-- Posted Monday, 29 March 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $1110.30 | +$5.85 |
Silver | $17.37 | +$0.51 |
XAU | 164.54 | +1.94% |
HUI | 406.40 | +1.22% |
GDM | 1221.87 | +1.32% |
JSE Gold | 2250.53 | +54.89 |
USD | 81.27 | -0.29 |
Euro | 134.79 | +0.69 |
Yen | 108.14 | +0.08 |
Oil | $82.17 | +$2.17 |
10-Year | 3.864% | +0.009 |
T-Bond | 115.15625 | +0.0625 |
Dow | 10895.86 | +0.42% |
Nasdaq | 2404.36 | +0.39% |
S&P | 1173.22 | +0.57% |
The Metals:
Gold rose roughly 0.5% in late Asian trade and held above $1110 in London before it popped to a new session high of $1114.30 shortly after 8AM EST and then fell back off in early New York trade to as low as $1106.91 by a little after 10AM EST, but it then rallied to a new session high of $1114.55 by late morning and ended with a gain of 0.53%. Silver climbed to as high as $17.413 by late morning and ended with a gain of 3.02%.
Euro gold rose near €826, platinum gained $30 to $1624, and copper jumped nearly 14 cents to about $3.53.
Gold and silver equities rose almost 2% by late morning and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Feb | 0.0% | 0.1% | 0.3% |
Personal Spending | Feb | 0.3% | 0.3% | 0.4% |
PCE Prices - Core | Feb | 0.0% | 0.1% | 0.0% |
Tomorrow at 9AM EST brings the Case-Shiller 20-city Index for January expected at -0.6% and at 10AM is Consumer Confidence for March expected at 50.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed almost 3% as the U.S. dollar index fell and the euro rose after Greece was able to successfully sell some 7-year bonds.
Treasuries ended higher on tame inflation data and on geopolitical worries after two suicide bombings in Russia.
The Dow, Nasdaq, and S&P founds modest gains on news that consumers are still spending.
Among the big names making news in the market today were Google, Ford, Novartis, AMD, Apollo Group, and Citigroup.
The Commentary:
“First notice for delivery into the April gold contract will be posted in the wee hours of Tuesday morning... and that will be in my commentary on that date. There's still a huge open interest number left in that contract. It fell 26,897 contracts on Wednesday... all the way down to 125,193 contracts. But that number will crash by the end of trading on Monday... and I expect a huge decline when Friday's preliminary volume numbers are posted in the [very] early hours of Saturday morning... which I'll report on at the end of this commentary.
The Commitment of Traders was pretty happy reading for a change. In silver, the bullion banks decreased their net short position by 2,310 contracts... but are still net short 45,698 contracts... or 228.5 million ounces of silver. In gold, the bullion banks improved their net short position by a very impressive 18,472 contracts... but are still net short 22.4 million ounces of the stuff. The full-colour COT graph for silver is linked here... and for gold it's linked here.
The '4 or less' traders in silver are short about 48,600 contracts... which is 106.3% of the entire net short position. The '8 or less' traders [which includes the '4 or less' traders] are short 61,200 contracts... or 133.9% of the net short position.
To put this in plain English, the Commercial [bullion bank] short position on yesterday's COT report shows that there are 75,584 short positions [in total] in that category divided up amongst 33 traders. The '8 or less' traders hold 61,200 of those contracts all by themselves. That's 81% of the gross Commercial short position held by only 8 traders... and I would guess that JPMorgan holds at least 25% of that gross short position all by itself.
Then, by the process of subtraction... 33 traders minus the '8 or less' comes to 25 traders left to divide up the remaining 75,584 - 61,200 = 14,384 contracts between them. This works out to 575 contracts for each trader.
It's not difficult to figure out who controls the price. That's what those CFTC hearings were all about in Washington on Thursday.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
Gold was firmly bid throughout the entirety of today’s trading session. The main impetus behind the strength was the move higher in the European currencies with a corresponding move lower in the US Dollar as concerns over Greece abated somewhat due to developments over that way, but the terrorist attack in the Russian subway station was probably somewhat in play as well today.
For whatever the reason, risk seemed to be back in vogue with widespread commodity complex buying the order of the day. Silver in particular had a very strong showing as its chart perked up considerably. Perhaps the move there was related to the buzz surrounding the recent CFTC hearings. Crude oil shot up once again to the $82 level, took that out and then moved within 25 cents of $83. It has been unable to best the $83 – $84 level for any length of time but it sure looks like it wants to go higher. If the "improving economy" gang continues to win converts, the odds would then favor a breakout for crude.
We have three good indicator markets for the overall economy; copper, crude oil and lumber. Two of them are managing to turn their charts much friendlier with copper blowing through overhead resistance today and running to a major inflection point on its weekly chart. If it can convincingly take out the $3.55 level and hold those gains, it will have accomplished an upside technical breakout. That will convince more skeptics that the markets are anticipating further recovery economically however for me to be convinced, I will need to see lumber begin some sort of trending move to the upside. It’s chart has been looking better recently so we will need to keep an eye on this key market especially if it can push past the 300 level.
The Euro did manage to build on last Friday’s gains which would seem to indicate that day’s move was more than the usual pre-weekend short covering by those deciding to ring the cash register; however, it made its best level overnight and could not seem to gather much in the way of additional buying during the North American session. As short term oriented as today’s markets have become, failure to push higher within the next 24 hours will see sellers re-emerging soon.
The HUI looks a bit better but I will not be impressed until it can close above the 410 level.
The bonds are not moving all that much today. The yield on the key 10 year is at 3.88% as I write this.”- Dan Norcini, More at JSMineset.com
GATA Posts:
New York Post notes attack on CFTC whistleblower
MineWeb notes GATA's work at CFTC hearing
Robert Gottleibsen: Are commodities markets rigged?
Zero Hedge follows admission to CFTC that London gold market is unbacked paper
It's admitted to the CFTC: London gold market is a Ponzi scheme
CFTC whistleblower injured in London hit-and-run
Sprott cites Murphy, Butler in interview with King World News
Supply fears start to hit Treasuries
CFTC staff, chairman met Butler on day before hearing
Dispute over curbs on metal futures
IMF rejects investment house bids for gold
CFTC posts video of hearing on metals futures trading
The Statistics:
Activity from: 3/26/2010
Gold Warehouse Stocks: | 10,021,030 | -1,186 |
Silver Warehouse Stocks: | 115,847,286 | +48,385 |
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 | 1124.647 | 36,158,521 | US$40,030m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.96 | 3,758,589 | US$4,168m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,388 | US$547m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.20 | 1,581,773 | US$1,729m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,979 | US$6m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 76.96 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,278.18 - No change from yesterday’s data.
The Miners:
Royal Gold’s (RGLD) amended term loan, Fronteer’s (FRG) year-end results, Ivanhoe’s (IVM) drill program, and South American’s (SAC.TO) appointed president and CEO were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Metalline | MMG+19.99% $1.02 |
2. Claude | CGR +9.71% $1.13 |
3. Mines MGMT | MGN +5.31% $2.58 |
LOSERS
1. Mag Silver | MVG -2.68% $7.25 |
2. Exeter | XRA -2.66% $6.22 |
3. Capital Gold | CGC -1.47% $3.34 |
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:
Big Bear Mining Corp. Incorporates Wholly Owned Gold Exploration Subsidiary 'Golden Bear Mining Corp.' - More
- March 29, 2010 | Item | ShareThis
RockBridge Appoints New Director - More
- March 29, 2010 | Item | ShareThis
Canada Lithium appoints Endeavour Financial to source funding for Quebec Lithium Project - More
- March 29, 2010 | Item | ShareThis
Laurion Announces the Completion of Its Due Diligence on Stroud's Leckie Lake Gold Property - More
- March 29, 2010 | Item | ShareThis
Update on Limited Diamond Drill Program to Fulfill 2009 Flow Through Commitments at Coxheath Property, Nova Scotia and Earn-in Commitment at Oceanview Property - More
- March 29, 2010 | Item | ShareThis
Royal Gold Amends Its Term Loan and Retires Debentures - "Royal Gold, Inc. (NASDAQ: RGLD - News) (TSX: RGL - News) today announced that it amended its term loan facility (“Term Loan”) with HSBC Bank USA, National Association (“HSBC”) and will retire the debentures of International Royalty Corporation (“IRC”). The Term Loan was funded in conjunction with the closing of the Plan of Arrangement between Royal Gold and IRC on February 22, 2010." More
- March 29, 2010 | Item | ShareThis
Fronteer Reports Strong Year-End Results - "Fronteer finished 2009 in a very strong position" says Fronteer President and CEO Mark O'Dea. "We have built the required operating capability, management structure and financial strength to advance our three gold projects in Nevada towards production. The necessary building blocks are in place to achieve our goals. Our 2010 global budget - including exploration and development activities, and capital, general and administrative costs - represents less than 20% of our available liquid assets. We are well-funded to advance our gold development projects and maintain flexibility to pursue other value opportunities that may arise." More
- March 29, 2010 | Item | ShareThis
Molycorp Minerals Announces New Board Member - More
- March 29, 2010 | Item | ShareThis
Nuinsco Resources Limited: 2010 Exploration Program at Diabase Peninsula Uranium Property Underway - More
- March 29, 2010 | Item | ShareThis
Acero-Martin Exploration Inc. Announces 1,500,000 Flow-Through Share Private Placement - More
- March 29, 2010 | Item | ShareThis
Pro Minerals Inc.: Shining Tree Geophysical Program Completed - More
- March 29, 2010 | Item | ShareThis
La Mancha Swings to Profit in 2009 - More
- March 29, 2010 | Item | ShareThis
Valley High Ventures Ltd.: Termination of Back-In Right on Cordero Project, Mexico - More
- March 29, 2010 | Item | ShareThis
Salazar Provides Corporate Update - More
- March 29, 2010 | Item | ShareThis
Inspiration Provides Additional Information on Proposed Spin-Out - More
- March 29, 2010 | Item | ShareThis
South American Silver Corp. Appoints Greg Johnson as President and CEO - "South American Silver Corp. (TSX:SAC - News) is pleased to announce the appointment of Greg Johnson as President and Chief Executive Officer. Ralph Fitch, who has served as Chairman, President and CEO since the Company's IPO, has been appointed as Executive Chairman. Mr. Johnson has acted as a director of the Company since May 2009." More
- March 29, 2010 | Item | ShareThis
Western Troy Retains GENIVAR to Evaluate Run of River Power at MacLeod Lake, GENIVAR to Resume MacLeod Lake Feasibility and Environmental Work - More
- March 29, 2010 | Item | ShareThis
Pro Minerals Engages Renmark Financial for IR - More
- March 29, 2010 | Item | ShareThis
Volta Resources closes private placement by Randgold Resources Limited - More
- March 29, 2010 | Item | ShareThis
Apella Hires Renmark Financial for IR - More
- March 29, 2010 | Item | ShareThis
Luiri Gold-Final Drilling Results from Matala Central Zone and Deepening, Drilling Commences at New Gold Targets and Appointment of VP Exploration - More
- March 29, 2010 | Item | ShareThis
Nortec Minerals (TSX VENTURE: NVT) in Discussions With Government of Ecuador - More
- March 29, 2010 | Item | ShareThis
Abcourt Mines Inc.: Additionnal Drilling Results on Elder-Tagami Property - More
- March 29, 2010 | Item | ShareThis
Terra Ventures Inc.: Numerous New Zones of Off-Scale Radioactivity and Visible Uranium Mineralization Intersected At Roughrider Uranium Deposit - More
- March 29, 2010 | Item | ShareThis
Fortress Intercepts 0.36% Copper Over 444.7 Metres on the Central Prospect at Its Malmyzh Project, Russia - More
- March 29, 2010 | Item | ShareThis
Eagle Hill Acquires Additional Claims at Windfall Lake - More
- March 29, 2010 | Item | ShareThis
Gladstone Pacific Nickel Limited - ACN 104 261 887 - Interim results for the six months ended 31 December 2009 - More
- March 29, 2010 | Item | ShareThis
Avalon Announces Hydrometallurgical Process Successfully Developed for Its Nechalacho REE Deposit, Thor Lake, NWT - More
- March 29, 2010 | Item | ShareThis
Hathor Exploration Limited: Numerous New Zones of Off-Scale Radioactivity and Visible Uranium Mineralization Intersected at Roughrider Uranium Deposit - More
- March 29, 2010 | Item | ShareThis
AmeriLithium Secures $10 Million Financing Agreement to Support Exploration Program - More
- March 29, 2010 | Item | ShareThis
Ranger Gold Corp. Announces Major Land Acquisition - More
- March 29, 2010 | Item | ShareThis
SearchGold Hits Up to 0.54 G/T Au Over 25 M in AC Drilling of New Exploration Targets, Arae-Gassel, Burkina Faso - More
- March 29, 2010 | Item | ShareThis
Bonanza Goldfields ships mineral samples to ALS Chemex in Reno - More
- March 29, 2010 | Item | ShareThis
International Samuel Starts Drilling on Reed Lake Project - More
- March 29, 2010 | Item | ShareThis
Regal Resources Inc.: Drilling and Financing Announcement - More
- March 29, 2010 | Item | ShareThis
Montoro Commences Drilling on Its Serpent River Uranium & Ree Property in Elliot Lake, Ontario - More
- March 29, 2010 | Item | ShareThis
St. Eugene Mining Corporation Announces the Acquisition of a 35% Interest in the Amisk Lake Gold Project from Claude Resources Inc. - More
- March 29, 2010 | Item | ShareThis
Yukon-Nevada Gold Corp. announces appointment of VP Exploration - More
- March 29, 2010 | Item | ShareThis
VHGI Holdings, Inc. Receives Official Acknowledgement from the Secretary of State of Delaware and Completes Name Change from VirtualHealth Technologies, Inc - More
- March 29, 2010 | Item | ShareThis
Kaminak Significantly Increases Coffee Gold Land Position; Acquires Two More White Gold District Projects and a Proprietary Database From Ryanwood Exploration - More
- March 29, 2010 | Item | ShareThis
Silver Quest Acquires Chuchi North Gold Property, BC - More
- March 29, 2010 | Item | ShareThis
Fission Step-Outs Intersect Highly Radioactive Mineralization 140m West of the "J-Zone" at "Highland" & 70m East of the "J-Zone" - More
- March 29, 2010 | Item | ShareThis
Farallon announces G-9 mineral reserve and resource estimates - More
- March 29, 2010 | Item | ShareThis
Centamin Egypt Pours First Tonne of Gold Processes One Millionth Tonne of Ore - More
- March 29, 2010 | Item | ShareThis
Barkerville Gold Initiates Drill Program at Grouse Creek - More
- March 29, 2010 | Item | ShareThis
Western Lithium Announces Formation of Advisory Committee and Resignation of Director - More
- March 29, 2010 | Item | ShareThis
Alamos Gold Inc.: Turkish Assets Demonstrate Robust Economics, Projects Advance to Pre-Feasibility - More
- March 29, 2010 | Item | ShareThis
Bellhaven Closes Non-Brokered Financing - More
- March 29, 2010 | Item | ShareThis
Comox's Leach Test # 1 on a 2.3 Tonne Sample Gave Recoveries of 77% for Gold and 59% for Silver - More
- March 29, 2010 | Item | ShareThis
Canadian Zinc Reports Financial Results for Fiscal 2009 - More
- March 29, 2010 | Item | ShareThis
Kola Mining Corporation: Bogunay Gold Prospect Update - More
- March 29, 2010 | Item | ShareThis
Molycor Announces Non-Brokered Private Placement - More
- March 29, 2010 | Item | ShareThis
Canasia Industries Corporation: Reed Lake Drilling Now Underway - More
- March 29, 2010 | Item | ShareThis
Medusa Mining Limited: Co-O Mine Drilling Update - More
- March 29, 2010 | Item | ShareThis
Bolero Commences Work Program on Red Chris Prospect Contiguous to Imperial Metals (III -Tsx) - More
- March 29, 2010 | Item | ShareThis
Kenai Announces Entering Into Letter of Intent to Acquire GoldOrigin Limited and Appointment of New Management - More
- March 29, 2010 | Item | ShareThis
Western Copper Announces New Director and Change to Management Team - More
- March 29, 2010 | Item | ShareThis
Bellhaven Closes Non-Brokered Financing - More
- March 29, 2010 | Item | ShareThis
Marathon Announces 2009 Financial Results - More
- March 29, 2010 | Item | ShareThis
ESO Aquires Further Claims Adjacent to Nevada Property Covering Reported Lithium and Boron Brines in Playa - More
- March 29, 2010 | Item | ShareThis
Yukon-Nevada Gold Corp. closes private placement - More
- March 29, 2010 | Item | ShareThis
Discussions End between Conway Resources and First Gold - More
- March 29, 2010 | Item | ShareThis
Eaglecrest's IR Firm Initiates Program to Improve Market Liquidity - More
- March 29, 2010 | Item | ShareThis
Tournigan Amends Stock Option Plan - More
- March 29, 2010 | Item | ShareThis
Crown Announces a Proposed Shares for Debt Placement - More
- March 29, 2010 | Item | ShareThis
Bonanza Goldfields gets final trench update from Gold Explorations LLC - More
- March 29, 2010 | Item | ShareThis
Buenaventura Announces Annual Shareholders' Meeting Results - "Compania de Minas Buenaventura S.A.A. ("Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly traded precious metals mining company, announced today the results of the Company's Annual General Shareholders' Meeting held March 26, 2010." More
- March 29, 2010 | Item | ShareThis
San Gold Corporation Announces Closing of $26 Million "Bought Deal" Private Placement at $4.05 per Share - More
- March 29, 2010 | Item | ShareThis
Miners face IPO hurdles, may have to dig elsewhere - "Some mining firms chomping at the bit to list on the stock market may be forced to look elsewhere for cash by wary investors willing to back only top-notch names." More
- March 29, 2010 | Item | ShareThis
2010 Phase-One Drilling Program Progressing at Ivanhoe Mines' 50%-Owned Kyzyl Gold Project in Northeastern Kazakhstan - "Robert Friedland, Chairman of Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News), and David Woodall, Chief Executive Officer of Altynalmas Gold Ltd. and President of Ivanhoe Mines' Gold Division, announced today that Altynalmas Gold has completed more than half of a current, 39,000-metre, deep-level drilling program at its world-class Kyzyl Gold Project in northeastern Kazakhstan." More
- March 29, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 29 March 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 0.5% and 3%
