Brokered Private Placement and a Finance Services Agreement with Ascenta Finance Corp. - More
- April 09, 2008 | Item | E-mail
JNR Announces Results of Airborne Surveys on the Black Lake & Crackingstone Uranium Projects - More
- April 09, 2008 | Item | E-mail
White Mountain Readies Eli Prospect for Drilling - More
- April 09, 2008 | Item | E-mail
Arctic Star reports on developing nickel play on its Credit Lake and New Bigg Properties, Northwest Territories - More
- April 09, 2008 | Item | E-mail
HudBay Announces Appointment of Two New Directors - More
- April 09, 2008 | Item | E-mail
Northland Resources to Trade on the Toronto Stock Exchange April 10, 2008 - More
- April 09, 2008 | Item | E-mail
Sirios Partner Releases Animation Map of Heir Significant Discovery on their UPINOR Property (Quebec) - More
- April 09, 2008 | Item | E-mail |
Gold Seeker Closing Report: Gold and Silver Gain 2% and 3% While Oil Sets a New Record High