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Gold Seeker Closing Report: Gold and Silver Fall Slightly
By: Chris Mullen, Gold-Seeker.com


-- Posted Wednesday, 25 February 2009 | Digg This ArticleDigg It! | | Source: GoldSeek.com

 

Close

Gain/Loss

Gold

$964.55

-$4.70

Silver

$13.895

-$0.085

XAU

118.00

-1.04%

HUI

285.22

-1.81%

GDM

904.72

-1.62%

JSE Gold

2703.75

-56.78

USD

87.74

+0.85

Euro

126.99

-1.46

Yen

102.28

-1.22

Oil

$42.50

+$2.54

10-Year

2.945%

+0.146

T-Bond

126.3125

-1.5625

Dow

7270.89

-1.09%

Nasdaq

1425.43

-1.14%

S&P

764.90

-1.07%

 
 

 

The Metals:

 

Gold fell as much as $18.45 to $950.80 by late trade in Asia before it climbed back higher in London and rose to as high as $978.20 to see a gain of $8.95 by a little after 10AM EST in New York, but it then fell back off in the last couple of hours of trade and ended with loss of 0.48%.  Silver followed a similar pattern and fell as much as $0.412 to $13.568 before it rose to see a gain of $0.162 at $14.142, but it also fell back off in late trade and ended with a loss of 0.60%.  At the time of writing, both metals have fallen almost 2% further in after hours access trade.

 

Euro gold remained at about €757, platinum gained $8 to $1049, and copper gained nearly 4 cents more to about $1.52.

 

Gold and silver equities rose over 3% by midmorning, but they then fell back off for the rest of the day and ended with over 1% losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Existing Home Sales

Jan

4.49M

4.79M

4.74M

 

Bernanke spoke before the House Financial Services Committee and gave his Monetary Policy Report.  See his exchange with Dr. Ron Paul, U.S. Congressman, here.

 

In Obama’s primetime speech last night, he “sketched an agenda that began with jobs, then broadened quickly to include a stable credit system, better schools, health care reform, reliable domestic sources of energy and an end to the war in Iraq. Specifics will follow, he said, although he conceded more billions may be necessary to stabilize the banking system.”

 

Some of those specifics began to be released this afternoon:  “The nation's biggest banks are being granted immediate access to further support from the government's $700 billion financial rescue fund.

 

Treasury Department officials said Wednesday the new support will be provided through the government's purchase of preferred shares of the bank stock that are convertible into common shares at a 10 percent discount to their price before Feb. 9.”

 

The Markets:

 

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

 

Oil rose over 6% on signs of increasing demand and reports of inventories at lower levels than expected.  Crude inventories rose just 700,000 barrels, gasoline inventories fell 3.4 million barrels, and distillates rose 800,000 barrels.

 

“The dollar strengthened on Wednesday as weak U.S. housing data and concerns about the global economy boosted the greenback's appeal as a safe haven despite President Barack Obama sounding a more optimistic tone.”

 

Treasuries fell markedly while the Dow, Nasdaq, and S&P reversed morning losses and saw slight gains in late trade before ending about 1% lower as some details for Obama’s plans referenced last night began to be released.

 

Among the big names making news in the market today were UAW and Ford, Saks, TJX, Visteon, Dollar Tree, Merrill Lynch, and J.M. Smucker.

 

The Commentary:

 

“Gold has pulled back to support at $950 and provided a good opportunity for investors.  With warnings for us all about the dire state of the world's monetary system coming thick and fast, it is no wonder that the combined holdings of the World Gold Council's gold E.T.F.s and the Gold Trust are now greater than those of Switzerland's central bank, making them the sixth largest gold holdings in the world.  There are many similar such funds as these too.

 

The demand from institutional investors is rising by leaps and bounds.   As the liquidity of these funds grows larger and larger institutions find them to be acceptable investment mediums.   Usually the policy of large institutions is to set an entry point limit and acquire at or below that level, as the opportunity arises.   If this is the case then sudden pullbacks triggers new buying.   While the absence of investment demand could cause a breakdown in the price many global buyers are waiting for such pullbacks as an opportunity to enter the market.”- Julian D.W. Phillips, www.goldforecaster.com

 

Dear CIGAs,

 

Gold has now switched gears once again and instead of following the Dollar up and down, after of course having moved mostly inversely to it for the larger part of the entire bull market in gold, seems to be trading inversely to  the US equity markets. In other words, stocks go up, gold goes down. Stocks go down, gold goes up. Gold is keying off of what is perceived to be any bad economic news and moving higher. When the news seems to be somewhat positive, it sells off. Yesterday of course it was all about Bernanke’s fairy tale about the US coming out of recession late in 2009 or early 2010 once the “stimulus” package kicked in. That and his talk pooh-poohing bank nationalization was enough to give the financials in particular a big lift and that drove the equities higher and gold lower. Today, buyers of financials are apparently having a case of buyers’s remorse and back down they are going. Gold is drawing support off of that action but even at that, it seems to be running into steady selling pressure which forces it back down when it manages to put up some gains on the day. It is well off its overnight lows however where it tracked down near to $950.

 

You will also note that gold is moving higher or holding relatively steady while the dollar is moving higher. That means that gold is moving higher in other major currency terms at a faster clip. I have been noting that in terms of various major currencies, the yellow metal has been notching a series of all time record highs. The only major left out in this parade has been gold priced in yen. That is slowly changing however. While it is still a bit off its all time high priced in yen terms, gold has been moving steadily higher as the yen is rapidly falling out of favor.

 

I think what is happening with the yen is that the carry trade unwinding which is what has been supporting the yen, has just about run its course and forex traders are now turning their attention to the abysmal numbers coming out of that country. Quite simply – they stink! Couple that with such low yields on Japanese government bonds, and there is a consensus forming that there is really no reason to buy the currency. As it moves lower while gold now holds relatively steady or tracks higher, that is going to push Yen-Gold higher. It will be interesting to see if the Japanese citizens begin moving into gold in a larger way now that their own currency is finally apparently succumbing to reality. Up until now, they have been largely absent from the gold market favoring their bonds but that could change and change rapidly as economic conditions over there begin deteriorating even more rapidly. The yen has been overpriced in my opinion and until it drops lower, their export market is going to struggle. Japan has been dependent on that sector of its economy to a much greater extent than their domestic front.”- Dan Norcini, More at JSMineset.com

 

“April Gold closed down 3.3 at 966.2. This was 1.5 up from the low and 11.5 off the high.

 

March Silver finished down 0.12 at 13.875, 0.155 off the high and 0.015 up from the low.

 

Gold saw a volatile trade this session that ultimately left the metal suffering losses. The market started the session off weak as investors continued to take profits after the metal's rally stalled out last week above the $1,000 per oz level. But warnings from a major debt rating agency to expect more sovereign ratings downgrades this year lifted gold off its session lows. A report showing a sharp 5.3% fall in Jan existing home sales triggered fresh safe haven buying in gold in tandem with a slide in equity markets. But into mid-session the gold market started to back track as Bernanke, giving testimony to the House, reiterated that the government doesn't plan to nationalize Citigroup which in turn helped equity markets to cut losses. Bernanke's comments that inflation pressures in the economy were declining may have also stirred up some deflation concerns. The selling in gold accelerated in the afternoon trade as equity markets staged a more significant recovery diminishing gold's safe haven appeal. Gold also seemed to be undermined by worries that investment interest in the metal may be subsiding since gold-backed securities failed to see new investment flows since last Thursday.

 

Silver has been trading exclusively as a precious metal recently and had a similar volatile price pattern to gold in today's trade. After reaching a six month price high last week, the silver market has been hit by extensive profit taking and liquidation pressure. After opening lower the metal was lifted back into positive territory on fresh safe haven buying as the sharp decline in home sales triggered a nosedive in equity prices. But testimony by Bernanke seemed to calm both economic and banking sector fears. As the safe haven bid in silver began to recede, profit taking was reignited sending May silver back towards session lows.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Gold coin shortage as demand soars

Jason Hommel, Thom Calandra report on Phoenix conference

Worried investors want gold on hand

Go forward to gold: How to lift the reserve-currency curse

Gold suppression scheme now is taken for granted

Futures market watchdog evades silver manipulation specifics

Ex-Treasury official confirms gold suppression scheme

 

The Statistics:

As of close of business: 2/25/2009

Gold Warehouse Stocks:

8,586,571

+68,725

Silver Warehouse Stocks:

125,457,947

+565,253

 

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) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1,028.98

33,082,801

US$ 32,554m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

132.22

4,251,085

US$ 4,045m

Australian Stock Exchange (ASX)

Gold Bullion Securities

12.49

400,486

US$ 382m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

28.62

920,298

US$ 905m

 Note: Change in Total Tonnes from Monday’s data: The LSE subtracted at 0.16 tonnes and the JSE subtracted 0.01 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 2/24/2009

 

Total Net Assets

$2,173,939,315

Ounces of Gold
in Trust

2,243,824.921

Shares Outstanding

22,800,000

Tonnes of Gold
in Trust

69.79

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

 

Silver Trust (SLV)

Profile as of 2/24/2009

 

Total Net Assets

$3,783,605,782

Ounces of Silver
in Trust

263,008,022.900

Shares Outstanding

266,650,000

Tonnes of Silver
in Trust

8,180.46

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

 

The Stocks:

 

Entree’s (EGI) exploration updates, Exeter’s (XRA) assay results, Great Basin’s (GBG) execution of its mining right and the approval of its environmental management program, Banro’s (BAA) mining contract review process, Impact’s (IPT.V) drill results, South American Silver’s (SAC.TO) Preliminary Economic Assessment Study, and Esperanza’s (EPZ.TO) update of its activities were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Ivanhoe

IVN +8.89% $4.53

2.  Aurizon

AZK+6.12% $3.99

3.  US Gold

UXG+5.30% $1.99

 

LOSERS

1.  Vista Gold

VGZ-10.92% $2.04

2.  Alexco

AXU -10.34% $1.30

3.  Hecla

HL -8.18% $1.46

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:

Hawk Terminates Interest in Noront Resources Hawk JV Property-"Ring of Fire" Area, McFauld's Lake - More
- February 25, 2009 | Item | E-mail


New Brunswick Court of Queen's Bench Render's Decision on NPI claimed by Fern Trust - More
- February 25, 2009 | Item | E-mail


Explor Re-Starts Drilling on Eastford Lake Gold Project - More
- February 25, 2009 | Item | E-mail


IMPACT Silver Intersects 1,016 grams per tonne over 1.8 Meters at Capire  - "IMPACT Silver Corp. ("IMPACT") is pleased to announce drill results from an extensive grid drilling program on the Capire Zone in the 200-square kilometer Mamatla Mineral District. Highlights from the 54-hole (3,756 meters) drill program include the following:" More
- February 25, 2009 | Item | E-mail


South American Silver Corp. Issues Positive Preliminary Economic Assessment Study on Malku Khota Silver-Indium Project - "South American Silver Corp. ("SASC" or the "Company")(Toronto:SAC.TO - News) announces the results of a NI 43-101 compliant Preliminary Economic Assessment Study ("PEA") on its 100% owned Malku Khota silver-indium-gold project located in central Bolivia. The study includes a Base Case with a pre-tax undiscounted NPV of US$1,233 Million (0% discount rate) and IRR 50.7%. The PEA was prepared by Pincock Allen & Holt ("PAH") and is based on the earlier NI 43-101 resource estimate that PAH had prepared in September 2008 (see SASC PR08-12). The full PEA will be filed on SEDAR within 45 days." More
- February 25, 2009 | Item | E-mail


Tiomin Corrects & Responds to Jaguar Press Release - More
- February 25, 2009 | Item | E-mail


Nuinsco Evaluating Processing of Mineralization From Cameron Lake Gold Mine - More
- February 25, 2009 | Item | E-mail


El Nino Ventures identifies additional targets on the company's Kasala Project in the Democratic Republic of Congo ("DRC") - More
- February 25, 2009 | Item | E-mail


Dios B-1 Zone Sample up to 0.85% U308 at Hotish - More
- February 25, 2009 | Item | E-mail


Platmin Completes Second Tranche of Equity Financing - More
- February 25, 2009 | Item | E-mail


Unico, Inc. Announces Alternative Testing of Gold and Silver Content From Concentrates at the Deer Trail Mine - More
- February 25, 2009 | Item | E-mail


Premier-Roxmark intersect high-grade gold at Hardrock - More
- February 25, 2009 | Item | E-mail


Semafo to Proceed With Deep Drilling Exploration Program at Mana - More
- February 25, 2009 | Item | E-mail


Salazar Provides Inferred Resource Estimate for El Domo Deposit at Las Naves, Curipamba Project, Ecuador - More
- February 25, 2009 | Item | E-mail


C2C Pours Gold in Ecuador - More
- February 25, 2009 | Item | E-mail


Cartier Launches Diamond Drill Program on Three of its Properties - More
- February 25, 2009 | Item | E-mail


Paragon Minerals Options the Huxter Lane Gold Property to Golden Dory - More
- February 25, 2009 | Item | E-mail


UEX/AREVA 2009 Drill Program Underway at Shea Creek with Three Drills - More
- February 25, 2009 | Item | E-mail


Zoloto Resources announces increase in size of financing - More
- February 25, 2009 | Item | E-mail


Tri-Valley Unit Enters Discussions on Its Gold Exploration Projects - More
- February 25, 2009 | Item | E-mail


Additional Drilling at Western Lithium's Property Supports Chevron's Historical Lithium Resource Estimate - More
- February 25, 2009 | Item | E-mail


Alexis Minerals Reports Q4 and 2008 Financial Results - More
- February 25, 2009 | Item | E-mail


Pala Launches Premium Partial Offer for Shares of Neo Material Technologies Inc. - More
- February 25, 2009 | Item | E-mail


Nevada Copper-Reports High-Grade Drill Results in the South Deposit: 48.5 Meters (159.0 ft) @ 1.40% Copper - More
- February 25, 2009 | Item | E-mail


Thundermin and Cornerstone Provide an Update on the Little Deer Copper Property, Newfoundland - More
- February 25, 2009 | Item | E-mail


Serengeti Resource Estimate Confirms 1.6 Million Ounce Gold and 1.1 Billion Pound Copper Indicated Resource at Kwanika - More
- February 25, 2009 | Item | E-mail


Jim Excell Joins Advanced Explorations Inc. - More
- February 25, 2009 | Item | E-mail


Abacus Discovers New Mineralized Extension to the Ajax Deposit - More
- February 25, 2009 | Item | E-mail


Vantex Cuts 6.76 g/t Au Over 3 Metres on Santa Anna - More
- February 25, 2009 | Item | E-mail


Market Headquarters Speaks to Chairman of Austral Gold Limited - More
- February 25, 2009 | Item | E-mail


VMS Announces Silver and Gold Results From Its Reed Lake Discovery Near Snow Lake, Manitoba - More
- February 25, 2009 | Item | E-mail


Uruguay Mineral Exploration Inc. Announces Initiation of Discussions for Potential Dealing - More
- February 25, 2009 | Item | E-mail


Intrepid Mines Limited: Paulsens Operation, Western Australia - More
- February 25, 2009 | Item | E-mail


Intrepid Finishes the Year on a Positive Note - More
- February 25, 2009 | Item | E-mail


Entree Updates Exploration Results and 2009 Exploration Programs - "At our Lordsburg property, we have started a second phase of drilling. The results from Hole 002, drilled in 2008, indentified porphyry-style copper-gold mineralization for the first time in this area. Additional work will be required to better outline the extent and grade of this copper-gold system." More
- February 25, 2009 | Item | E-mail


IAMGOLD Completes Acquisition of Orezone - "As a result, IAMGOLD acquired all outstanding shares of Orezone pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction was previously overwhelmingly approved by 99.94% of the Orezone shareholders who voted in respect of the arrangement, which was subsequently approved by the Ontario Superior Court of Justice." More
- February 25, 2009 | Item | E-mail


Exeter Drilling at Caspiche Extends Major Gold Intersection-Drilling Program to Be Expanded - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) "Exeter" or the "Company") reports that complete assay results from drill hole CSD032(1) at Caspiche, Chile are as follows: 1,214 metres (3,982 feet) at a grade of 0.90 grams per tonne gold (0.026 ounces per ton) and 0.33% copper, including 716 metres (2,349 feet) at a grade of 1.22 grams per tonne gold (0.035 ounces per ton) and 0.42% copper." More
- February 25, 2009 | Item | E-mail


Burnstone Gold Project: Execution of Mining Right and Environmental Management Program - "Great Basin Gold Ltd, ("Great Basin Gold" or the "Company"), (TSX: GBG; NYSE Alternext: GBG; JSE: GBG) announces the execution of its mining right, and the approval of its environmental management program by the Department of Minerals and Energy ("DME") for the Burnstone Gold Project in South Africa." More
- February 25, 2009 | Item | E-mail


Banro's mining convention and titles confirmed by DRC government - "Banro Corporation ("Banro" or the "Company") (NYSE Alternext US - "BAA"; TSX - "BAA") is pleased to announce that following discussions it has received official confirmation from the Honourable Emile Bongeli, Deputy Prime Minister and the official responsible for the mining contract review process, and from the Honourable Martin Kabwelulu, Minister of Mines of the Democratic Republic of the Congo (the "DRC"), that all aspects of the Company's Mining Convention and its mining licenses respecting the Company's wholly-owned gold projects in the DRC are in accordance with Congolese law." More
- February 25, 2009 | Item | E-mail


Esperanza Provides Update of Company Activities - "Esperanza Silver Corporation (TSX VENTURE:EPZ - News; PINK SHEETS:ESPZF - News) is pleased to provide an update of its activities at Cerro Jumil Mexico and San Luis, Peru. Advances include: - Commencement of a Preliminary Economic Assessment for the Cerro Jumil property due in the second quarter of 2009. - Initiation of a San Luis feasibility study which is also due in the second quarter of 2009." More
- February 25, 2009 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2009

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Wednesday, 25 February 2009 | Digg This Article | Source: GoldSeek.com




 



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