-- Posted Thursday, 30 April 2009 | Digg This Article | | Source: GoldSeek.com

The Metals:

Gold and silver remained near unchanged in Asia and fell about 1% in London before they took another leg down at the New York open and made their lows of $880.67 and $12.18 shortly after 10:30AM EST to see losses of 2.13% and 4.4%, but they then rallied back higher in the last few hours of trade and gold ended with a loss of just 1.01% while sliver closed with a loss of only 2.75%.

Euro gold fell to about €674, platinum gained $5.50 to $1100, and copper gained over 4 cents to about $2.05.

Gold and silver equities fell over 2% at the open and remained near their lows into the close.

The Economy:

Tomorrow at 9:55AM is Michigan Sentiment for April expected at 61.5 and at 10AM is the Factory Orders report for March expected at -0.7% and the ISM Index for April expected at 38.0.

The Markets:

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

Oil and the U.S. dollar index rose slightly as a drop in US Initial Jobless Claims raised hopes over the economy and sent treasuries lower.

The Dow, Nasdaq, and S&P opened nicely higher on positive economic news before all three indices fell to see slight losses after Chrysler officially filed for bankruptcy, but stocks then rallied back higher into the close and ended mixed and near unchanged as traders debated about over we are headed next.

Among the big names making news in the market today were Dow Chemical, Exxon Mobil, Kodak, Chrysler, Travelers, Bank of America, Delta, and American.

The Commentary:

“Dear CIGAs,

Gold was greeted in New York with the usual selling pressure turning the daily chart pattern increasingly less friendly after bulls failed to push price above the downsloping trendline resistance shown on the attached chart. That trendline continues to dominate the daily chart technical picture and until bulls can shove prices convincingly above it, the bears will growl confidently over their view of the market.

Price is now once again below the 100 day moving average and is attempting to hold above the first level of horizontal support near the $880 level. Failure there and price moves to test critical support near the $865 mark. Bulls cannot allow price to fall below that level or a large amount of long liquidation will occur having the potential to take price down to $820 - $816.

Bulls have a shot at reinforcing the triangular consolidation pattern if they hold their ground here. This pattern, should it be maintained, will be moving towards a resolution in two-three weeks time.  Equities fading from off their best level as I write this is supporting gold helping it to recover from its worst levels of the session. A push above Tuesday’s high will trigger some short covering. The late session price recovery has to be encouraging to the bulls.

Safe haven flows into gold are drying up some as evidenced by the breakdown in the US long bond and the rally in the equity markets. While bonds are being pressed down by looming oversupply fears, gold has not yet made the transition to an expected inflationary scenario. It will need further help in that progress by continued strength in the CCI (Continuous Commodity Index).

The long bond weekly chart shows price sitting exactly on the 50 week moving average. Bond bulls will attempt to hold price near this level for if they fail here, bonds will move down to test the 100 week moving average about 400 points below the current price. That level has held for the last 1 ½ years on any test. It is quite an education observing the battle between the market and the market manipulators at the Fed and Treasury over the level of long term interest rates. The Fed announces a concerted effort to artificially shove long term rates lower in an attempt to breath some life back into the comatose real estate market while at the same time the Administration goes on a drunken spending orgy in the trillions of Dollars. This unprecedented increase in debt issuance then run smacks dab into the reality of what is left of the free market system in which price is determined by the level of demand versus supply. Too much supply and insufficient demand leads to lower prices – an economic law that the Fed apparently feels they can circumscribe. Bonds are firmly below the level of that day in which the Fed announced its much heralded intention to make periodic buys in the Treasury market having the same effect as printing money into existence. I am not privy to the inside workings of both Fed and Treasury but I can say with a great deal of confidence that there is gnashing of teeth taking place at the price action in the long bond.

The HUI and the XAU are showing consolidation patterns as both continue to trade within a broad range carved out since December of last year. Silver was hit hard today but it too continues to trade in a very broad triangular consolidation pattern kept in check by a downsloping trendline drawn off the February and March peaks but holding support in the general vicinity of $12.00 - $11.80.

Copper, if it is going to fail, should run into selling pressure near the $2.10 level. If it can breach this level, then it will probably move on up to retest the zone near the $2.20 level. This market still bears close attention because of its reputed predictive abilities. A further surge in copper prices will lend credence to the continued shift away from deflation and towards inflation in the minds of investors and traders. It is also notable that copper prices moved higher today even in the face of a stronger Dollar.”- Dan Norcini, More at JSMineset.com

“Dear CIGAs,

Exogenous events that cause slower economic activity of duration for any reason, be that the bankruptcy of Chrysler Motors, General Motors, or influenza results in:

The largest national economy has the largest financial problem.

Lesson here:

1. Great expenses for both Federal and State governments.

2. Drastically lower income tax receipts both for Federal and State government.

3. A ballistic rise in the US Federal and State Budget Deficits.

4. Lower business activity across the board at a time when bankruptcy is being held off by Federal contribution of taxpayer’s funds for all major financial institutions.

5. Increased bankruptcy in the too "small to matter" category.

6. Followed by bankruptcy filings of municipal debt.

7. All of which will be factored into the LARGER NATION, this time as having the LARGEST FINANCIAL PROBLEM, breaking any technical flows or safe haven characteristics of the US dollar.

8. Gold rises to Alf Field’s numbers on Martin Armstrong’s timing.

9. Hyperinflation never occurs in good business conditions. It never has and never will. It occurs in the midst of the worst business and political circumstances possible, but then no one seems to get that key fact.

Armstrong’s timing was both April 19th and again in June.

Lesson here:

The larger nation has the larger financial problem.

Note: A two month bankruptcy period would set jurisprudence history as no sitting bankruptcy judge would have time to even say his own name in that period.”- Jim Sinclair, JSMineset.com

“June Gold closed down 9.3 at 891.2. This was 11.1 up from the low and 1.4 off the high.

May Silver finished down 0.449 at 12.305, 0.24 off the high and 0.125 up from the low.

The gold market saw rather intense selling pressure in the morning trade Thursday with the trade generally thinking that the odds of a really dire macro economic outcome were declining. Other traders suggested that persistent gains in equity prices served to pull away capital from gold and other safe haven type instruments. With noted weakness in Treasuries, the Dollar, the Yen and other flight to quality markets this week the idea of waning flight to quality sentiment certainly seems to have some credence. With the Dollar actually managing to throw off some early weakness it is even possible that currency action added into the bearish mentality in gold. Perhaps the gold trade sees the continued expansion of the swine flu situation as an issue that would serve to restrain any recovery attempt and that in turn kept the deflationary threat alive.

A massive range down washout in silver prices was seen in the morning trade, which would suggest that initial weakness in the Dollar and rather impressive strength in equities was off little consolation to the bull camp. Clearly the silver market saw little if any support from news of a possible Mexican miners strike and that isn't surprising when one considers the recent lack of interest in classic supply side elements of the silver market. A slightly higher Dollar and weakness in platinum prices might also have served to under those trades that view silver as a physical or industrial commodity market.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

GATA to participate in Vancouver conference in June

Patrick A. Heller: Why didn't gold rise $100?

Change you can believe in -- if you're an investment bank

The Statistics:

As of close of business: 4/30/2009

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 Miners:

International Royalty’s (ROY) royalties, Timberline’s (TLR) Butte Highlands Gold Project overview, Centerra’s (CG.TO) first quarter results and Agreement on New Terms between Centerra, the Government of the Kyrgyz Republic and Cameco Corporation, Entree’s (EGI) drill results, Lihir’s (LIHR) production report, Newmont’s first quarter results, Buenaventura’s first quarter results, and UC Resources’ (UC.V) private placement closing 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:

International Royalty announces major advancements on Pascua and Las Cruces royalties - "International Royalty Corporation (TSX: IRC, NYSE-Amex: ROY) ("IRC" or the "Company") announced today that important positive developments have been reported on two of the Company's largest assets, the Pascua and Las Cruces royalties. When these two mines are in production, they are expected to add approximately US$25 million in annual revenues to IRC, at current spot prices of around US$900/oz gold and US$2.00/lb copper." More
- April 30, 2009 | Item | E-mail

Canadian Arrow completes first tranche of private placement - More
- April 30, 2009 | Item | E-mail

Ur-Energy Quarterly Webcast Scheduled - More
- April 30, 2009 | Item | E-mail

Sego Titan 24 IP Survey underway - More
- April 30, 2009 | Item | E-mail

Uranium Star Re-Commences Exploration on its Green Giant Vanadium Project in Madagascar - More
- April 30, 2009 | Item | E-mail

Ventana Closes $6 Million Private Placement - More
- April 30, 2009 | Item | E-mail

Terra Ventures Inc.: Hathor Drills 5.5 Metres of 12.6% U3O8 at the Unconformity and Intercepts Up to 68.1% U3O8 in New Basement Zone at Roughrider - More
- April 30, 2009 | Item | E-mail

Noront reports discovery of vanadium mineralization in the McFauld's Lake area - More
- April 30, 2009 | Item | E-mail

Golden Band Resources Appoints Archibald Nesbitt to its Board of Directors - More
- April 30, 2009 | Item | E-mail

Castle Gold Announces New Appointment to Board of Directors and Announces 2008 Financial Report Conference Call - More
- April 30, 2009 | Item | E-mail

Nebu Resources Announces Non-Brokered Private Placement - More
- April 30, 2009 | Item | E-mail

Champion Minerals Intersects up to 29% Iron Over 121.8m in Drilling on the Bellechasse-Midway Claim Block, Fermont Iron Property, Northeastern Quebec - More
- April 30, 2009 | Item | E-mail

RJK Explorations Private Placement for Dorion South Platinum/Palladium/Cu/Ni Property - More
- April 30, 2009 | Item | E-mail

Paladin Energy Ltd: Bloomberg Article - More
- April 30, 2009 | Item | E-mail

Queenston Reports More Deep Drilling Results from Upper Beaver 350 m Below 2008 Resource Estimate - More
- April 30, 2009 | Item | E-mail

Paragon Minerals and Golden Dory Begin Drilling at the Huxter Lane Gold Project - More
- April 30, 2009 | Item | E-mail

Running Fox 09 First Quarter: 3 Month Revenues Up 99 % to $4.381 Million, EBITDA Earnings Up 324 % to $741,000, Net Income Up 1279 % to $524,486 - More
- April 30, 2009 | Item | E-mail

Pacific Rim Subsidiary Commences CAFTA Arbitration Proceedings Against the Government of El Salvador - More
- April 30, 2009 | Item | E-mail

Medoro Announces Filing of Technical Report on Lo Increible Properties - More
- April 30, 2009 | Item | E-mail

Electra Gold Ltd.: Research Program Initiated for Structured Environmentally Friendly Materials - More
- April 30, 2009 | Item | E-mail

Amerigo Announces Q1 2009 Production Results and Dates for Release of Q1 2009 Results and Investor Conference Call - More
- April 30, 2009 | Item | E-mail

Linux Gold Corp. Announces Consulting and Work Engagement Agreement With Thomas K. Bundtzen - More
- April 30, 2009 | Item | E-mail

Shoreham Announces a Minimum $1,000,000 Private Placement Financing - More
- April 30, 2009 | Item | E-mail

Pachamama Resources Ltd.: More Drill Results From Rio Grande - More
- April 30, 2009 | Item | E-mail

Bear Lake Gold Intersects High-Grade Gold Values on its Bear Lake Gold Zone at Larder Lake, Ontario - More
- April 30, 2009 | Item | E-mail

Mitsubishi and Copper Mountain Agree To Extended MOU - More
- April 30, 2009 | Item | E-mail

Golden Goose reports substantial increase in gold resources at its Magino Mine - More
- April 30, 2009 | Item | E-mail

Southwestern Provides Update on Millo Project, Peru - More
- April 30, 2009 | Item | E-mail

Anglo Swiss Resources Inc. Assays up to 210.5 Grams per Tonne Gold During Extensive Underground Exploration Program at its Kenville Gold Mine Property - More
- April 30, 2009 | Item | E-mail

Houston Lake Mining Provides Exploration Update on West Cedartree Gold Project - More
- April 30, 2009 | Item | E-mail

Centamin Egypt Reports on Activities in the Quarter Ended March 31, 2009 - More
- April 30, 2009 | Item | E-mail

Tiger Resources Issues March 2009 Quarterly Report - More
- April 30, 2009 | Item | E-mail

Mineral Hill Announces Listing on the Pink Sheets - More
- April 30, 2009 | Item | E-mail

Mineral Deposits Limited: Quarterly Report for the Period Ended 31 March 2009 - More
- April 30, 2009 | Item | E-mail

Timberline Provides Butte Highlands Gold Project Overview, Files Underground Exploration Plan with Montana DEQ, Acquires Additional Property - "Timberline Resources Corporation (NYSE Amex:TLR) today provides a Butte Highlands Gold Project overview and announces the filing of the Underground Exploration Plan and the acquisition of additional property at its Butte Highlands Gold Project in southwestern Montana.">More
- April 30, 2009 | Item | E-mail

Kyrgyz Parliament Approves Kumtor Agreement - "Centerra Gold Inc. (TSX:CG - News) announced today that the Kyrgyz Parliament has ratified the Agreement on New Terms between Centerra, the Government of the Kyrgyz Republic and Cameco Corporation, details of which were disclosed in the Company's April 24, 2009 news release. Parliament has also enacted legislation authorizing implementation of the Agreement on New Terms including the new tax regime. The President of the Kyrgyz Republic is expected to sign the legislation in the near future." More
- April 30, 2009 | Item | E-mail

Entre Gold Expands Lordsburg Copper-Gold System - "Entrée Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entrée" or the "Company") has expanded its Lordsburg copper-gold discovery in New Mexico, intersecting significant intervals of porphyry-style copper-gold mineralization in three additional holes. Of particular note, a near surface intersection in hole EG-L-09-006 returned potentially economic grades of 0.2% Cu and 0.2 g/t Au over 118 metres (390 feet)." More
- April 30, 2009 | Item | E-mail

LGL's (Lihir Gold) First Quarter Fiscal 2009 Production Report - "In summary, the Company has achieved a third successive quarter of record output in the March quarter, producing 318,000 ounces of gold from its four operations. The first quarter result leaves the company well on track to achieve its stated 2009 production target of 1.04 - 1.2 million ounces, which will be LGL's fourth successive year of record gold output. It also confirms the success of the company's diversification and growth strategy implemented over the past two years." More
- April 30, 2009 | Item | E-mail

UC Resources Ltd. Announces Closing of Non-Brokered Private Placement With MineralFields Group - "Further to the Company's news release dated April 20, 2009, the Company is pleased to announce it has received TSX Venture Exchange approval for and closed a private placement of 10,000,000 flow-through shares, at a price of $0.10 per share, to raise proceeds of $1,000,000." More
- April 30, 2009 | Item | E-mail

Newmont Generates First Quarter Net Cash From Continuing Operations of $387 Million ($0.82 per share); Maintaining 2009 Outlook - "Newmont Mining Corporation (NYSE: NEM - News; "Newmont" or the "Company") today announced first quarter results, with net cash from continuing operations of $387 million ($0.82 per share) with equity gold sales of 1.27 million ounces at an average realized gold price of $906 per ounce. Costs applicable to sales were $435 per ounce, and adjusted net income(1) was $208 million ($0.44 per share). Net income on a GAAP basis(2) was $189 million ($0.40 per share) for the first quarter, compared to $365 million ($0.81 per share) in the prior year quarter, primarily due to lower realized gold and copper prices." More
- April 30, 2009 | Item | E-mail

Compania de Minas Buenaventura Announces First Quarter 2009 Results - "Net income in the first quarter was US$100.3 million compared to the negative US$63.0 million figure reported in 1Q08, while EBITDA from Buenaventura's direct operations totaled US$83.4 million, 35% lower than the figure achieved in 1Q08. EBITDA including Yanacocha and Cerro Verde decreased 38% from US$365.4 million in 1Q08 to US$225.2 million in 1Q09. These results are mainly explained by lower metal prices." More
- April 30, 2009 | Item | E-mail

RiskMetrics Group and Glass, Lewis and Co. Recommend that New Gold and Western Goldfields Shareholders Vote "FOR" the Business Combination With New Gold - "New Gold Inc. ("New Gold") (TSX and NYSE AMEX - NGD) and Western Goldfields Inc. ("Western") (TSX - WGI and NYSE AMEX - WGW) announced today that RiskMetrics Group (formerly Institutional Shareholder Services or "ISS") and Glass, Lewis and Co. have each formally recommended that their subscribers vote "FOR" the proposed business combination of New Gold and Western ("Transaction"). RiskMetrics Group and Glass, Lewis and Co. are leading providers of proxy research and voting recommendations to institutional investors in Canada and the United States." More
- April 30, 2009 | Item | E-mail

Centerra Gold Reports First Quarter Results - "Centerra Gold Inc. (Toronto:CG.TO - News) today reported a first quarter net loss of $20.3 million or $0.09 per common share based on revenues of $98.4 million compared to earnings before unusual items of $23.7 million or $0.11 per common share on revenues of $112.7 million in the same quarter of last year." More
- April 30, 2009 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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-- Posted Thursday, 30 April 2009 | Digg This Article | Source: GoldSeek.com

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