Latest Headlines

Search

-- Posted Monday, 28 April 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose over $5 in Asia before it fell back near unchanged at $887.00 by early trade in New York, but it then rose midmorning to as high as $895.70, remained near that high into the close, and ended with a gain of 0.69%.  Silver dropped to $16.77 and rose to $17.14 before it closed with a gain of 1.16%.

Euro gold rose to about €571, platinum gained $12.50 to $1964.50, and copper rose a couple of cents to about $3.98.

Gold and silver equities rose about 1% by late morning, but they then steadily fell back off for most of the rest of trade and ended with about 1% losses.

The Economy:

There were no major economic reports today, but a report showing homeowner vacancies have hit a new record high did have some talking.  Warren Buffet’s comments that the recession may be worse than most fear also raised a few eyebrows.  Tomorrow at 10AM EST is Consumer Confidence for April expected at 61.0.  The fed also starts their meeting tomorrow, but their policy statement will not come until Wednesday.

The Markets:

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

Oil rose on the Scottish refinery strike and an Exxon union strike in Nigeria that kept supply concerns high and drove oil to close within just 62 cents of a new record closing high.  A new intraday high of $119.93 was achieved in overnight electronic trading.

The U.S. dollar index fell slightly and treasuries rose a bit while traders waited and prepared for the fed’s statement on Wednesday.

The Dow, Nasdaq, and S&P rose modestly in early trade on deal making news and decent earnings reports, but uncertainty over the fed’s meeting dragged the Dow and S&P marginally lower by the close while the Nasdaq eked out a small gain.

Among the big names making news in the market today were Tyson Foods, Mars and Wrigley, Ford, Verizon, Humana, and RadioShack.

The Commentary:

“June Gold finished up 5.8 at 895.5, 2.5 off the high and 5 up from the low.

May Silver closed up 0.163 at 17.013. This was 0.213 up from the low and 0.047 off the high.

Gold managed an early rally before spending a large portion of the later Monday trade in a quasi coiling pattern just above the $896 level. With the US Dollar mostly weak, oil prices generally positive and the Press touting bargain hunting buying interest again, it wasn't surprising to see June gold manage to hold above the prior session's closing value. While the gold market seemed to be attempting to migrate toward a classic inflation view again, the ebb and flow of the US Dollar still seemed to be the primary force in the action Monday. On the other hand, with June gold prices sitting roughly $143 an ounce below the March 17th highs, it is possible that some bargain hunting buying was surfacing even though the Dollar was at times 180 points above last week's lows.

The silver market threw off some early morning weakness and managed to climb modestly into the close. Certainly strength in gold prices, strength in oil and a decline in the US Dollar provided the bull camp with an edge to start the week. It is also possible that gains in copper and platinum prices might have prompted some light physical or industrially based buying interest in silver in a surprisingly active session. However, the bear camp will point out that the market failed to sustain a pulse up to the $17.25 level and will suggest that an initial slide markedly below the even number $17.00 level did some damage to short term silver charts.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Max Keiser: Your 'stimulus' check will cost you more than it's worth

British bank bailouts to be kept secret

James Turk: Dollar is still falling, metals are still rising

Catherine Austin Fitts: What can anyone do? A lot!

The Statistics:

As of close of business: 4/25/2008

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

The Stocks:

IAMGOLD’s (IAG) $140 million credit facility, Apollo Gold’s (AGT) maintenance issue and shelf registration statement, Newmont’s (NEM) possible plans to scale back in Indonesia, Tumi’s (TUMIF.OB) progress in Mexico, Great Panther’s (GPR.TO) high grade production, Abcourt’s (ABI.V) mill equipment dismantling contract, Silvercorp’s (SVM.TO) acquired resources, Silver Dragon’s (SDRG.OB) project process, and Coeur’s (CDE) exploration 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:

Champion Minerals Expands Its Iron Property Holdings Through Acquisition of Pterodactyl Claims, Newfoundland - More
- April 28, 2008 | Item | E-mail

Duran Options New Brunswick Properties - More
- April 28, 2008 | Item | E-mail

Yukon-Nevada Gold Corp. reports mineralization extended at SSX Mine, Jerritt Canyon, Nevada - More
- April 28, 2008 | Item | E-mail

MPH Ventures Announces Phase 2 Drilling to Begin on Pidgeon Molybdenum Deposit in NW Ontario - More
- April 28, 2008 | Item | E-mail

Young-Shannon Commences Drilling Program to Test Extension of High Grade Gold Zones at McMillan Gold Mine Property - More
- April 28, 2008 | Item | E-mail

Romarco Responds to Reports of Lawsuit From Former CFO - More
- April 28, 2008 | Item | E-mail

Asia Now Resources Corp.: Canadian Junior Mining Company Strikes Strategic Partnership with the 'Rothschilds of the Pacific' - More
- April 28, 2008 | Item | E-mail

First Metals Declares Commercial Production at the Fabie Mine - More
- April 28, 2008 | Item | E-mail

Star Uranium Corp. - Update on Winter Exploration Program - More
- April 28, 2008 | Item | E-mail

Copper Reef Outlines New East Zone - More
- April 28, 2008 | Item | E-mail

Altius's Labrador Iron Ore Exploration Commences - More
- April 28, 2008 | Item | E-mail

Celtic Minerals Ltd. Announces Private Placement Of Flow Through Shares - More
- April 28, 2008 | Item | E-mail

NWT announces positive results from drilling at Niger Uranium's In Gall property - More
- April 28, 2008 | Item | E-mail

Alberta Star Intersects 3.0 Meters of 2.50% Zinc, 0.22% Lead and 1.60 g/ton Silver at Mag Hill Target at Contact Lake, NT - More
- April 28, 2008 | Item | E-mail

Uracan discovers new uranium mineralization at Double S and Johan Beetz - More
- April 28, 2008 | Item | E-mail

Diamond Drilling to Commence on the Doctor Lake (Sahtu) Project - More
- April 28, 2008 | Item | E-mail

Golden Harp Resources completes spring diamond drill program - More
- April 28, 2008 | Item | E-mail