-- Posted Thursday, 17 April 2008 | Digg This Article
| Source: GoldSeek.com
Please note: Due to a personal obligation today’s report is a bit earlier than normal. It comes after the COMEX close for gold and silver, but before NYSE and other market closes. The quotes below reflect intraday readings as of about 2PM EST.
| Close | Gain/Loss |
Gold | $939.80 | -$5.15 |
Silver | $18.25 | -$0.05 |
XAU | 191.72 | -1.74% |
HUI | 467.88 | -1.53% |
GDM | 1401.75 | -1.42% |
JSE Gold | 2560.71 | -43.19% |
USD | 71.59 | +0.20 |
Euro | 158.88 | -0.62 |
Yen | 97.51 | -0.66 |
Oil | $114.42 | -$0.51 |
10-Year | 3.756% | +0.060 |
T-Bond | 116.578125 | -0.421875 |
Dow | 12606.24 | -0.10% |
Nasdaq | 2337.45 | -0.54% |
S&P | 1362.73 | -0.15% |
The Metals:
Gold rose nearly 1% to $952.95 by early trade in London, but it then fell back off for most of the rest of trade and ended with a loss of 0.55%. Silver rose to $18.74 in London before it fell to as low as $18.145 by late morning in New York, but it then rallied over 10 cents from that low in the last couple of hours of trade and ended with a loss of just 0.27%.
Euro gold fell to about €591, platinum gained $29 to $2048.50, and copper fell nearly 5 cents to about $3.94.
Gold and silver equities fell about 1.5% by midmorning and have remained near that level for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/12 | 372K | 375K | 355K |
Leading Indicators | Mar | 0.1% | 0.1% | -0.3% |
Philadelphia Fed | Apr | -24.9 | -15.0 | -17.4 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high at $115.54 before it pulled back off bit in afternoon trade as some supply concerns eased, but it still looks set to end near its new record closing high set yesterday.
The U.S. dollar index rose from yesterday’s new record low after some comments from Eurogroup Chairman Juncker turned the euro lower, but a weaker than expected Philadelphia fed reading encouraged some dollar selling later in the day and the index looks set to end just slightly higher.
Treasuries are falling despite weak economic data and lower stock indices as traders seem to be losing confidence in the traditional safe haven status of bonds.
The Dow, Nasdaq, and S&P have traded generally slightly lower on mostly poorer than expected earnings reports.
Among the big names making news in the market today were Merrill Lynch, Pfizer, CIT Group, United Technologies, and Baxter.
The Commentary:
GATA Posts:
Chinese potash importers agree to triple payments
Oil surges as investors hunt an 'anti-dollar'
Why high gold prices haven't led to more production
The Statistics:
As of close of business: 4/16/2008
Gold Warehouse Stocks: | 7,636,723 | - |
Silver Warehouse Stocks: | 137,089,748 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | StreetTRACKS Gold Shares | 641.82 | 20,635,087 | US$ 19,496m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.04 | 3,666,450 | US$ 3,446m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.92 | 672,059 | US$ 632m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 26.88 | 864,302 | US$ 816m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/16/2008 | |
Total Net Assets | $1,945,458,512 | 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 4/16/2008 | |
Total Net Assets | $3,355,233,537 | Ounces of Silver
in Trust | 185,719,016.300 |
Shares Outstanding | 18,750,000 | Tonnes of Silver
in Trust | 5,776.51 |
Note: Change in Total Tonnes from yesterday’s data: 30.8 tonnes were added to the trust.
The Stocks:
Cardero’s (CDY) magnetic survey results, Fortuna’s (FVI.V) financial results, Orko Silver’s (OK.V) test results, Scorpio’s (SPM.TO) project developments, and Silvermex’s (SMR.V) exploration results were among the big stories in the gold and silver mining industry making headlines today.
All of today's gold and silver stock news:
Cardero Announces Magnetic Survey Results & Exploration Potential for Pampa de Pongo Iron Deposit - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce detailed ground magnetic survey results and the interpretation of the significant exploration potential at its 100% owned Pampa de Pongo Iron Deposit in Peru. Pampa de Pongo is the largest undeveloped iron resource on the western seaboard of the Americas, with a N.I. 43-101 Inferred Resource of 953Mt @ 44.7% iron and 0.12% copper." More
- April 17, 2008 | Item | E-mail
Gitennes reports that Urumalqui drilling highlights gold and silver grades at depth - More
- April 17, 2008 | Item | E-mail
Goldcliff Acquires Large Platinum-Gold Land Position - More
- April 17, 2008 | Item | E-mail
Mokambo Project sulphide drill confirmation program - 70% complete - More
- April 17, 2008 | Item | E-mail
Renforth Resources Inc. Completes a $1,282,480 Private Placement - More
- April 17, 2008 | Item | E-mail
Acero-Martin Appoints Chief Geologist for Pinaya Gold-Copper Project, Peru - More
- April 17, 2008 | Item | E-mail
Canadian Arrow Identifies More Exploration Targets; Airborne Geophysical Surveys Completed - More
- April 17, 2008 | Item | E-mail
Houston Lake Mining to Raise $1.0 Million in a Non-Brokered Flow-Through Private Placement - More
- April 17, 2008 | Item | E-mail
Ecuador's Correa backs large-scale mining freeze - "Ecuadorean President Rafael Correa said on Thursday he backs suspending large-scale mining exploration projects while a new mining law is approved to regulate the country's nascent industry." More
- April 17, 2008 | Item | E-mail
Delta Begins to Drill at Manalo Gold Project - More
- April 17, 2008 | Item | E-mail
Fortuna Reports Operating Cash Flow of $13.24 Million on Revenue of $31.67 Million - "We are very pleased with Caylloma's first year operating and financial results. In the first full year of production, Caylloma self-funded its capital expenditure needs and delivered free cash flow for the Company. The cash flow is being reinvested to expand our current production rate of 830 tonnes per day to the planned target of 1,200 tonnes per day. Our solid cash position is also allowing us to fund the engineering and the initial development at San Jose internally." More
- April 17, 2008 | Item | E-mail
Gentor reports longest moly intercept to-date at its Idaho moly-tungsten-silver project - More
- April 17, 2008 | Item | E-mail
Volta Resources Inc. expands its property portfolio in Burkina Faso - More
- April 17, 2008 | Item | E-mail
Delta Uranium Extends the Richard Lake Uranium Deposit Along Strike and at Depth - More
- April 17, 2008 | Item | E-mail
Sparton Signs Final Share Purchase Agreement for Germanium Production in China - More
- April 17, 2008 | Item | E-mail
East Delta Subsidiary Completes Its Chinese Facility for Producing Nickel-Copper Aggregate - More
- April 17, 2008 | Item | E-mail
Augusta Resource Corporation: Rosemont Copper Awards EPCM to M3 Engineering and Appoints Mine Manager - More
- April 17, 2008 | Item | E-mail
Strathmore Acquires Additional Near-Surface Uranium Deposits in the Gas Hills, Wyoming: Historical Resource Exceeds 2.1 Million Pounds - More
- April 17, 2008 | Item | E-mail
USCorp Reports Over 1.68 Million Ounces Gold at Twin Peaks Property, Arizona in NI 43-101 Report - More
- April 17, 2008 | Item | E-mail
Osisko Intersects Significant Gold Mineralization Over 800 Metres Strike Length at Jeffrey -
Gold Seeker Intraday Report: Gold and Silver Fall Slightly