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GoldSeek Web

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 3% and 7% on the Week
By: Chris Mullen,

-- Posted Friday, 8 April 2011 | | Source:




On Week





















JSE Gold








































Foreign Gold Prices


The Metals:


Gold rose to a new all-time high of $1474.74 by a little after noon EST before it fell back off a bit into the close, but it still ended with a gain of 1.01%.  Silver climbed to a new 31-year high of $40.613 in the last minutes of trade and ended with a gain of 2.71%.


Euro gold remained above €1020, platinum gained $22.50 to $1804, and copper gained another 8 cents to about $4.50.


Gold and silver equities rose about 2% at the open and remained near that level for most of the day.  The HUI and GDM made new record closing highs while the XAU was on track to end just short of its December 6th 2010 high, but an apparent error in its data feed late in the day leaves its closing mark unknown at the time of writing.


The Economy:







Wholesale Inventories






All of this week’s other economic reports:


Consumer Credit - February

$7.6B v. $4.5B


Initial Claims - 4/02

382K v. 392K


MBA Mortgage Index - 4/01

-2.0% v. -7.5%


ISM Services - March

57.3 v. 59.7


Next week’s economic highlights include Export and Import Prices, the Trade Balance, and the Treasury Budget on Tuesday, Retail Sales, Business Inventories, and the fed’s Beige Book on Wednesday, Initial Jobless Claims and PPI on Thursday, and CPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and Michigan Sentiment on Friday.


The Markets:


Charts Courtesy of


Oil climbed to almost $113 a barrel on geopolitical worries as the U.S. dollar index fell rather markedly on concerns over a government shutdown.


Treasuries fell on uncertainty about inflation.


The Dow, Nasdaq, and S&P fell on fears over the impacts of a government shutdown.


Among the big names making news in the market Friday were US Airlines, Audi, and JPMorgan.


The Commentary:


Gold and silver shares are moving strongly higher at noon EDT. Based on what I have been seeing this past week, it appears that the ratio spread trades which have kept so much pressure on this sector for the last two years are finally coming off.

I have long suggested that if the hedgies wish to play the spread trade game with the mining shares, use them as the long leg of their spread against a short against the broader market. That would have been a far more profitable trade than plying shorts against the mining shares when the primary trend in the precious metals is higher.

We'll see if they remain stubbornly wedded to this trade or continue further unwinding and attempt a new and more profitable strategy.- Dan Norcini, More at


GATA Posts: 

MineWeb reports on congressional hearing on U.S. Mint's failure

More interesting speculation about gold revaluation


The Statistics:

Activity from: 4/07/2011

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




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

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures





Dubai Gold Securities




Note: Change in Total Tonnes from yesterday’s data: SPDR added 11.742 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 133.35: +8.11 change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 11,192.80: +30.35 change from yesterday’s data.


The Miners:


Rubicon’s (RBY) drill results, Allied Nevada’s (ANV) first quarter sales, and Gold Fields’ (GFI) first quarter production were among the big stories in the gold and silver mining industry making headlines Friday.



1.  Golden Minerals

AUMN+12.85% $24.15

2.  Pan American

PAAS +8.41% $42.65

3.  Minefinders

MFN +5.95% $15.31



1.  First Majestic

AG -2.89% $24.54

2.  Vista Gold

VGZ -2.81% $3.81

3.  Entree

EGI -1.33% $2.95

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:

Rubicon Minerals Updates Delineation Drill Results From the F2 Core Zone, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to provide an update on its underground delineation drill program being carried out on part of the F2 Core Zone, at its 100%-owned Phoenix Gold Project located in the heart of the prolific Red Lake Gold District of Ontario. A total of 16,000 metres of the planned 27,000-metre delineation drill program has been completed. New delineation drill results are shown in Table 1 and 2, and Figures 1 through 5. The delineation drilling will test a total area of 150 metre (horizontal) x 200 metre (vertical) area within the F2 Core Zone (Figures 1 and 4). The delineation drill results presented are from an ongoing four drill fence program covering approximately 90 metres of strike length and are focused within +/-100 metres of the 305 metre level (some results extend beyond this area as shown in Figure 2 and 3). In addition, Rubicon is carrying out approximately 40,000 metres of exploration drilling to continue to expand and infill the F2 Gold System." More
- April 08, 2011 | Item | ShareThis

TNR Gold Corp. La Ortiguita Drill Program Expanded By 60% - More
- April 08, 2011 | Item | ShareThis

Santa Fe Gold Releases Video of Summit Gold-Silver Mining Operation - More
- April 08, 2011 | Item | ShareThis

Fancamp Announces $10,000,000 Brokered Financing by the Magpie Mines Inc. - More
- April 08, 2011 | Item | ShareThis

Bison Gold Resources Inc. Announces Flow-Through and Non-Flow-Through Private Placement Financing - More
- April 08, 2011 | Item | ShareThis

Williams Creek Announces Acquisition of the Pine Group of Properties - More
- April 08, 2011 | Item | ShareThis

SIRIOS Resources Inc.: Private Placement in Progress - More
- April 08, 2011 | Item | ShareThis

ValGold Reports First Results of 2011 Drill Program on the Tower Mountain Gold Property, NW Ontario - More
- April 08, 2011 | Item | ShareThis

Cadan Releases Gold Results From T'Boli Gold-Silver Mine - More
- April 08, 2011 | Item | ShareThis

Riverstone Reports 28.61 g/t Au Over 20 Metres on Yaramoko Gold Project, Burkina Faso, West Africa - More
- April 08, 2011 | Item | ShareThis

Trevali and Kria Complete Business Combination Creating a New Intermediate Base Metal Producer Platform - More
- April 08, 2011 | Item | ShareThis

Dorato Resources Inc.: Copper-Gold Porphyry Mineralization Confirmed at Cobrecon Target; Samples Grade Up to 0.63% Copper and 0.48 g/t Gold - More
- April 08, 2011 | Item | ShareThis

Roxgold Step Out Hole Intersects High Grade Gold Mineralization in New Discovery on Yaramoko Gold Concession, Burkina Faso, West Africa - More
- April 08, 2011 | Item | ShareThis

Stronghold Announces Grant of Stock Options - More
- April 08, 2011 | Item | ShareThis

Silver Spruce Reports on Ongoing Diamond Drilling Program, Big Easy Gold/Silver Property, Eastern Newfoundland - More
- April 08, 2011 | Item | ShareThis

Hondo Minerals Completes Initial Construction of the Superstructure for its Processing Facility at Tennessee Mine - More
- April 08, 2011 | Item | ShareThis

Ruby Creek Resources to Present at Chicago Resource Expo April 16, 2011 - More
- April 08, 2011 | Item | ShareThis

American Lithium Minerals Closes $500,000 Private Placement - More
- April 08, 2011 | Item | ShareThis

Pretivm Announces Closing of Secondary Offering - More
- April 08, 2011 | Item | ShareThis

Centamin Egypt Limited Analyst Site Visit to Sukari - More
- April 08, 2011 | Item | ShareThis

Orocobre Limited: First Battery Grade Lithium Carbonate Produced from Salar de Olaroz - More
- April 08, 2011 | Item | ShareThis

Canaco Issues Stock Options - More
- April 08, 2011 | Item | ShareThis

Aura Minerals Releases Additional Assay Results from the Deeper Drill Test Program for the Copper-Gold-Silver Aranzazu Mine in Mexico - More
- April 08, 2011 | Item | ShareThis

Macusani Yellowcake Announces Grant of Options/Resignation of Director - More
- April 08, 2011 | Item | ShareThis

United Mining Group Engages CHF Investor Relations - More
- April 08, 2011 | Item | ShareThis

Goldbard Capital Corp. Corporate Update - More
- April 08, 2011 | Item | ShareThis

Odyssey Resources Limited Announces Filing of Audited Annual Financial Statements and Update on Swansea Project - More
- April 08, 2011 | Item | ShareThis

U3O8 Corp. Reports Initial Uranium-Vanadium Resource Estimate on the Laguna Salada Project, Argentina - More
- April 08, 2011 | Item | ShareThis

Atacama Pacific Reports Positive Cerro Maricunga Drill Results Including 224 Metres Grading 0.62 g/t Gold and 96 Metres at 1.07 g/t Gold - More
- April 08, 2011 | Item | ShareThis

Allied Nevada Reports Preliminary First Quarter 2011 Sales of 21,241 Ounces of Gold and 59,383 Ounces of Silver, In-Line With Expectation - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce preliminary operating results for the first quarter of 2011 for its wholly owned Hycroft mine, located near Winnemucca, Nevada. The mine produced 20,718 ounces of gold and 61,751 ounces of silver in the first quarter of 2011, in-line with expectation. Per previously stated guidance, production is expected to strengthen throughout 2011 as the impact of implementing the accelerated mining plan begins to take effect. First quarter 2011 sales were slightly better than planned with 21,241 ounces of gold and 59,383 ounces of silver sold. The mine reported no safety or environmental incidents in the first quarter of 2011." More
- April 08, 2011 | Item | ShareThis

Gold Fields Limited: Q1 2011 Production in Line With Guidance - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today announced that attributable Group production for the March quarter (Q1 2011) is expected to be approximately 830,000oz, which is 5% higher than for the corresponding quarter a year ago (793,000oz). As expected production is lower than that achieved in the previous quarter (900,000 ounces), almost entirely due to the customary Christmas break in South Africa, when all mines close for two weeks." More
- April 08, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report


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© Gold Seeker 2011

Note: This article may be reproduced provided the article, in full, is used and mention to 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. 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’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 Friday, 8 April 2011 | Digg This Article | Source:


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