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Gold Seeker Closing Report: Gold and Silver Gain Almost 1% and 5%
By: Chris Mullen,

-- Posted Monday, 9 May 2011 | | Source:



















JSE Gold
































The Metals:


Gold climbed to $1510.34 in Asia before it fell back to $1498.65 in London, but it then rose to a new session high of $1511.46 in New York and ended with a gain of 0.76%.  Silver climbed to as high as $37.955 at about 7AM EST before it pared its gains a bit, but it still ended with a gain of 4.97%.


Euro gold rose to about €1051, platinum gained $3.30 to $1784, and copper gained 4 cents to about $4.00.


Gold and silver equities rose over 1% at the open before they fell back near unchanged in midmorning trade, but they then rallied back higher into the close and ended with about 2% gains.


The Economy:


There were no major economic reports today.


FDIC's Bair to leave agency July 8th  MarketWatch

Fed Says U.S. Household Debt Increases 0.3% in First Quarter  Bloomberg

U.S. ‘Underwater’ Homeowners Increase to 28 Percent, Zillow Says  Bloomberg


Tomorrow at 8:30AM EST brings Export and Import Prices for April and at 10AM is the Wholesale Inventories report for March expected at 1.0%.


The Markets:


Charts Courtesy of


Oil surged 5.5% higher on the view that last week’s commodity correction was overdone.


The U.S. dollar index reversed midday gains and ended lower on mixed worries over Greece’s debt after S&P downgraded their rating to B from BB-.


Treasuries “were steady to lower on Monday, with investors turning away from bonds in favor of commodities and stocks ahead of the sale of $72 billion of U.S. government debt this week.”


The Dow, Nasdaq, and S&P rose on the rebound in commodities.


Among the big names making news in the market today were LinkedIn, Apple, Google, Hertz, Dollar Thrifty, and Deere.


The Commentary:


U.S. Stock Market – “A market can remain irrational longer than you (your account) can remain solvent.” I reminded myself of this old saying whenever I thought of shorting the U.S. stock market. Thankfully, I remain in my chicken coop.


There’s an old saying among realtors (it may have not been used in recent years) that “it’s always a good time to buy real estate.” The “Don’t Worry, Be Happy” crowd on Wall Street lives and dies on the constant buying and selling of equities. You have as much a chance of them as a group telling you not to buy stocks and come back in a year or two as you do a Chevy dealer telling you to leave and go down to the Ford dealer to buy a car.


With this in mind, you must realize that the large sums of monies controlled and influenced by the Pied Pipers of Wall Street have a gigantic bias to see the cup half full at all times. The fact that “Helicopter Ben” has thrown a trillion and a half of money created literally out of thin air has given the Pipers plenty of financial heroin to remain high on.


I don’t know the day, week or maybe even the year this insanity comes to an end, but I do know that each day it doesn’t end makes the ending that much uglier.


I shall remain in my coop until further notice


Gold and Silver – “Trends tend to go higher (or lower) than almost anyone thinks they can go.” Back in 2003 with gold just over $300 and silver under $5, I became a roaring bull and remained so up until recently. While I managed to sidestep some corrections along the way, I never advocated significant or total liquidation of either metal until most recently. While I suggested buying back those sold positions after a very nasty correction, I did so with the belief there was still the possibility that another 10% or so to the downside was possible.


Despite the dramatic ups and downs of late, the long-term trend in gold and silver remains firmly to the upside. Trends do indeed go longer and further than most think and the “mother” of all gold bull markets continues to target $2,000+ before it can end.


The May-August time-frame tends to be a seasonally unfavorable period for gold, so it won’t come as any surprise that we consolidate or even trade lower in the coming weeks. However (I dislike using that word because it’s cop-out terminology that most forecasters use to cover their a$$), most of the surprises in the last 8 years or so in gold has been to the upside and there’s no reason to think that can’t continue being the case.


U.S. Dollar – I spoke of late of a falling wedge in the U.S. Dollar Index that 8 out of 10 times usually leads to a rally. A pop back to 76 or so is a reasonable countertrend rally target, but a new low below 70 by the first quarter of 2012 remains my long-term target.


U.S. Bonds – Here, too, my chicken feathers litter the floor. While the economic nightmare to come screams to short bonds, there’s just too much financial heroin flowing around the investment houses who love mainlining this stuff. But one of these days I’m likely to pull the trigger – only not today or tomorrow.


Oil and Natural Gas – Oil is overdue for a correction and consolidation but the geopolitical concerns in the Middle East and the inevitable further decline in the U.S. Dollar should put a floor under oil not too much lower from here.


Natural gas, meanwhile, is in the early stage of a new bull market and while it’s not seasonally favorable now for several months, any significant pullbacks below $4 are attractive entry points for bulls.


Uranium – As noted on my blog, I’ve taken a “shine” again to uranium and uranium stocks. I don’t think it’s straight up or even a major rally at this point, but I do think most if not all of the damage to the downside is behind us. The world needs for energy and electricity haven’t changed and the ability to greatly substitute away from uranium may sound politically correct but isn’t realistic.”- Peter Grandich, Grandich Letter


GATA Posts:

Ted Butler: First fear, then anger

FT's John Dizard concedes grudgingly to gold and even cites GATA

Biggest market rigger is government itself

Alasdair Macleod: Silver corrects


The Statistics:

Activity from: 5/06/2011

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 subtracted 3.032 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 136.33 - No change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 10,253.75 -15.17 change from yesterday’s data.


The Miners:


Entree’s (EGI) agreement to acquire Honey Badger's 49% interest in the Blackjack property, Timberline’s (TLR) second quarter results and presentation in New York, Richmont’s (RIC) option agreement with Globex, IAMGOLD’s (IAG) Framework Agreement, Pretivm’s (PVG.TO) agreements with Seabridge Gold (SA) to cooperate in advancing Pretivm's Brucejack and Snowfield projects and Seabridge's KSM project, ECU Silver’s (ECU.TO) letter to shareholders, Aurcana’s (AUN.V) 2010 results, Coeur’s (CDE) first quarter results, Hecla’s (HL) first quarter results, Silver Wheaton’s (SLW) first quarter results, and Silver Standard’s (SSRI) webcast were among the big stories in the gold and silver mining industry making headlines today.



1.  Endeavour

EXK +8.49% $10.09

2.  Revett

RVM +8.39% $5.17

3.  First Majestic

AG +8.39% $19.77



1.  Coeur

CDE-2.60% $26.98

2.  Vista Gold

VGZ -1.67% $2.94

3.  Cardero

CDY -1.16% $1.70

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:

Grizzly Provides Update on Greenwood Gold Project- Mobilizes Crews to Field - More
- May 09, 2011 | Item | ShareThis

TerraX identifies possible kilometre scale gold-copper porphyry system at Stewart Property, Newfoundland. Drilling planned for summer 2011 - More
- May 09, 2011 | Item | ShareThis

VVC Exploration-Management & Board of Director Changes - More
- May 09, 2011 | Item | ShareThis

Aguila American Signs Community Agreement Proceeds with Drill Permitting - More
- May 09, 2011 | Item | ShareThis

Golden Peaks Resources updates Indonesian gold projects - More
- May 09, 2011 | Item | ShareThis

ECU Silver Chairman and CEO, Michel Roy, Provides Letter to Shareholders - "Gold and silver prices have surged since the beginning of 2011, despite a sharp correction this past week. However, most of the stocks in the mining sector, including both producers and explorers, have significantly underperformed the precious metal price escalation. Many analysts attribute this incongruity to an over-riding investment strategy implemented by many hedge funds in which they "hedge" the sector investment by collectively going long the metal and short the mining stocks." More
- May 09, 2011 | Item | ShareThis

PPM Conducts a Non-Brokered Private Placement - More
- May 09, 2011 | Item | ShareThis

Adroit Resources Inc.: Winter Drill Programme, Exploration and Staking Update on Red Vein Volcanogenic Massive Sulphide (VMS) Property - More
- May 09, 2011 | Item | ShareThis

Update on Regulatory Approvals for Consolidated Thompson Iron Mines Limited Arrangement With Cliffs Natural Resources Inc. - More
- May 09, 2011 | Item | ShareThis

Prominex Retains Project Manager for Newfoundland Exploration Projects - More
- May 09, 2011 | Item | ShareThis

Naina Capital Corp. - Conditional Approval of El Creston Property - More
- May 09, 2011 | Item | ShareThis

Argus Initiates 2011 Gold Exploration at Iron Mountain Project, Peru - More
- May 09, 2011 | Item | ShareThis

Golden Dawn Schedules Drilling of Multiple Priority Titan 24 Geophysical Anomalies, Royal Attwood Property, Greenwood B.C., Canada - More
- May 09, 2011 | Item | ShareThis

Calibre Identifies an 850 Metre by 300 Metre Gold In-Soil Anomaly at the Primavera Prospect, Nicaragua - More
- May 09, 2011 | Item | ShareThis

Galahad Metals Inc.: Geophysical Survey to Commence; Phase II Drilling Intersects Quartz Vein Targets at Regcourt Property - More
- May 09, 2011 | Item | ShareThis

Lithium Corporation Receives Salt Wells Drill Permit Approval - More
- May 09, 2011 | Item | ShareThis

La Mancha's Ity Mine Resumes Operation - More
- May 09, 2011 | Item | ShareThis

Dia Bras Provides Results From Bulk Sampling at Increible at Its Bolivar Project - More
- May 09, 2011 | Item | ShareThis

Century Mining Concerned Shareholders Call for Updated 43-101 Compliant Reserves and Resources Estimate for the Sigma-Lamaque Gold Project - More
- May 09, 2011 | Item | ShareThis

Mineral Mountain Earns 60% Interest in Golden Harp's Copper Hill Block "A" and Intends to Acquire a Further 10% Interest - More
- May 09, 2011 | Item | ShareThis

Meadow Bay Gold Retains Kirkness Diamond Drilling to Commence Atlanta Mine Drill Program - More
- May 09, 2011 | Item | ShareThis

Entourage Metals Announces Non-Brokered Financing with Kinross Gold - More
- May 09, 2011 | Item | ShareThis

Selwyn Resources Ltd.: Closing of the Acquisition of the Assets of ScoZinc Extended to May 31, 2011 - More
- May 09, 2011 | Item | ShareThis

Trevali Extends Magistral Central Deposit at Santander Silver-Lead-Zinc Mine Project, Peru - More
- May 09, 2011 | Item | ShareThis

Golden Phoenix Joint Venture Partner Scorpio Gold Awards Mining Contract for the Mineral Ridge Gold Deposit, Nevada - More
- May 09, 2011 | Item | ShareThis

Hondo Minerals Enters into a Cash Purchase Agreement for $2.4 Million of Additional Processing Equipment - More
- May 09, 2011 | Item | ShareThis

Excalibur Update on Catanava JV Project in Mexico - More
- May 09, 2011 | Item | ShareThis

Aurcana Reports Record 2010 Results - "The Company had an increase in earnings from mining operations to $10.7 million compared of $4.2 million in 2009. Net earnings had a loss of $6.1 million compared to a net profit of $3.9 in 2009. The loss on the trading activity of $5.2 million was due to the low overall price recognized for the ounces delivered to Silver Wheaton under the now terminated silver stream purchase agreement as compared to the cost of acquiring the silver certificates at market and the one time loss of $7.7 million on the termination of the agreement. Loss per share was $0.04 compared to earnings of $0.03 per share for the previous year." More
- May 09, 2011 | Item | ShareThis

AXMIN Strengthens Mine Development Team With Appointment of Chief Operating Officer - More
- May 09, 2011 | Item | ShareThis

Confederation Minerals Ltd. Announces Initiation of Aggressive Drilling Program for Newman Todd - More
- May 09, 2011 | Item | ShareThis

Ardent Mines Limited Completes Acquisition of Gold Hills Mining Ltda. in Brazil - More
- May 09, 2011 | Item | ShareThis

7.77% Copper, 3.02 g/t Gold and 116 g/t Silver Intersected Over 5.15 Meters in Step-Out Drilling at Empire's Bursa Project - More
- May 09, 2011 | Item | ShareThis

Skyline Gold Announces Results From Annual Meeting of Shareholders - More
- May 09, 2011 | Item | ShareThis

Bravada Closes Second Tranche of Financing - More
- May 09, 2011 | Item | ShareThis

Columbus Gold: Drilling Commences at Stevens Basin Gold Project, Nevada - More
- May 09, 2011 | Item | ShareThis

Calypso Uranium Announces the Launch of an Exploration Drilling Program in the Neuquen Basin and the Signing of an Option Agreement for Three Properties - More
- May 09, 2011 | Item | ShareThis

Mexus Gold U.S. Updates Progress of Submarine Cable Recovery Crew, the Eight Brothers Mine in Sonora, Mexico and Caborca Santa Elena Project Update - More
- May 09, 2011 | Item | ShareThis

St. Elias Mines Ltd. Terminates an Option to Amarok Resources Inc. and Grants an Option to Intigold Mines Ltd. to Acquire a 60% Interest in the Cueva Blanca - More
- May 09, 2011 | Item | ShareThis

Rio Alto Pours 1,115 Oz of Gold at La Arena - More
- May 09, 2011 | Item | ShareThis

Advanced Explorations Inc. to Expand Feasibility Production Target at Roche Bay Iron Ore Project - More
- May 09, 2011 | Item | ShareThis

Diadem Announces Updates of Parry Peninsula Drill Project and Financing Initiative - More
- May 09, 2011 | Item | ShareThis

Orex Initiates Airborne Geophysical Survey Over Barsele Gold Project, Sweden - More
- May 09, 2011 | Item | ShareThis

Curis Appoints New Manager of Metallurgy and Mineral Processing - More
- May 09, 2011 | Item | ShareThis

Baja Mining Announces Commencement of Mining Activity at Boleo - More
- May 09, 2011 | Item | ShareThis

Seafield Augments Management and Directors Announces Proposed Private Placement - More
- May 09, 2011 | Item | ShareThis

East Asia Announces NI43-101 Resource Estimate for Miwah; Growth Potential Verified by Open Sections and Drilling Outside Resource Block - More
- May 09, 2011 | Item | ShareThis

Alto Group Holdings Announces Mexico Staff Touring La Cienega Project and Reporting Major Gold Showings - More
- May 09, 2011 | Item | ShareThis

Globex Signs Option Agreement With Richmont to Target Possible Extension of Richmont's Number 3 Gold Zone Onto Globex's Property - More
- May 09, 2011 | Item | ShareThis

Rye Patch Gold Extends North Basin High-Grade Zone at Wilco - More
- May 09, 2011 | Item | ShareThis

Peregrine Metals Ltd.: Core Drilling and Surface Sampling Expand the Quebrada De La Mina Porphyry Gold Discovery at Altar, Argentina - More
- May 09, 2011 | Item | ShareThis

Redstar Gold Corp.: Drilling Resumes at Newman Todd Gold Project in Red Lake - More
- May 09, 2011 | Item | ShareThis

Rockland Receives Drill Permit for Retty Lake Cu-Ni-PGE, Quebec - More
- May 09, 2011 | Item | ShareThis

Honey Badger Exploration Announces Sale of Nevada Blackjack Property to Entree Gold - More
- May 09, 2011 | Item | ShareThis

Nevado Completes Second Tranche of Financing - More
- May 09, 2011 | Item | ShareThis

MacDonald Mines Completes Winter Program at Butler Lake-Assays Pending; Drilling to Commence on the Semple-Hulbert Property - More
- May 09, 2011 | Item | ShareThis

Pelangio Exploration Grants Options - More
- May 09, 2011 | Item | ShareThis

Thompson Creek Announces Offering of Senior Unsecured Notes - More
- May 09, 2011 | Item | ShareThis

Champion Minerals to Present at Upcoming Iron Ore Symposium at the CIM Conference and Exhibition 2011 in Montreal, Canada - More
- May 09, 2011 | Item | ShareThis

Bellhaven Drills Third Consecutive 200-Plus-Meter Intercept at La Cantera, La Mina, Colombia - More
- May 09, 2011 | Item | ShareThis

Chalice Gold Mines Limited: Major New Near-Mine Drilling Campaign to Commence at Zara Project - More
- May 09, 2011 | Item | ShareThis

Great Western Minerals Group Receives Approvals From South African National Nuclear Regulator for Steenkampskraal Rare Earth Project - More
- May 09, 2011 | Item | ShareThis

VMS Updates Progress on its 2011 Exploration Programs in the Flin Flon - Snow Lake Greenstone Belt, Manitoba - More
- May 09, 2011 | Item | ShareThis

Intrepid Mines Tujuh Bukit Project Indonesia: Porphyry Copper-Gold Resource Increases to 990 Million Tonnes at 0.40% Copper, 0.45g/t Gold - More
- May 09, 2011 | Item | ShareThis

Entree Gold to Acquire Remaining Interest in Blackjack Property, Nevada - "Entree Gold Inc. (TSX:ETG - News)(AMEX:EGI - News)(Frankfurt:EKA - News) ("Entree" or the "Company") has entered into an agreement with Honey Badger Exploration Inc. (TSX-V:TUF - News) ("Honey Badger") to acquire Honey Badger's 49% interest in the Blackjack property, Nevada. Entree previously acquired a 51% interest in the property from Honey Badger pursuant to an Option Agreement dated July 20, 2009. Blackjack is directly adjacent to the Company's 100% owned Ann Mason property. Under the purchase and sale agreement (the "Agreement"), Entree will pay US$650,000 and issue 550,000 common shares to Honey Badger for its 49% interest in the property." More
- May 09, 2011 | Item | ShareThis

Silver and Gold Production from Coeur's New Mines and Record Metals Prices Combine to Deliver Record First Quarter Results - “Building on the momentum from the fourth quarter of 2010 with our three new, long-life precious metals mines, we are pleased to report another strong quarter and expect consistent increases in production during the remainder of 2011,” said Dennis E. Wheeler, Chairman, President and Chief Executive Officer. “With silver and gold prices expected to remain strong despite recent volatility, we are anticipating 2011 to be the Company’s best year ever by a wide margin with record cash flows driven by 20 million ounces of silver production and 250,000 ounces of gold production.” More
- May 09, 2011 | Item | ShareThis

Timberline Announces Second Quarter 2011 Financial Results and Presentation at New York Hard Assets Investment Conference - "These results demonstrate our commitment to continuing our aggressive exploration at South Eureka, including developing the foundation to fast-track the Lookout Mountain Project toward possible development. We have confirmed a substantial resource at Lookout Mountain with significant room for growth as we continue to drill along strike to the North and South of the resource area. Our resource and metallurgical test results indicate that Lookout Mountain may be a project that is amenable to low-cost, run-of-mine heap leach processing with a modest capital expense." More
- May 09, 2011 | Item | ShareThis

Richmont Mines Signs Option Agreement With Globex; Expands Wasamac Exploration Package - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News), ("Richmont" or the "Company") is pleased to announce that it has entered into an option agreement (the "Agreement") with Globex Mining Enterprises Inc. (TSX:GMX - News)(Frankfurt:G1M - News)(OTCQX: GLBXF), ("Globex") to acquire a 100% interest in 5 claims (the "Property") adjacent to Richmont's Wasamac property. All dollar figures are in Canadian dollars unless otherwise noted." More
- May 09, 2011 | Item | ShareThis

Framework Agreement Reached for Significant Capacity Expansion of IAMGOLD's Rosebel Mine - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) and The Government of the Republic of Suriname are pleased to announce that a Framework Agreement has been reached to support a substantial capacity expansion of IAMGOLD's Rosebel Gold Mine in Suriname." More
- May 09, 2011 | Item | ShareThis

Hecla's Net Income Doubles in the First Quarter 2011 - "Hecla Mining Company (“Hecla”) (NYSE:HL) today announced first quarter financial and operational results. Hecla reported net income applicable to common shareholders of $43.2 million, or $0.16 per basic share. First quarter silver production was 2.5 million ounces at a total cash cost of $1.03 per ounce, net of by-products." More
- May 09, 2011 | Item | ShareThis

Silver Wheaton Reports Record Production With Net Earnings and Operating Cash Flows More Than Doubling in the First Quarter - "Record first quarter production represented a solid start to the year, and we are confident that our 2011 production forecast of 27 to 28 million silver equivalent ounces, an increase of 15% over 2010, will be met," said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. "Though sales lagged production, and resulted in an increase of over 700,000 payable silver equivalent ounces produced but not yet delivered by our partners, record earnings and operating cash flows were achieved in this quarter. We expect increased silver deliveries throughout 2011 to make up for the sales shortfall, and in the current environment of strong silver prices, our shareholders should benefit from increased earnings and cash flows in future quarters from these deferred silver deliveries." More
- May 09, 2011 | Item | ShareThis

Pretivm Inks Agreements on Cooperation with Seabridge - "Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that it has signed agreements with Seabridge Gold Inc. ("Seabridge") to cooperate in advancing Pretivm's Brucejack and Snowfield projects and Seabridge's KSM project, which together represent the largest undeveloped gold resource in North America." More
- May 09, 2011 | Item | ShareThis

Silver Standard to Webcast Annual and Special Meeting - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) ("Silver Standard" or the "Company") announces that its 2010 year-end review and 2011 outlook will be webcast during the Annual and Special Meeting to be held Wednesday, May 11, 2011, at 10:00 a.m. Pacific Time." More
- May 09, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report


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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 Monday, 9 May 2011 | Digg This Article | Source:


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