-- Posted Wednesday, 6 May 2009 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $909.40 | +$5.90 |
Silver | $13.73 | +$0.33 |
XAU | 135.49 | +5.42% |
HUI | 335.62 | +4.90% |
GDM | 1013.46 | +5.23% |
JSE Gold | 2453.02 | +163.38 |
USD | 83.92 | -0.15 |
Euro | 133.36 | +0.18 |
Yen | 101.75 | +0.60 |
Oil | $56.34 | +$2.50 |
10-Year | 3.152% | -0.005 |
T-Bond | 122.34375 | -0.203125 |
Dow | 8512.28 | +1.21% |
Nasdaq | 1759.10 | +0.28% |
S&P | 919.53 | +1.74% |
The Metals:
Gold traded modestly lower in early Asian trade, but it then steadily climbed back higher in London and New York and ended near its high of $911.47 with a gain of 0.65%. Silver traded slightly lower in Asia and near unchanged in London before it jumped higher in early New York trade and ended near its high of $13.822 with a gain of 2.46%.
Euro gold rose near €685, platinum gained $6 to $1133, and copper gained over 10 cents to about $2.19.
Gold and silver equities rose over 3% at the open before they pared their gains a bit in late morning trade, but they then rose to new highs in afternoon action and ended about 5% higher on the day.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | April | -491K | -645K | -708K |
BofA and Citi need capital as stress tests results loom Yahoo
Banks returning bailouts will face conditions Yahoo
Fed’s Yellen Says Economy May Be Approaching ‘Inflection Point’ Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/02 expected at 635,000, first quarter Productivity expected at 0.6%, and Unit Labor Costs expected at 2.7%. At 3PM is Consumer Credit for March expected at -$4.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed to new highs for the year above $56 as jobs data raised hopes for improving demand and inventory reports were not as bearish as expected. Crude inventories rose just 600,000 barrels, gasoline inventories surprisingly fell 200,000 barrels, and distillates rose 2.4 million barrels.
The U.S. dollar index fell ahead of tomorrow’s central bank meetings in England and Europe that are expected to announce only modest interest rate cuts, if any at all.
Treasuries ended just slightly lower on better than expected economic data as a 10-year note auction drew strong demand.
The Dow, Nasdaq, and S&P overcame worries over the banks and rose on encouraging jobs data.
Among the big names making news in the market today were EBay Ford, Bank of America, Citigroup, and Marsh & McLennan.
The Commentary:
“June Gold closed up 6.7 at 911. This was 8.4 up from the low and 2.5 off the high.
May Silver finished up 0.29 at 13.692, 0.098 off the high and 0.087 up from the low.
Gold traded higher as the market seemed to be garnering support from a variety of sources. Lingering financial sector jitters ahead of Thursday's bank stress test results seemed to be attracting some safe haven buying in gold. But gold market also seemed to benefit from broad based physical commodity buying with strong gains in equities & oil and a weaker Dollar raising the metals inflation hedge appeal. In fact, today's ADP report seemed to raise optimism that the worst of the recession has passed and it appears that a more optimistic macroeconomic view is starting to underpin gold prices.
The economic recovery theme seems to be giving silver an even bigger price lift with the market up sharply off the better than expected economic news. Gains in copper and crude oil also provided outside market support and seemed to fan inflation hedge buying in silver. As a quasi industrial metal, it also looks like silver is benefiting from signs of improvements in the housing industry. The strong macroeconomic optimism being reflected in the equity market rally seemed to provide another buying incentive for the silver bulls.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China warns of worldwide devaluations and inflation
The Statistics:
As of close of business: 5/06/2009
Gold Warehouse Stocks: | 8,495,090 | +6,507 |
Silver Warehouse Stocks: | 117,908,449 | -28,378 |
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 Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,104.45 | 35,509,158 | US$ 32,301m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.88 | 4,272,336 | US$ 3,891m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.40 | 430,029 | US$ 392m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.85 | 927,447 | US$ 843m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/5/2009 | |
Total Net Assets | $1,985,673,301 | Ounces of Gold
in Trust | 2,197,389.159 |
Shares Outstanding | 22,350,000 | Tonnes of Gold
in Trust | 68.35 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/5/2009 | |
Total Net Assets | $3,544,328,382 | Ounces of Silver
in Trust | 270,370,339.900 |
Shares Outstanding | 274,450,000 | Tonnes of Silver
in Trust | 8,409.46 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Timberline’s (TLR) plan of compliance, Lihir’s (LIHR) AGM results, Eldorado’s (EGO) drill results, Alexco’s (AXU) drill results, and Kimber’s (KBX) update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL+15.33% $1.384 |
2. AngloGold | AU +12.03% $36.42 |
3. Nevsun | NSU+11.82% $1.23 |
LOSERS
1. Coeur | CDE -2.47% $1.58 |
2. International Royalty | ROY -2.14% $2.74 |
3. Taseko | TGB -1.21% $1.551 |
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:
Timberline Announces Acceptance of Plan to Regain Compliance with NYSE Amex Listing Requirements - "Timberline Resources Corporation (NYSE Amex:TLR) (``Timberline'') today announced that on May 4, 2009 it received notice from the NYSE Amex (``Exchange'') that the Exchange has accepted Timberline's plan of compliance and will continue Timberline's listing on the Exchange, subject to certain conditions. While Timberline remains out of compliance with certain listing standards, the Exchange has granted the Company an extension until August 13, 2010 to regain compliance with the Exchange's continued listing standards. Until Timberline regains compliance, the company remains subject to periodic review by the Exchange." More
- May 06, 2009 | Item | E-mail
Vantex Completes a $210,000 Flow Through Financing - More
- May 06, 2009 | Item | E-mail
VVC Exploration Corporation Starts Drilling on Sta Valeria Property - More
- May 06, 2009 | Item | E-mail
Eau Claire Drilling Intersects Exceptional High-Grade Gold - More
- May 06, 2009 | Item | E-mail
Lake Victoria Mining Company, Inc.: Kinyambwiga Gold Project Tailings, Grab Sampling and Quartz Vein Mapping Results in Contract to Evaluate Underground Mine - More
- May 06, 2009 | Item | E-mail
Chalice Diamond Corp. Provides Exploration Overview of Wawa-Chapleau Properties - More
- May 06, 2009 | Item | E-mail
Network modifies work commitment and payment schedule for Caldera - More
- May 06, 2009 | Item | E-mail
Uranium Development Consortium Formed - More
- May 06, 2009 | Item | E-mail
Alexco Announces Interim Underground Results, Bellekeno Mine, Keno Hill Silver District: Assay Results Averaging 57.3 Ounces per Ton Silver Over 6.04 Meters - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce initial underground chip-channel results from the Bellekeno mine, Keno Hill Silver District, Yukon. Initial sampling from the Southwest Zone, one of three zones that comprise the Bellekeno resource, confirms historical assays from the central area of the Southwest resource." More
- May 06, 2009 | Item | E-mail
SIRIOS' Partner Continues to Intersect High Grade Gold at the Aquilon Project James Bay, Quebec - More
- May 06, 2009 | Item | E-mail
Yale Options Out the Urique Project to American Sierra - More
- May 06, 2009 | Item | E-mail
Golden Tag Continues to Intersect High Grade Gold at the Aquilon Main Gold Project, James Bay, Quebec - More
- May 06, 2009 | Item | E-mail
Golden Chalice Resources Intersects 1.72% Over 3.0 Meters in Second Discovery Zone - More
- May 06, 2009 | Item | E-mail
Avion Declares Commercial Production in Mali and Initiates Study to Double Production to 200,000 oz/yr - More
- May 06, 2009 | Item | E-mail
NQ Exploration to Become Owner of a 100% Interest in the Opawica Property - More
- May 06, 2009 | Item | E-mail
Caledonia Mining Corporation: Blanket Mine Commences Production and Export of Gold - More
- May 06, 2009 | Item | E-mail
Threegold Resources Inc.: More Promising Results for Copper, Zinc, Silver and Gold on the Lemieux Dome Project - More
- May 06, 2009 | Item | E-mail
New Island Exercises Its Right of First Offer on the Nugget Pond Mill Facilities - More
- May 06, 2009 | Item | E-mail
LGL (Lihir Gold Limited): Results of Voting of 2009 AGM-Releases Speeches by Chairman and Managing Director - "Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL") notes that speeches made at the Annual General Meeting by the Chairman, Dr. Ross Garnaut, and by the Managing Director, Arthur Hood, will be available shortly on the Company's website (www.lglgold.com) as well as with its corporate filings on SEDAR (www.sedar.com.)." More
- May 06, 2009 | Item | E-mail
Rockcliff Solidifies Land Position at Snow Lake - More
- May 06, 2009 | Item | E-mail
Golden Predator to Drill High Grade Silver Targets at Taylor - More
- May 06, 2009 | Item | E-mail
Ur-Energy Inc.-Q1 2009 Update: Lost Creek Production Schedule Remains Late 2010 - More
- May 06, 2009 | Item | E-mail
GoldSpring Secures $2 Million in Financing From Existing Investors - More
- May 06, 2009 | Item | E-mail
Miranda Gold Corp. Stakes New Claims in Nevada - More
- May 06, 2009 | Item | E-mail
Argentex fieldwork discovers 12 new mineralized veins at Pinguino, Santa Cruz, Argentina - More
- May 06, 2009 | Item | E-mail
Shoreham Renegotiates Terms of Mattless Lake Option Agreement - More
- May 06, 2009 | Item | E-mail
Wits Gold increases indicated mineral resources in the Southern Free State - More
- May 06, 2009 | Item | E-mail
New 27 M Wide Gold Zone Intersected in Malartic Lakeshore Drill Program - More
- May 06, 2009 | Item | E-mail
Update on Shituru Project - Sale - More
- May 06, 2009 | Item | E-mail
Jerritt Canyon continues to yield exciting exploration results as reported by Yukon-Nevada Gold Corp. - More
- May 06, 2009 | Item | E-mail
Colorado Goldfields Inc. -- Live Video on Day One Pride of the West Mill Reactivation - More
- May 06, 2009 | Item | E-mail
Pure Nickel Launches 2009 MAN Exploration Program - More
- May 06, 2009 | Item | E-mail
Solid appoints new Director, closes private placement and issues shares for debt - More
- May 06, 2009 | Item | E-mail
Dynacor appoints a new Director - More
- May 06, 2009 | Item | E-mail
Kimber updates exploration and development progress - "During 2009, Kimber has made considerable progress in refining the geological models for the three gold-silver deposits at Monterde: Carmen, Veta Minitas and Carotare, all as part of a complete geological review of the deposits. Monterde is Kimber's principal project and encompasses more than 29,000 hectares in the prolific Sierra Madre gold-silver belt in Mexico, host to more than a dozen mines and major gold-silver deposits. The geologic model includes results from more than 786 drill holes completed to date, in aggregate more than 170,500 metres of drilling." More
- May 06, 2009 | Item | E-mail
Eldorado Gold Announces the Deepest Intercept Drilled in the North Ore Shoot, Efemcukuru: 2.6 Meters at 51.9 g/t Au - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to announce that diamond drilling in the North Ore Shoot ("NOS") at the Efemcukuru gold project, Turkey has encountered the highest grade and deepest intercept drilled in the NOS to date. KV-310 intersected 2.6 meters (drilled length) at 51.9 g/t Au, 39.4 g/t Ag, 3.7% Pb and 4.3% Zn. Table 1 shows the results for the three latest holes drilled in the NOS, and Figure 1 is a long section showing the hole locations and grade contours." More
- May 06, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 6 May 2009 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Rise For the Third Day in a Row
