-- Posted Tuesday, 16 August 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1781.70 | +$27.95 |
Silver | $39.82 | +$0.46 |
XAU | 210.28 | -1.01% |
HUI | 572.99 | -1.22% |
GDM | 1671.61 | -1.03% |
JSE Gold | 2746.19 | +66.87 |
USD | 73.96 | +0.11 |
Euro | 144.08 | -0.36 |
Yen | 1308.28 | +0.15 |
Oil | $86.65 | -$1.23 |
10-Year | 2.214% | -0.071 |
T-Bond | 137.0625 | +0.90625 |
Dow | 11405.93 | -0.67% |
Nasdaq | 2523.44 | -1.24% |
S&P | 1192.76 | -0.97% |
The Metals:
Gold climbed almost 1% to $1769.82 in after hours access trade yesterday and held about $10 higher in Asia before it rose to as high as $1786.54 in New York and then stabilized a bit in late trade, but it still ended with a gain of 1.59% and just fifty cents away from last Wednesday’s record closing high. Silver climbed to $39.96 in after hours access trade yesterday before it fell back to $39.26 by a little before 8AM EST, but it then rose to as high as $40.11 in New York and ended with a gain of 1.17%.
Euro gold climbed to almost €1239, platinum gained $22.50 to $1812.50, and copper fell a few cents to about $4.00.
Gold and silver equities followed the major indices about 1% lower by early afternoon and remained near that level for the rest of the day.
Paulson held onto gold in Q2, Soros cuts further Reuters
ECB-Gold reserves unchanged at 363 bln euros in wk Reuters
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | July | 0.3% | - | -0.6% |
Import Prices ex-oil | July | 0.2% | - | -0.1% |
Export Prices | July | -0.4% | - | 0.1% |
Export Prices ex-ag. | July | 0.2% | - | 0.1% |
Industrial Production | July | 0.9% | 0.4% | 0.4% |
Capacity Utilization | July | 77.5% | 77.0% | 76.9% |
Housing Starts | July | 604K | 608K | 613K |
Building Permits | July | 597K | 606K | 617K |
Fitch affirms U.S. at AAA, outlook stable Reuters
Tomorrow at 8:30AM EST brings PPI for July expected at 0.0% and Core PPI expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on fears about waning energy demand.
The U.S. dollar index rose slightly as the euro fell on worries about debt problems and slow economic growth in Europe.
Sarkozy and Merkel said after their meeting today that they “have agreed to float proposals in September for a tax on financial transactions and push for closer joint governance of economic policy.” They also said that there is no need for a euro bond and that the European Financial Stability Facility (EFSF) should not be expanded, but many disagree with those assertions.
“All countries that use the euro should have mandatory balanced budgets and better coordination of economic policy, the leaders of France and Germany said Tuesday, pushing for long-term political solutions instead of immediate financial measures like a single European bond.”
Treasuries rose as the Dow, Nasdaq, and S&P fell on fears about a slowing global economy with notable debt problems.
European Economy Slows More Than Forecast as Debt Crisis Saps German Might Bloomberg
Among the big names making news in the market today were TJ Maxx, Wal-Mart, Wells Fargo, RIM, S&P, and Home Depot.
The Commentary:
“U.S. Stock Market – Good and bad news. The good? Chances are last week’s lows should hold for awhile. The bad? It appears it shall be a race to who’s economy falls off the cliff first – the U.S. or Europe. At a bare minimum, the lows made last week need to be retested before any “Don’t Worry, Be Happy” propaganda can be bought into by the sheep.
Gold – I was delighted to see gold not go parabolic late last week and instead take a healthy breather. The scale-up selling thought if we had gone parabolic is no longer in place. The “mother’ of all gold bull markets remains fully intact. While $1,675 – $1,700 is a possible correction level, it would only set up the perma bears and the media that enjoys following these perennial erroneous forecasters to continue their losing streak.
I remain constructively bullish on silver but due to dramatic economic worldwide slowdown, have turned neutral on most base metals.
U.S. Bonds – Load the shotgun and use it if we get below 2% on the U.S. Treasury Bond and I don’t short it.
U.S. Dollar – The only thing stopping the U.S. Dollar Index making new lows is the reasonable debate on is the U.S. Dollar or the Euro the lesser of two evils. In the end both lose to gold.
Oil and Natural Gas – Because of the dramatic economic slowdown worldwide, I find oil bullish only at $75 or lower until further notice. I continue to believe natural gas is in the early stage of a budding bull market that is a buy under $4 with a target of $7-$8 next 12 months.”- Peter Grandich, Grandich Letter
From last night: “I've moved back over to a 4 hour chart for the time being to try to get a bit tighter view of the recent trading range that gold has been carving out over the last few sessions. The chart resistance and support levels being created detail the range as gold is still finding buyers on dips below $1740 but has not yet been able to clear $1780.
If it pushes through $1780, it looks to me to have enough momentum to try to take another shot up towards $1800. How it reacts there will be extremely important.
The overall chart pattern is still being dominated by that big down day from last week after the market pushed through $1800 but then failed to hold that level after subsequently setting back.
Bulls would not want to see this market spend much time below $1730 or so before rebounding as that would portend a drop towards $1700 initially.
Volume is easing somewhat (a welcome relief I might add) reflecting a lull in the emotions of traders. After last week's wild ride, a lot of guys are just worn out and glad to be sitting around on the sidelines or trading a bit smaller in size while awaiting some more definitive signals.
One brief note about the action in the HUI in Monday's session. Once again it has pushed right up into a very stubborn and formidable chart resistance level near 580. It has had trouble dealing with this area since May of this year. Going back to the beginning of the year, it had managed to briefly penetrate the level but spent less than a month above it before succumbing to selling pressure and failing to hold its hard fought gains. If it can clear this level now, and if it can hold those gains going into the end of the week, then we should have something to hang our hats onto from a technical perspective. If it sinks back down away from 580 again, it will just further reinforce how significant this level is becoming on the charts. Apparently, there is a lot of pain coming to short sellers if some of the shares rise much further from today's levels and they are making a concerted effort to prevent that from happening. Any further move higher in gold is going to complicate their efforts immensely.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“My Dear Extended Family,
We have to admit $1764 is a significant level for gold. Above that level and the $1800 plus recent high comes into focus. Above that level the hyperbolic potential of the gold price comes into focus.
Some of the finest minds in gold anticipate a very short but brutal reaction in price. The dollar market seems to not agree with a gold correction here.
Market wise, the Fed has thrown the US dollar into the wind. Under .7400 the dollar denies a reaction in gold at these levels.
When gold broke out above $524.90 I asked you to please cease trading as gold had moved from phase 1 into a runaway price phase 2. It is this phase that has given you prices in excess of $1650. $1764 has the same significance as $524.90 because it represents phase 3, the point when a runaway price market for gold would gain exponential properties. Because $1764 is such a significant number, you can expect one of the more serious price battles before the price departs to Alf Fields’ and Armstrong’s predictions.
To sum up the situation, you haven’t seen anything yet.
Regards,”- Jim Sinclair, JSMineset.com
“The gold/silver shares continue in their own wasteland as a group. It certainly has a number of us in the GATA camp befuddled. But, it is what it is … for now. This will change and in dramatic fashion. At the moment a good many on Planet Wall Street and in the mainstream gold/silver world believe the big move is over, a move most of them missed in the first place. This has investors shying away from the shares, believing them to have too much risk after such an incredible rise in the price of gold in a week.
There are still not many out there who can conceive of $3,000 to $5,000 gold, and $100+ silver. However, at some point, the light bulb is going to go on that these prices are not only conceivable, but probable. Investors will want in on one of the great super trades of all time and they will pile into the tiny precious metals sector. When this happens, it is up up and away we go.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
GATA Posts:
Hedge fund SAC puts $628 million into gold ETF options
Egon von Greyerz: Too late to jump on the gold wagon?
Argentina fines economists who publish unfavorable inflation estimates
The Statistics:
Activity from: 8/15/2011
Gold Warehouse Stocks: | 11,532,712 | -37,363 |
Silver Warehouse Stocks: | 105,267,778 | -1,025,431 |
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 | 1260.173 | 40,515,830 | US$72,205m |
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$6,605m |
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$7,227m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,772 | US$814m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 46.75 | 1,502,890 | US$2,679m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.47: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,705.89: No change from yesterday’s data.
The Miners:
ITH’s (THM) new mining manager, Kinross Gold’s (KGC) debt offering, Midway’s (MDW) second quarter results, and ECU Silver’s (ECU.TO) second quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Lake Shore | LSG +10.55% $2.20 |
2. Gold Reserve | GRZ +5.40% $2.46 |
3. Exeter | XRA +3.79% $4.66 |
LOSERS
1. Solitario | XPL -11.59% $2.06 |
2. Great Panther | GPL -6.89% $2.84 |
3. Almaden | AAU -5.59% $3.21 |
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:
Aurora Gold Corp Completes Exploration Plans for Brazil Projects - More
- August 16, 2011 | Item | ShareThis
Northaven Commences Geophysical Surveys - More
- August 16, 2011 | Item | ShareThis
Tectonic/Comstock Identifies Golden-Saddle Type Quartz Vein System on its QV Claims and Samples 275 ppb Gold in Soils - More
- August 16, 2011 | Item | ShareThis
Caza Gold Corp.: Shareholder Update; Review of Second Quarter and Outlook for Third Quarter of 2011 - More
- August 16, 2011 | Item | ShareThis
Stratton Resources Shareholders Approve 2:1 Stock Split and Elect Independent Directors - More
- August 16, 2011 | Item | ShareThis
Detour Gold Obtains US$40 Million Financing for Mining Fleet - More
- August 16, 2011 | Item | ShareThis
Trueclaim Announces Results From Summer Field Work at the Tecumseh Property - More
- August 16, 2011 | Item | ShareThis
Northern Vertex Announces Phase 1 Drilling Program Intercepts 22.86 Meters Grading 3.09 gpt Gold Eqv; Including 12.19 Meters Grading 5.02 gpt Gold Eqv - More
- August 16, 2011 | Item | ShareThis
Victory Nickel Estimates 21 Million to 34 Million Tonne ETMI in Minago North Limb - More
- August 16, 2011 | Item | ShareThis
Midnight Sun Acquires Option Over Namibian Copper-Silver Properties, Announces Private Placement - More
- August 16, 2011 | Item | ShareThis
Stellar Pacific Ventures Drills 2 Metres of 76.53 g/t Gold Over at Monster Lake, Chibougamau - More
- August 16, 2011 | Item | ShareThis
Larry Liang Named President of Liberty Star Uranium & Metals Corp. - More
- August 16, 2011 | Item | ShareThis
Critical Elements Corporation: Metallurgy of the Rose Deposit Lithium Recovery of 90.7% at a Grade of 5.87% Li2O and Tantalum Recovery of 84.8% - More
- August 16, 2011 | Item | ShareThis
Quantum Rare Earth Developments Receives Infill Drill Results - More
- August 16, 2011 | Item | ShareThis
Rainy River Resources Files Technical Report to Support Mineral Resource Statement Dated June 29, 2011 - More
- August 16, 2011 | Item | ShareThis
ValGold in Negotiations for a Property Acquisition in Central Europe - More
- August 16, 2011 | Item | ShareThis
La Quinta Resources Corporation: Drilling Permits Received for Carruthers Pass Massive Sulfide Project, B.C. - More
- August 16, 2011 | Item | ShareThis
Source Gold Corp. (OTCBB: SRGL) Appoints Capitol Financial Media for Investor Relations - More
- August 16, 2011 | Item | ShareThis
Soltoro Intercepts 62 metres of 182 gpt Silver in Soledad Step Out Hole at El Rayo Project - More
- August 16, 2011 | Item | ShareThis
Malbex Signs Option Agreement for Gold Project in Southern Peru - More
- August 16, 2011 | Item | ShareThis
Woulfe Mining Valuation Opinion - More
- August 16, 2011 | Item | ShareThis
Kariana Resources Completes Initial Public Offering - More
- August 16, 2011 | Item | ShareThis
Invenio Resources Corp.: Summer Exploration Delineates Priority Drill Targets - More
- August 16, 2011 | Item | ShareThis
NMC Resource Enters Into Option Agreement for the Acquisition of 100% of Boss Mountain Moly Mine in British Columbia - More
- August 16, 2011 | Item | ShareThis
Soldi Ventures Inc. Discovers Samples up to 7.2 Ounces/Ton at the Golden Bullet Project - More
- August 16, 2011 | Item | ShareThis
Selwyn Expands Management Team - More
- August 16, 2011 | Item | ShareThis
High Desert Gold Reports Strong Results From Initial Drilling at Gold Springs - More
- August 16, 2011 | Item | ShareThis
Rogue Resources Announces Exploration Plans on Radio Hill Iron Ore Property - More
- August 16, 2011 | Item | ShareThis
West Kirkland Intercepts 7.88 g/t Gold Over 2.41 Meters Within 1.04 g/t Gold Over 47.70 Meters-Long Canyon Trend, Nevada - More
- August 16, 2011 | Item | ShareThis
Cadillac Obtains 0.33% Copper Over 516.4 Feet - More
- August 16, 2011 | Item | ShareThis
Serengeti Updates British Columbia Exploration Activities - More
- August 16, 2011 | Item | ShareThis
Hot Pot Gold Project Reverts to Nevada Exploration Inc. - More
- August 16, 2011 | Item | ShareThis
Augyva: Three Directors Disagree With the Announcement Made by Chairman Sandy Chim - More
- August 16, 2011 | Item | ShareThis
Pacific North West Capital Reports 6.44 gpt over 2 metres (0.19 opt, 6.6 ft) and 5.04 gpt over 7 metres (0.15 opt, 23 ft) 3E* in Holes DN014 and DN012 - More
- August 16, 2011 | Item | ShareThis
Trade Winds Begins 20,000 Metre Drill Program on Block A - More
- August 16, 2011 | Item | ShareThis
Lake Shore Gold Reports 400 Metre Extension of Gold Mineralization at Bell Creek Mine - More
- August 16, 2011 | Item | ShareThis
Vior: Shares Issued to Fonds de Solidarite FTQ - More
- August 16, 2011 | Item | ShareThis
Redstar Gold Corp.: High-Grade Drill Results From Red Lake; 1.0 Metre of 58.88 g/t Gold Including 0.50 Metre of 117.0 g/t Gold - More
- August 16, 2011 | Item | ShareThis
Confederation Minerals Ltd.: Newman Todd-High Grade Drill Results Continue; 58.88 g/t Gold/1.0m Including 117.0 g/t Gold/0.50m - More
- August 16, 2011 | Item | ShareThis
China Gold International Resources Corp. Ltd.: Jiama Operations Contribute to Increase GDP Of Tibet Autonomous Region Of China - More
- August 16, 2011 | Item | ShareThis
Drilling Update: Romios Intersects Significant Sulphide Mineralization Along Deep Geophysical Targets on Trek - More
- August 16, 2011 | Item | ShareThis
Nevada Copper Corp.: North Deposit Continues to Expand, Drilling Multiple Intervals of Mineralization Including 358 Feet of 1.32% Copper - More
- August 16, 2011 | Item | ShareThis
Sono Appoints Dr. Brian Hambleton-Jones to Chair Advisory Committee - More
- August 16, 2011 | Item | ShareThis
Miranda Gold and Red Eagle Sign Second Colombia Agreement - More
- August 16, 2011 | Item | ShareThis
Intrepid Mines Ltd, Tujuh Bukit-More upside at Tumpangpitu - More
- August 16, 2011 | Item | ShareThis
Black Iron Reports Three Additional Twin Holes With Band Lengths Over 100 Meters and Iron Grades Exceeding 30% - More
- August 16, 2011 | Item | ShareThis
Eloro Intersects Multiple High Grade Gold-Bearing Zones Beneath and South of Historic Simkar Mine Workings - More
- August 16, 2011 | Item | ShareThis
Intrepid Mines: Executive General Manager Exploration and New Business Resigns - More
- August 16, 2011 | Item | ShareThis
Gran Colombia announces second quarter 2011 results - More
- August 16, 2011 | Item | ShareThis
Star Gold Receives Forest Service Approval to Drill its Longstreet Property, Nevada - More
- August 16, 2011 | Item | ShareThis
Far East Discovery at Roughrider Continues to Expand as Hathor Completes the 2011 Summer Drill Program - More
- August 16, 2011 | Item | ShareThis
Foundation Resources Inc.: Completed IP Geophysical Survey Identifies High Priority Drill Targets on Span Lake Claims of the Coldstream Property, Ontario - More
- August 16, 2011 | Item | ShareThis
Aberdeen International Reports Value of Investment Portfolio and Cash of $1.17 Per Share for Second Quarter Ending July 31, 2011 - More
- August 16, 2011 | Item | ShareThis
Victoria Announces New Discovery at Rex Peso at Dublin Gulch, Yukon - More
- August 16, 2011 | Item | ShareThis
Lara Exploration Ltd.: Option Granted to Malbex Resources for 75% of the Grace Project, Peru - More
- August 16, 2011 | Item | ShareThis
North American Nickel Announces the Discovery of a Second Quartz Diorite Offset Dyke on Its Post Creek Property, North Range, Sudbury Basin, Ontario - More
- August 16, 2011 | Item | ShareThis
Yukon-Nevada Gold Corp. Announces Second Quarter Results for 2011 - More
- August 16, 2011 | Item | ShareThis
American Manganese Inc.: Wildcat Hole Returns 7.39% Manganese Over 7.62 Meters (25 Feet) on Upper Shannon Patented Claims - More
- August 16, 2011 | Item | ShareThis
Silver Fields Announces Keremeos Project Assays - More
- August 16, 2011 | Item | ShareThis
ECU Silver Releases Second Quarter Results for 2011 - "The Company generated net revenues from the sale of dore bars and concentrates for a total of $4,125,261 versus $5,966,092 over the first quarter ended March 31, 2011 (Q1 2011). The decrease in revenue is a result of a cessation in payments for deliveries of the gold/pyrite stockpile and a shortage of cyanide supply due to a plant shutdown of a major industrial supplier in the United States. The shortage in cyanide supply required that the Oxide Plant operate at a reduced rate. Cyanide supply levels resumed to normal levels in late July. Revenues were also impacted by a buildup of concentrate and dore product on hand." More
- August 16, 2011 | Item | ShareThis
International Tower Hill Mines Appoints Harold Galbriath as Mining Manager - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX: ITH.TO - News)(AMEX: THM - News)(Frankfurt: IW9) announces the appointment of Mr. Harold A. Galbriath as the Company's new Mining Manager, effective September 7, 2011. Mr. Galbriath has over 28 years of experience in all aspects of mining operations, maintenance systems, technical services and industrial engineering support, holding positions with mining companies such as Rio Tinto, Kennecott, Glamis Marigold Mining Company and Drummond Ltd." More
- August 16, 2011 | Item | ShareThis
Kinross Announces US$1 Billion Unsecured Debt Offering - "Kinross Gold Corporation (TSX:K.TO - News)(NYSE: KGC - News) ("Kinross") announced today that it has priced a US$1 billion offering of debt securities, consisting of US$250 million principal amount of its 3.625% Senior Notes due 2016, US$500 million principal amount of its 5.125% Senior Notes due 2021 and US$250 million principal amount of its 6.875% Senior Notes due 2041 (collectively, the "notes"). The notes will be unsecured, senior obligations of Kinross and will be wholly and unconditionally guaranteed by certain of Kinross's wholly-owned subsidiaries that are also guarantors under Kinross's amended and restated senior unsecured credit agreement. The offering is expected to close on August 22, 2011." More
- August 16, 2011 | Item | ShareThis
Midway Gold Announces Second Quarter Financial Results - "Our consolidated net loss from operations for the six-month period ended June 30, 2011 was $6,015,264 or $0.06 per share compared to $2,204,135 or $0.03 per share for the same period in 2010. $4,099,365 of the increase in loss was due to our increased exploration efforts. A loss on the change in fair value of $592,026 relates to warrants which were carried as a liability on December 31, 2010 and, for which the expiry date was accelerated to March 14, 2011." More
- August 16, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Tuesday, 16 August 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 1% While Stocks Fall
