-- Posted Thursday, 14 July 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1589.20 | +$4.60 |
Silver | $38.66 | +$0.58 |
XAU | 214.28 | -0.73% |
HUI | 561.10 | -0.71% |
GDM | 1634.73 | -0.65% |
JSE Gold | 2519.27 | -25.84 |
USD | 75.27 | +0.04 |
Euro | 141.36 | -0.50 |
Yen | 126.30 | -0.29 |
Oil | $95.69 | -$2.36 |
10-Year | 2.944% | +0.053 |
T-Bond | 125.8125 | -0.90625 |
Dow | 12437.12 | -0.44% |
Nasdaq | 2762.67 | -1.22% |
S&P | 1308.87 | -0.67% |
The Metals:
Gold climbed to a new record high of $1594.30 in London before it fell back off in early New York trade and saw a slight loss near $1580 around 11AM EST, but it then rallied back higher in the last two and half hours of trade and ended with a gain of 0.29%. Silver climbed to as high as $39.353 in London before it also fell back off a bit in New York, but it still ended with a gain of 1.52%.
Euro gold climbed to a new record high above €1122, platinum gained $8.50 to $1762.50, and copper fell a couple of cents to about $4.37.
Gold and silver equities traded about 1% higher in the first hour of trade, but they then turned almost 1% lower by midday and remained near that level for the rest of the day.
Gold posts positive returns in Q2 2011, while commodities suffer major price correction World Gold Council
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/09 | 405K | 410K | 427K |
Retail Sales | June | 0.1% | -0.2% | -0.1% |
Retail Sales ex-auto | June | 0.0% | 0.0% | 0.2% |
PPI | June | -0.4% | -0.2% | 0.2% |
Core PPI | June | 0.3% | 0.2% | 0.2% |
Business Inventories | May | 1.0% | 0.9% | 1.0% |
Tomorrow at 8:30AM EST brings CPI for June expected at -0.1%, Core CPI expected at 0.2%, and Empire Manufacturing for July expected at 1.0. At 9:15 is Industrial Production for June expected at 0.2% and Capacity Utilization expected at 76.8%, and at 9:55 is Michigan Sentiment for July expected at 71.4.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index pared early losses and ended slightly higher after Bernanke reigned in his stimulative comments from yesterday’s testimony before the House of Representatives Financial Services Committee. Speaking before the Senate Banking Committee today, Bernanke “told Congress that the central bank isn’t currently ready to embark on a third round of government bond-buying to stimulate the economy.”
Treasuries remained lower after today’s $13 billion 30-year note auction sold at a high yield of 4.198% with a bid to cover of 2.80.
The Dow, Nasdaq, and S&P turned lower midday and ended with modest losses after Bernanke back peddled on the possibility of QE3 and other stimulative measures.
Among the big names making news in the market today were JPMorgan, ConocoPhillips, Joy Global, Borders, and Google.
The Commentary:
“The past couple of days have seen the commodity markets wake up as hedge fund money flows have poured back into the sector with that community rightly interpreting the recent FOMC comments as signaling that another round of QE (this time QE3) was soon to be on the way.
We have been led to think that any further sluggishness on the part of the US economy to gain its traction was going to be met with further monetary accommodation.
The problem for the Fed however was that the hedgies had the temerity to shove the energy markets higher and ended up pushing crude oil to within striking distance of the $100/bbl mark. They also pushed gold into a new all time high in Dollar terms; something which caused Chairman Ben to make a total buffoon out of himself as Ron Paul's intense cross-examination yesterday resulted in what will soon become the infamous, "Gold is NOT MONEY" statement to somehow escape the confines of his lips.
The hedgies should have known that was a big NO-NO. Thus instead of "ENTER THE DRAGON" starring Bruce Lee we get "ENTER THE DRAGON" starring Ben Bernanke who proceeded today to administer a nice snap kick to the current market psychology as he basically walked back traders' expectations on QE3. His comments derailed the rally in stocks and send money flowing OUT OF the energy markets and some of the food markets. It also led to both gold and silver coming off their best levels of the trading session.
I have said it before and will say it again - the Fed wants to have their cake and to eat it too. They want the hedge funds to bid the price of equities into the stratosphere. Their plan is actually very simple - once the stock market moves higher, 401K's and other pension and retirement plans will be showing nice gains on the year. The public will then be able to say: "My house value stinks, my job stinks, my wages stink, gasoline prices stink, Corn flake prices stink, but at least my 401K has made me some money. I will henceforth proceed to begin spending money and buying more STUFF". That of course will be reflected in a boost in consumer confidence numbers, increases in retail sales and increases in corporate profits who will then happily turn on the jobs spigot and begin hiring gobs of people. The other piece of that cake however is that the hedgies are not playing ball. They are not going to tell Uncle Ben that; "We will buy equities but will leave those nasty commodities alone and will of course not buy crude oil, gasoline, corn or anything else" that might actually impact the inflation numbers and tie up what is left of consumer disposable income.
So what happens? They come in and bid up the price of energy and food and Ben has to go and deal with that brush fire and attempt to stamp it out while at the same time not stamping too hard lest he stamp on the stock market rally and send the equity markets in the wrong direction. Like I said, they are attempting to play the hedge funds like a finely tuned fiddle and get their lemmings to behave properly which means leave commodities alone and only buy stocks.
Once the comments became more widely circulated, gold has encountered selling pressure just above the $1590 level which is keeping it from making a push at $1600 and testing that nice even round number. Bernanke sowed just enough uncertainty now that he has produced enough hesitation on the part of the bulls that they are unwilling to push hard enough to take it through $1590 and hold it above that level. We do have a lot of new buyers at these higher levels so we will have to see if this thing can quickly push up towards $1600 or the short term guys will dump some longs and temporarily stymie some of the strong upward action. Medium term and longer term oriented guys will be looking for another buy-in point a bit lower should that occur and we will be able to catch that on the charts.
The break into new all time highs across three major currencies, the Dollar, the Euro and the British Pound, is ample proof that the market is attracting a great deal of buying. Those factors responsible for this remain firmly in place and while the INTENSITY of fear or distrust in the respective monetary authorities may ebb and flow somewhat, the root causes are not going anywhere.
What we will need to take it up past $1600 is some more food for the bull that is of a fresh nature. We have the three factors I mentioned the other day that are driving gold but those are all currently baked into the market so we need something from another source or a development from another front to give the bulls reason for another strong push higher. Italy supposedly has agreed to some sort of austerity package so that has temporarily taken some of the immediate concerns related to a further sovereign debt issue eruption off the table somewhat. Remember however that these problems are deep-rooted, structural in nature (too much government spending and too slow growth) and are not easily solved because of the social implications. For the time being however the urgency to push gold strongly higher has abated due to that development especially when it came in conjunction with Bernanke's attempt to damped down QE3 expectations.
There should be some light chart support near the former all time high of $1578 with better support down near the previous breakout level at $1560 followed by our old friend at $1550. For the bulls to extend the gains and set the market up for a run to put a handle of "16" in front of the metal they now need to clear today's peak and new all time high at $1595.
Incidentally, the US Dollar continues its Yo-Yo like action as it once again fell BELOW the 50 day moving average but has since recovered (after the Fed chairman's comments) that level. It failed to hold 76.50 on the top and went down to test the bottom of the recent range but this time attracted buyers up a tad higher than previous trips to the downside. The level near 75 seems to have held for now. Bears need to take this out with authority to run it down to 74.50.
Silver ran into some selling pressure due to the reasons impacting gold today. Technically it has managed to clear two significant resistance levels on the price chart. The first was near the $37 level and the second was a bit shy of $38. It needed to push through $38.75 - $39.00 in order to set up a test of the $40 level but has been unable to hold its gains and keep its footing above the latter level. Bulls will need to assert themselves here.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“Point & Figure charting is an excellent technical tool that helps remove much of the emotion out of decision-making. I especially like it for long-term direction assistance. The gold chart above suggests we now have a target of $1,760 on gold. Remember, there’s no targeted time period.”- Peter Grandich, Grandich Letter
GATA Posts:
New York Sun knocks Bernanke's dissembling on gold
GoldSeek Radio's Chris Waltzek interviews GATA Chairman Bill Murphy
Alix Steel notes meaning of Paul-Bernanke exchange on gold
The Statistics:
Activity from: 7/13/2011
Gold Warehouse Stocks: | 11,439,792 | +5,900 |
Silver Warehouse Stocks: | 101,125,297 | -193,295 |
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 | 1225.410 | 39,398,147 | US$62,651m |
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$5,882m |
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$6,449m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,949 | US$725m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.10 | 1,546,387 | US$2,362m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,953 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 147.44: +2.28 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,633.95: +133.38 change from yesterday’s data.
The Miners:
IAMGOLD’s (IAG) base shelf prospectus, Entree’s (EGI) drill results, Ivanhoe’s (IVN) board appointment, ECU Silver’s (ECU.TO) closed private placement, and Silvercorp’s (SVM) silver production were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northgate | NXG +4.48% $3.03 |
2. Entree | EGI +4.03% $2.32 |
3. Buenaventura | BVN+2.57% $39.45 |
LOSERS
1. Extorre | XG-14.25% $13.00 |
2. Vista Gold | VGZ -7.51% $ 3.20 |
3. Rubicon | RBY -5.75% $3.44 |
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:
Oromin Continues Successful Exploration Drilling Campaign at Various Deposits and Discoveries - More
- July 14, 2011 | Item | ShareThis
Dia Bras Announces Appointment of New Chief Financial Officer and Favorable Court Decision - More
- July 14, 2011 | Item | ShareThis
China Minerals Establishes Management Committee - More
- July 14, 2011 | Item | ShareThis
Castle Peak Grants Stock Options - More
- July 14, 2011 | Item | ShareThis
Continental Precious Minerals Granted 14 Additional Exploration Licences in Southern Sweden - More
- July 14, 2011 | Item | ShareThis
Long Harbour Completes Acquisition of 2Z Lake and Madison Properties in the Eastern Athabasca Basin - More
- July 14, 2011 | Item | ShareThis
REVISED: Advanced Explorations' Initial Drill Results Confirm Iron Ore Mineralization at Tuktu Project - More
- July 14, 2011 | Item | ShareThis
M3 Engineering and Technology Corporation contracted for Preliminary Economic Assessment of Cieneguita Silver and Gold project - More
- July 14, 2011 | Item | ShareThis
Geologix Exploration Commences Second Phase Drilling Program at Riverside's Libertad Project in Sonora, Mexico - More
- July 14, 2011 | Item | ShareThis
Unigold Adds $1.3-Million to Treasury - More
- July 14, 2011 | Item | ShareThis
Samaranta Starts Airborne Survey Over Guadalupe - More
- July 14, 2011 | Item | ShareThis
Tombstone Exploration Receives Financing and Approval of All State Exploration Permits - More
- July 14, 2011 | Item | ShareThis
Tolima Gold Corp. Signs Letter of Intent for Acquisition of Gold Exploration and Development Properties in the Remedios/Segovia Mining District of Antioquia, Co - More
- July 14, 2011 | Item | ShareThis
Southern Hemisphere Provides Further Details on New Copper Project: Llahuin - More
- July 14, 2011 | Item | ShareThis
i-minerals inc.: Drilling to Upgrade Portions of Kelly's Basin Deposit to Proven Reserve Underway - More
- July 14, 2011 | Item | ShareThis
Hondo Minerals to present at Global Hunter Securities' Conference: Energy - China - Metals & Mining 2011 - More
- July 14, 2011 | Item | ShareThis
Stans Energy Provides an Update on its Kutessay II Mine, Aktyuz Ore Field and Kashka Rare Earth Processing Plant - More
- July 14, 2011 | Item | ShareThis
JAG Is Active on Its Polymetallic Property of St-Robert - More
- July 14, 2011 | Item | ShareThis
Advanced Explorations' Initial Drill Results Confirm Iron Ore Mineralization at Tuktu Project - More
- July 14, 2011 | Item | ShareThis
Macusani Yellowcake Announces the Resumption of Drilling at the Kihitian Uranium Property on the Macusani Plateau, Peru With Full Support of the Local Commun. - More
- July 14, 2011 | Item | ShareThis
Energy Fuels Announces Independent Report Confirming Ample Uranium Resource in Region to Supply the Pinon Ridge Mill - More
- July 14, 2011 | Item | ShareThis
Huldra Silver Inc. Announces Closing of Special Warrant and Flow-Through Special Warrant Offering - More
- July 14, 2011 | Item | ShareThis
Afri-Can to Close Private Placement - More
- July 14, 2011 | Item | ShareThis
Strateco Resources Inc.-Matoush Project Underground Exploration Program: New Development in the Permitting Process - More
- July 14, 2011 | Item | ShareThis
Explor Continues With Investor Relations Firm - More
- July 14, 2011 | Item | ShareThis
Golden Hope Begins Summer Drill Campaign - More
- July 14, 2011 | Item | ShareThis
Argentex Discovers 13.0 Meters of 2.18 g/t Gold at Pinguino and Includes 4.0 Meters of 5.90 g/t Gold - More
- July 14, 2011 | Item | ShareThis
Solomon Stakes Outpost Claim Group in Southwest Yukon; Acquires 100% Interest in Grassroots Epithermal Gold Project - More
- July 14, 2011 | Item | ShareThis
Magellan and Partners Commence Drilling at Mato Grosso JV Project, Brazil - More
- July 14, 2011 | Item | ShareThis
Geologix Commences Second Phase of Drilling at Libertad Project - More
- July 14, 2011 | Item | ShareThis
Nickel Exploration Program Begins on Diamonds North's Amaruk Property - More
- July 14, 2011 | Item | ShareThis
Infrastructure Materials Corp. - More Drill Results at Nivloc Project Announced By Joint Venture Partner - More
- July 14, 2011 | Item | ShareThis
Siga Resources Receives Full Funding on Lucky 13 Precious Metals Bulk Sampling Work Program - More
- July 14, 2011 | Item | ShareThis
QRS Capital Corp Engages Access Capital SA as Advisor - More
- July 14, 2011 | Item | ShareThis
Sparton Closes Initial Phase of Option Agreement for Sale of Nevada Gold Project - More
- July 14, 2011 | Item | ShareThis
PBX Drills 85 Meters With 0.53 % Copper Including 31 Meters With 0.78 % Copper at Copaquire - More
- July 14, 2011 | Item | ShareThis
Choice Gold Corp. Releases Geochemical Results - More
- July 14, 2011 | Item | ShareThis
Otterburn Announces Termination of Option Agreements With Lake Victoria Mining Company, Inc. - More
- July 14, 2011 | Item | ShareThis
Drilling at Empire Mining's Bulqiza Chromite Project Intersects 41.98% Cr2O3 Over 4.85 Metres - More
- July 14, 2011 | Item | ShareThis
Lake Victoria Mining Company Inc. Announces Otterburn Ventures Inc. Terminates Option Agreements - More
- July 14, 2011 | Item | ShareThis
China Shen Zhou Announces Sumochaganaobao Fluorite Mine Asset Assessment - More
- July 14, 2011 | Item | ShareThis
Lithium Exploration Group Secures Final Tranche of $1,500,000 Investment - More
- July 14, 2011 | Item | ShareThis
Silver Spruce Reports Results of Diamond Drilling Krissy Trend-Rambler South Property, NL - More
- July 14, 2011 | Item | ShareThis
Salazar Grants Stock Options - More
- July 14, 2011 | Item | ShareThis
Woulfe Mining Looking to Value Sangdong Project After Strong Results - More
- July 14, 2011 | Item | ShareThis
Sutter Gold Closes US$ 20 Million Prepaid Gold Project Finance Facility - More
- July 14, 2011 | Item | ShareThis
Gold-Ore Announces Earnings of C$3.0 Million in Second Quarter, 2011 - More
- July 14, 2011 | Item | ShareThis
Prophecy Platinum Reports 1.04 Million oz PGM Gold Indicated and 10.97 Million oz PGM Gold Inferred for the Wellgreen Project, Yukon Territory, Canada - More
- July 14, 2011 | Item | ShareThis
Majescor Announces Private Placement - More
- July 14, 2011 | Item | ShareThis
Crosshair Commences Drilling in the Central Mineral Belt, Labrador - More
- July 14, 2011 | Item | ShareThis
Sandstorm Gold Announces Commercial Production at SilverCrest's Santa Elena Mine - More
- July 14, 2011 | Item | ShareThis
Western Lithium Significantly Upgrades Its Kings Valley Lithium Resource in Nevada, USA - More
- July 14, 2011 | Item | ShareThis
Rogue Resources Signs 10,000 Meter Drill Contract for Radio Hill Iron Ore Property - More
- July 14, 2011 | Item | ShareThis
Pan American Lithium Featured in CEOcast Interview - More
- July 14, 2011 | Item | ShareThis
Prospero Silver Z-TEM Survey Identifies Multiple, Large Targets at Campana Project, Mexico - More
- July 14, 2011 | Item | ShareThis
Trelawney Commences Offer to Acquire Augen Gold Corp. - More
- July 14, 2011 | Item | ShareThis
Gold Dynamics acquires Santiago Gold Property near Promontorio Mining Camp - More
- July 14, 2011 | Item | ShareThis
Romios Gold Adds Third Drill for B.C. Exploration - More
- July 14, 2011 | Item | ShareThis
Grasset Gold Discovery Leads to Further Expansion of Balmoral's Detour Trend Gold Project - More
- July 14, 2011 | Item | ShareThis
Great Western Minerals Group Completes Acquisition of 100% of Rare Earth Extraction Co. Limited Shares - More
- July 14, 2011 | Item | ShareThis
Norman Cay Development Signs Letter of Intent to Acquire Discovery Gold Ghana Limited - More
- July 14, 2011 | Item | ShareThis
Castillian Commences Exploration at Canadian Creek Property, Yukon - More
- July 14, 2011 | Item | ShareThis
ECPN Releases Results of New Copper State Lab Report Affirming Previously Obtained Significant Silver Values - More
- July 14, 2011 | Item | ShareThis
Focus Metals, Inc. Joins OTCQX - More
- July 14, 2011 | Item | ShareThis
Chalice Gold Mines: Activity and Cash Flow Report for Quarter Ended June 30 2011 - More
- July 14, 2011 | Item | ShareThis
Pilot Gold Extends the Boundary of Halilaga 100 Metres North and Announces Additional 10,000 Metre Drill Program - More
- July 14, 2011 | Item | ShareThis
Talison Lithium Announces Preliminary Fiscal Year 2011 Production Results - More
- July 14, 2011 | Item | ShareThis
Forum Options Rare Earth Property From Aurizon Mines on Trend From Matamec's Kipawa Rare Earth Deposit, Quebec - More
- July 14, 2011 | Item | ShareThis
Trade Winds Intersects 4.18 g/t gold over 18.4 metres on Block A - More
- July 14, 2011 | Item | ShareThis
ECU Silver Mining Inc. Announces Closing of Private Placement of Convertible Notes - "ECU Silver Mining Inc. (TSX:ECU - News) ("ECU") is pleased to report that it has closed the previously announced issuance of CAD$15 million principal amount, 0.0% senior unsecured convertible notes at par (the "Convertible Notes") in a private placement (the "Private Placement") to Golden Minerals Company ("Golden"). The Private Placement was described in the June 24, 2011 joint press release in which ECU and Golden announced the signing of an arrangement agreement pursuant to which the two companies have agreed to merge by way of plan of arrangement under the Quebec Business Corporations Act (the "Arrangement")." More
- July 14, 2011 | Item | ShareThis
IAMGOLD Files Final Base Shelf Prospectus for Renewal of Existing Facility - "IAMGOLD Corporation ("IAMGOLD" or the "Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced it has obtained receipt for a final short form base shelf prospectus further to its filing of a preliminary short form base shelf prospectus previously announced on June 30, 2011. Both documents have been filed with the securities regulators in each province and territory of Canada except for Quebec and a corresponding registration statement with the United States Securities and Exchange Commission. These filings will allow the Company to make offerings of shares, warrants, debt securities, subscription receipts or any combination thereof of up to US$1 billion during the next 25 months in Canada, except for Quebec, and the United States. The proceeds from any such offerings may be used by the Company to further expand and develop its existing mines, advance its development projects, further explore and develop its mineral properties, fund working capital requirements or for other general corporate purposes." More
- July 14, 2011 | Item | ShareThis
Entree Gold Ann Mason Project Drilling Returns Over 700 Metres of 0.49% Copper Equivalent - "Entree Gold Inc. (TSX:ETG - News)(AMEX:EGI - News)(Frankfurt:EKA - News) ("Entree" or the "Company") has received complete assay results from four additional deep diamond drill holes on the Ann Mason deposit in the Yerington district of Nevada. Three of the holes returned long intercepts (557 metres to 702 metres) averaging from 0.42% to 0.49% copper equivalent ("CuEq"). Intervals of higher grade mineralization occur in these holes, as shown in Table 1 below. Hole locations and cross sections can be viewed at www.entreegold.com." More
- July 14, 2011 | Item | ShareThis
Ivanhoe Mines Announces Appointment of Rio Tinto Executive Dan Larsen to Company's Board of Directors - "David Huberman, Chairman of Ivanhoe Mines, (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News) announced today that Dan Larsen, Rio Tinto's Controller and Global Head of Planning and Reporting, has been appointed to the Ivanhoe Mines Board of Directors." More
- July 14, 2011 | Item | ShareThis
Silvercorp Reports: Record Silver Production of 1.6 Million Ounces and Record Sales of $69.7 Million for 1st Quarter of Fiscal 2012 - "From the four mines at the Ying Mining Camp, a record 1.6 million ounces of silver were produced and sold in this quarter, well on track for the fiscal year 2012 Production Guidance of 5.6 million ounces. In addition, about 800 ounces of gold, 20.6 million pounds of lead, and 4.1 million pounds of zinc were produced." More
- July 14, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 14 July 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Again
