-- Posted Wednesday, 1 June 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1542.00 | +$7.10 |
Silver | $37.59 | -$0.72 |
XAU | 204.63 | -1.99% |
HUI | 542.15 | -1.88% |
GDM | 1582.61 | -1.78% |
JSE Gold | 2617.64 | -13.79 |
USD | 74.86 | +0.25 |
Euro | 143.32 | -0.64 |
Yen | 123.49 | +0.84 |
Oil | $100.29 | -$2.41 |
10-Year | 2.966% | -0.084 |
T-Bond | 127.25 | +1.09375 |
Dow | 12290.14 | -2.22% |
Nasdaq | 2769.19 | -2.33% |
S&P | 1314.55 | -2.28% |
The Metals:
Gold fell $5.95 to $1528.95 in Asia, but it then climbed to as high as $1550.15 by midday in New York and ended with a gain of 0.46%. Silver slipped to $37.537 in midmorning New York trade before it surged up to $38.423, but it then fell back off into the close and ended with a loss of 1.88%.
Euro gold rose to over €1072, platinum lost $6.25 to $1820, and copper fell 7 cents to about $4.10.
Gold and silver equities traded mostly slightly lower and ended with almost 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
MBA Mortgage Index | 5/27 | -4.0% | - | 1.1% |
Challenger Job Cuts | May | -4.3% | - | -5.0% |
ADP Employment | May | 38K | 170K | 177K |
ISM Index | May | 53.5 | 57.6 | 60.4 |
Construction Spending | April | 0.4% | -0.5% | 0.1% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/28 expected at 413,000, first quarter Productivity expected at 1.6%, and Unit Labor Costs expected at 0.9%. At 10AM is the Factory Orders report for April expected at -1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on more poor economic data that further reduced demand expectations.
The U.S. dollar index turned higher in late trade and ended with a slight gain after a Moody’s downgrade of Greece sent the euro lower.
Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on worries over another batch of worse than expected economic data.
Among the big names making news in the market today were GM, Marathon Oil, Google, Sealed Air, and Allstate.
The Commentary:
“Take a look at the following two charts. These tell you all you need to know about the market's view towards Federal Reserve policy. As you know by now, the Fed is supposedly going to end QE2 at the end of this month. Ever since that announcement, coupled with continued disappointingly weak economic data, the yield on the Ten Year has fallen and the US equity markets have swooned.
There are TWO, not ONE, Achille's heals in this so-called economic recovery theme that had been making the rounds earlier in this year. The first is the lack of job growth; the second is the horrific numbers that keep coming out of the housing market.
I suspect that if the yield on the Ten Year keeps plummeting along with the equity markets, we are going to hear more and more talk about QE3.
Keep in mind that this Bernanke-led Fed fears DEFLATION more than anything. In the past Bernanke has deliberately led the markets to expect inflation based on the QE programs. They wanted that mindset to kill any talk of deflation. It did seem to work until the hedge funds, which do the bidding of their masters at the Fed, got too carried away and trained their guns on the energy markets and started to bid up the price of gasoline. That was a big, "No-No". Out came the Hawks at the Fed talking up the ending of QE2 and the need to raise rates at some point and down went the entire commodity complex along with gasoline prices.
However, the bond market is now signaling deflation once again and when that is coupled with stagnant wages, no job growth, a moribund housing market and overall economic weakness, the word dreaded most by Central Bankers, the "D" word, deflation, is now surfacing once again.
If this continues we are going to see QE3 sooner rather than later.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
If Keynesian economics worked, this would be a perfect world
Arensberg sees life in CDNX; Rule elaborates on silver shortage
The Statistics:
Activity from: 5/31/2011
Gold Warehouse Stocks: | 11,143,852 | +2,937 |
Silver Warehouse Stocks: | 101,454,735 | -257,458 |
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 | 1210.744 | 38,926,644 | US$59,681m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$5,716m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 126.23 | 4,058,350 | US$6,255m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,179 | US$705m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 47.75 | 1,535,328 | US$2,359m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,955 | US$8m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.425 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 137.61 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,941.33 - No change from yesterday’s data.
The Miners:
Midway’s (MDW) new advisor, Barrick’s (ABX) debt sale, Rubicon’s (RBY) drill results, Kirkland’s (KGI.TO) drill results, United Mining’s (UMG.TO) earn-in, Endeavour Silver’s (EXK) acquired properties, Fortuna’s (FVI.TO) updated mine plan and production forecast, Bear Creek’s (BCM.V) new government resolution, and Extorre’s (XG) discovery were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+2.35% $5.22 |
2. Vista Gold | VGZ +1.05% $2.90 |
3. Minco Gold | MGH +0.51% $1.99 |
LOSERS
1. Claude | CGR -6.82% $2.05 |
2. Buenaventura | BVN-6.69% $41.17 |
3. Entree | EGI -6.61% $2.26 |
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:
Midway Gold Names Coelho Advisor for Government Affairs - "Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (“Midway” or the “Company”) is pleased to announce that it has engaged the Honorable Tony Coelho, former member of the U.S. House of Representatives, to provide strategic advice to the Company regarding its government relations initiatives and advocacy efforts." More
- June 01, 2011 | Item | ShareThis
Nuinsco Updates Current Status of Projects and Initiatives - More
- June 01, 2011 | Item | ShareThis
Goldeye Updates Exploration at Sonia (Chile) and Shining Tree (Ontario) Projects, and New Claims at Gold Rock (Ontario) - More
- June 01, 2011 | Item | ShareThis
United Mining Group (TSX: UMG) and Gold Finder (TSX VENTURE: GFN) Announce Accelerated Earn-In on Crescent Silver Mine Project - "United Mining Group, Inc. (TSX:UMG - News)(OTCQX: UMGZF)(Frankfurt:UM8 - News) ("United Mining Group") and Gold Finder Explorations Ltd. (TSX-V:GFN - News) ("Gold Finder") announce that United Mining Group has incurred an aggregate of $9 million in exploration and development expenditures to earn its 80 percent interest in the Crescent Silver Mine project located in Silver Valley, Idaho, in the Coeur d'Alene Mining District, the remaining 20% is retained by GoldFInder." More
- June 01, 2011 | Item | ShareThis
Central Completes $750,000 Financing with MineralFields Group - More
- June 01, 2011 | Item | ShareThis
U.S. Forest Service delivers Rosemont Preliminary Draft EIS to State and Local Agencies - More
- June 01, 2011 | Item | ShareThis
Augyva Provided an Update on Its Major Drill Program at Duncan - More
- June 01, 2011 | Item | ShareThis
Burnstone Ventures Inc.: Appointment of Additional Director and Non-Brokered Private Placement Financing - More
- June 01, 2011 | Item | ShareThis
Redtail Metals Receives Resource Estimate on Marg Project, Yukon - More
- June 01, 2011 | Item | ShareThis
Barrick Completes Sale of $4.0 Billion of Debt Securities - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) ("Barrick") and its wholly-owned subsidiary, Barrick North America Finance LLC ("BNAF"), announced today the completion of the sale of $4.0 billion in debt securities comprised of: $700 million of 1.75% notes due 2014 (the "2014 Notes") and $1.1 billion of 2.90% notes due 2016 of Barrick as well as $1.35 billion of 4.40% notes due 2021 (the "2021 Notes") and $850 million of 5.70% notes due 2041 (the "2041 Notes") of BNAF. The 2021 Notes and the 2041 Notes of BNAF are guaranteed by Barrick." More
- June 01, 2011 | Item | ShareThis
Critical Elements and Blue Note Extend Completion of Croinor Acquisition - More
- June 01, 2011 | Item | ShareThis
Robex Resources Inc.: Richard Faucher Named Chairman of the Board of Directors - More
- June 01, 2011 | Item | ShareThis
Advanced Explorations Announces Appointment of New Vice President of Business Development - More
- June 01, 2011 | Item | ShareThis
Preeminent Metallurgical Engineers Join Standard Gold's Newly Formed Board of Advisors - More
- June 01, 2011 | Item | ShareThis
Initial Drilling at AXMIN's Komahun Project Indicate Resource Potential Upside - More
- June 01, 2011 | Item | ShareThis
Comstock Mining Inc. to Exhibit and Present at World Resource Investment Conference at the Vancouver Convention Centre on June 5-6, 2011 - More
- June 01, 2011 | Item | ShareThis
Avala Resources Provides Exploration Update on the Sediment-Hosted Gold Belt, Serbia - More
- June 01, 2011 | Item | ShareThis
Argentum Closes Second Tranche of Non-Brokered Financing: Updated Release - More
- June 01, 2011 | Item | ShareThis
Stellar Pacific Ventures Drills 47 Meters of 1.64 g/t Gold on Zone B-1, at the SOLOTOMO Discovery, Guinea West Africa - More
- June 01, 2011 | Item | ShareThis
Colombia Crest Gold Announces the Discovery of a New Porphyry-Gold Style Target on Its Venecia and Fredonia Projects in Colombia - More
- June 01, 2011 | Item | ShareThis
Redhawk Resources Announces Results of 2010 Exploration Drilling and 2011 Resource Expansion Drilling at Copper Creek - More
- June 01, 2011 | Item | ShareThis
Michael Maslowski Appointed Vice President, Exploration - More
- June 01, 2011 | Item | ShareThis
Riverstone Reports 38 Metres Grading 5.6 g/t Gold From Karma - More
- June 01, 2011 | Item | ShareThis
Dorato Resources Inc.: Update on Drilling at Cobrecon Copper-Gold Porphyry Target - More
- June 01, 2011 | Item | ShareThis
Osisko Mining Corporation Vice President of Legal Affairs Joins Threegold Resources Board of Directors - More
- June 01, 2011 | Item | ShareThis
Yellowhead Mining Inc. Appoints VP Environment, Community & First Nations Relations; Also Manager, Corporate Administration - More
- June 01, 2011 | Item | ShareThis
Viking Minerals Acquires 16 Claims Adjacent to the Victoria Copper Mine in the Dolly Varden District in Northeast, Nevada - More
- June 01, 2011 | Item | ShareThis
African Gold Group, Inc. Southern Step Out Hole Intercepts 96 Meters of 1.35 g/t Au from Surface, Ends in Mineralization at Kobada, Mali - More
- June 01, 2011 | Item | ShareThis
Solvista Gold Provides an Exploration Update on Its Caramanta and Guadalupe Projects - More
- June 01, 2011 | Item | ShareThis
Silver Spruce Updates Exploration Activity and Plans for Summer Program - More
- June 01, 2011 | Item | ShareThis
Invenio to Target Two Styles of Gold Mineralization at Ganes Creek in 2011 - More
- June 01, 2011 | Item | ShareThis
Woulfe Mining's Sangdong Tungsten Project Drill Results Offer Significant Encouragement - More
- June 01, 2011 | Item | ShareThis
Galore Reports 54 Metres of 0.97 Grams Gold at El Alamo - More
- June 01, 2011 | Item | ShareThis
Capella Announces Airborne Geophysical Survey at El Rojo and Habanero - More
- June 01, 2011 | Item | ShareThis
EurOmax Board of Directors Re-Elected at Annual General Meeting - More
- June 01, 2011 | Item | ShareThis
New Gold Discovery at Edgewater's Enchi Gold Project - More
- June 01, 2011 | Item | ShareThis
Sanatana Begins Summer Exploration Program - More
- June 01, 2011 | Item | ShareThis
Marifil Appoints New Chief Financial Officer - More
- June 01, 2011 | Item | ShareThis
Zone Resources Inc. Adds to its Labrador Trough Iron Project, Quebec - More
- June 01, 2011 | Item | ShareThis
Redhill Resources Corp.: Deflector Deposit Strike Length Extended to 800 Meters - More
- June 01, 2011 | Item | ShareThis
Millrock Provides Update on Estelle Gold Project, Alaska and Early Exercise of Warrants by Major Company Partner - More
- June 01, 2011 | Item | ShareThis
Otterburn Engages an Investor Relations Consultant - More
- June 01, 2011 | Item | ShareThis
Marifil Closes Private Placement - More
- June 01, 2011 | Item | ShareThis
Houston Lake Mining - 2010 Letter to Shareholders and Current Exploration Objectives - More
- June 01, 2011 | Item | ShareThis
Reunion Gold Trenching Program Extends Matthews Ridge Manganese Mineralisation Over 7 Kilometres of Strike - More
- June 01, 2011 | Item | ShareThis
The Empire Sports & Entertainment Holdings Changes Name to Sagebrush Gold Ltd. - More
- June 01, 2011 | Item | ShareThis
First Nickel Completes $2 Million Private Placement - More
- June 01, 2011 | Item | ShareThis
Manicouagan Reports New Assay Results for Its Kasagiminnis Lake Property-Intersects Gold Bearing Horizon in Each Hole Completed - More
- June 01, 2011 | Item | ShareThis
Shareholders of Prophecy and Pacific Coast Nickel Approve Arrangement Transaction - More
- June 01, 2011 | Item | ShareThis
Mariposa Property Expanded to Over 1,400 Claims and Pacific Ridge Exploration to Attend the Vancouver World Resource Investment Conference - More
- June 01, 2011 | Item | ShareThis
Metallum Resources Inc. Retains Investor Relations Consultant - More
- June 01, 2011 | Item | ShareThis
Gold Bag's Focus Gold Mexico Corp. Releases New 43-101 Report Stating Mineralization Consistent With a Large Porphyry Copper-Gold System - More
- June 01, 2011 | Item | ShareThis
North Bay Resources Inc. (NBRI) Exercises Ruby Mine Purchase Option - More
- June 01, 2011 | Item | ShareThis
African Queen Granted Prospecting License for New Karameri Metals Project in Kenya - More
- June 01, 2011 | Item | ShareThis
Wildcat Announces Drill Results Including 20.0 Metres of 329.8 Grams Per Tonne Silver - More
- June 01, 2011 | Item | ShareThis
Balmoral Continues to Intersect High Grade Gold Mineralization at Fenelon, Quebec - More
- June 01, 2011 | Item | ShareThis
Harte Provides Project Update and Announces More High Grade Results and Confirms Gold Mineralization at Depth - More
- June 01, 2011 | Item | ShareThis
Gowest Demonstrates Large High-Grade Gold Deposit Near Timmins, Ontario - More
- June 01, 2011 | Item | ShareThis
Commander Resources Ltd. and Maritime Resources Corp.: Exploration and Development Alliance Signed on Orion Gold Property - More
- June 01, 2011 | Item | ShareThis
Significant Drill Results From the O'Brien/Kewagama Project - More
- June 01, 2011 | Item | ShareThis
Silver Quest Commences Exploration in the White Gold District, Yukon - More
- June 01, 2011 | Item | ShareThis
Goldrush Closes $3,400,000 Private Placement - More
- June 01, 2011 | Item | ShareThis
Willow Creek Secures Drill Rig and Mobilizes Crew for Drill Program at Hercules Gold & Silver Property, Nevada - More
- June 01, 2011 | Item | ShareThis
Yukon-Nevada Gold Corp. Announces Conference Call - More
- June 01, 2011 | Item | ShareThis
Nemaska Announces Final Drill Results From Winter Drilling Program at Whabouchi Lithium Project - More
- June 01, 2011 | Item | ShareThis
Quantum CEO Calls for U.S. Department of the Interior to Assess, Stockpile, Rare Earths-Company Endorses Federal Legislation - More
- June 01, 2011 | Item | ShareThis
Salazar Continues to Cut High Grade in Curipamba With 7.95 Meters of 10.32 g/t Gold, 227.51 g/t Silver & 6.31% Zinc - More
- June 01, 2011 | Item | ShareThis
Gold Hawk Intercepts 70 Feet of 2.53% Copper at Oracle Ridge - More
- June 01, 2011 | Item | ShareThis
Rubicon Minerals Provides Final Delineation Drill Results From the F2 Core Zone, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (TSX:RMX.to - News) (NYSE-AMEX: RBY) is pleased to provide final delineation results from its planned 27,000-metre delineation program 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. The delineation program was designed to infill an area 100 meters above and below the 305 metre level (below surface), over a strike length of 150 metres at a nominal drill spacing of 15 metres. To this end, 264 holes were drilled from three underground drill stations for a total of over 35,000 metres. The '9X' exploration drill program to continue to expand and infill the F2 Gold System is ongoing." More
- June 01, 2011 | Item | ShareThis
New Gold Closes Acquisition of Richfield - "New Gold Inc. ("New Gold") (TSX:NGD.to - News)(NYSE AMEX: NGD) and Richfield Ventures Corp. ("Richfield") (TSXV: RVC) today announce that New Gold has closed the acquisition of Richfield. In completing the acquisition, New Gold has issued approximately 49 million New Gold shares to former Richfield shareholders." More
- June 01, 2011 | Item | ShareThis
Kirkland Lake Gold Inc.: Drill Hole 53-1794 Assays 1.05 Ounces of Gold Per Ton Over 37.5 Feet True Width and Expands SMC to the East - "Kirkland Lake Gold Inc. ('Kirkland Lake Gold' or the 'Company') (TSX:KGI - News)(AIM: KGI), an operating and exploration gold company, is pleased to announce three new exploration drill holes testing the east portion of the New South Zone which forms part of the South Mine Complex (SMC), new results from the west exploration program as well as the exploration plans for fiscal year 2012." More
- June 01, 2011 | Item | ShareThis
Endeavour Acquires Several New Properties Covering Unexplored Vein System at South End of Guanacevi Mining District in Durango State, Mexico - "Endeavour Silver Corp. (TSX:EDR - News)(NYSE:EXK - News)(Frankfurt:EJD - News) has acquired several new properties covering an unexplored vein system at the south end of the Guanacevi mining district in Durango State, Mexico. These property acquisitions more than triple Endeavour's land-holdings in the Guanacevi district. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State." More
- June 01, 2011 | Item | ShareThis
Fortuna's San Jose Mine Updated Mine Plan and Consolidated Production Forecast - "Fortuna Silver Mines Inc. (TSX:FVI.to - News) is pleased to release an updated optimized mine plan for the San Jose Mine in Mexico, and a new consolidated production forecast for the Company based on the mineral reserves reported in Fortuna's news release dated April 12, 2011." More
- June 01, 2011 | Item | ShareThis
Bear Creek Reports Peruvian Government Resolution Which Potentially Further Delays Santa Ana Esia - "Bear Creek Mining (TSXV: BCM) (BVL: BCM) ("Bear Creek" or the "Company") reports that the Peruvian government has issued a new resolution imposing further measures in addition to those actions reported by the Company in its news release dated May 24, 2011 . By a resolution issued by the Ministry of Energy and Mines, the Santa Ana Environmental and Social Impact Assessment ("ESIA") process has been suspended for a term of twelve months to May 2012 with the stated objective of reinstating normal conditions in the region and allowing for the Company to continue with its ESIA approval procedure in a less politically charged climate." More
- June 01, 2011 | Item | ShareThis
Extorre Announces A Silver-Gold Discovery at Its Puntudo Project in Western Santa Cruz Province, Argentina - "Extorre Gold Mines Limited (TSX:XG - News)(AMEX:XG - News)(Frankfurt:E1R - News) ("Extorre" or the "Company") reports the discovery of significant silver-gold mineralization at its 100% owned Puntudo project, located immediately south of the Joaquin silver project owned by Coeur d'Alene Mines and Mirasol Resources, and 200 kilometres west of Cerro Moro. Extorre has completed thirty two drill holes to date, with assays in hand for the first fifteen holes. Mineralization has been intersected in drill holes that test the potential strike extension to the south, onto Extorre property, of both the La Negra and La Morocha veins (http://www.youtube.com/user/EvenKeelMedia#p/a/u/2/HOjWRGgBpyU) of the Joaquin project." More
- June 01, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 1 June 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold Gains While Stocks Plunge
