• Gold: 1,261.06 5.26
  • Silver: 16.12 0.08
  • Euro: 1.178 0.003
  • USDX: 93.721 -0.211
  • Oil: 57.23 -0.03

May 9: Gold and Silver Fall 1%

Chris Mullen
|
Wednesday, May 9th
 

Close

Gain/Loss

Gold

$1591.00

-$15.80

Silver

$29.20

-$0.30

XAU

153.46

+1.72%

HUI

409.92

+1.86%

GDM

1186.53

+1.84%

JSE Gold

2256.24

+54.86

USD

80.06

+0.25

Euro

129.45

-0.60

Yen

125.59

+0.39

Oil

$96.81

-$0.20

10-Year

1.835%

-0.002

T-Bond

144.46875

UNCH

Dow

12835.06

-0.75%

Nasdaq

2934.71

-0.39%

S&P

1354.58

-0.67%

 
 

 

The Metals:

 

Gold fell over $27 to as low as $1579.74 by about 9AM EST, but it then rallied back higher into the close and ended with a loss of just 0.98%. Silver slipped to as low as $28.629 before it also rallied back higher, but it still ended with a loss of 1.02%.

 

Euro gold fell to under €1230, platinum lost $15 to $1493, and copper dropped a couple of cents to about $3.67.

 

Gold and silver equities fell about 2% at the open, but they then rose to find about 3% gains by midday and remained near that level for the rest of trade.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Wholesale Inventories

Mar

0.3%

0.6%

0.9%

 

Mortgage applications gained last week: MBA Reuters

Wage Growth Bolsters Spending as Americans Extend Hours Bloomberg

Home Prices Rise in Half of U.S. Cities as Markets Stabilize Bloomberg

 

Tomorrow at 8:30AM EST brings Export and Import Prices for April, the Trade Balance for March expected at -$50.2 billion, and Initial Jobless Claims for 5/05 expected at 365,000. At 2PM is the Treasury Budget for April expected at $58.0 billion.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil remained slightly lower after the Energy Information Administration reported that crude inventories rose 3.7 million barrels, gasoline inventories fell 2.6 million barrels, and distillates fell 3.3 million barrels.

 

The U.S. dollar index and treasuries rose on continued worries about Europe that sent the Dow, Nasdaq, and S&P lower again, but late day rumors about a rescue for Greece pared those moves somewhat.

 

New Greek poll looms as government efforts founder Reuters

 

Among the big names making news in the market today were RIM, Fannie Mae, Disney, Macy’s, Yahoo, Verizon, and AOL.

 

GATA Posts:

 

 

Gold has changed overnight, and likely will again

Encouragement from Embry and Sinclair

 

The Statistics:

As of close of business: 5/08/2012

Gold Warehouse Stocks:

11,035,788.764

-24,719.90

Silver Warehouse Stocks:

141,170,900.366

-430,744.78

 

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

awaited

awaited

US$awaited

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

Gold Bullion Securities

awaited

awaited

US$awaited

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

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.13: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,585.83: No change from yesterday’s data.

 

The Miners:

 

Pretivm’s (PVG) closed offering, Comstock’s (LODE) completed drilling, Nevsun’s (NSU) first quarter results, and Great Panther’s (GPL) updated mineral resource estimates were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Jaguar

JAG +15.28% $1.66

2. Vista Gold

VGZ +8.43% $2.83

3. Endeavour Silver

EXK +7.34% $8.77

 

LOSERS

1. Mines MGMT

MGN-4.40% $1.52

2. Golden Star

GSS -4.14% $1.39

3. Loncor

LON -3.27% $1.18

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

 

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

 

- Chris Mullen, Gold Seeker Report

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com 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. Gold-Seeker.com 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 Gold-Seeker.com’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.

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