-- Posted 9 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1076.50 | +$11.20 |
Silver | $15.42 | +$0.34 |
XAU | 155.07 | +3.84% |
HUI | 391.00 | +4.33% |
GDM | 1174.53 | +4.21% |
JSE Gold | 2224.79 | +16.55 |
USD | 79.81 | -0.57 |
Euro | 137.84 | +1.39 |
Yen | 111.64 | -0.40 |
Oil | $73.75 | +$1.86 |
10-Year | 3.633% | +0.041 |
T-Bond | 118.3125 | -0.625 |
Dow | 10058.64 | +1.52% |
Nasdaq | 2150.87 | +1.17% |
S&P | 1070.52 | +1.30% |
The Metals:
Gold traded mostly slightly higher in Asia and London and spiked up to as high as $1079.05 just before 8AM EST before it fell back to $1070.73 by around 10AM EST, but it then rose to a new session high of $1082.93 by early afternoon and ended not far from that high with a gain of 1.05%. Silver jumped to as high as $15.367 and dropped back down to $15.19 before it climbed to a new high of $15.572 and ended with a gain of 2.25%.
Euro gold rose to about €781, platinum gained $20.50 to $1494, and copper gained over 7 cents more to about $2.98.
Gold and silver equities rose over 4% by early afternoon and remained near their high into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Dec | -0.8% | 0.5% | 1.6% |
Tomorrow at 8:30AM EST brings the Trade Balance for December expected at -$35.5 billion and at 2PM is the Treasury Budget for January expected at -$50.0 billion. Bernanke will also be testifying before the House Financial Services Committee at around 10AM EST about the fed’s plans to withdraw emergency stimulus from the U.S. economy.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on cold weather, the U.S. dollar index fell rather markedly as the euro rose, and the Dow, Nasdaq, and S&P climbed over 1% higher on hopes that the EU will step in and help Greece manage its debt problems. “Word that European Central Bank President Jean-Claude Trichet has shortened his travel plans to attend an EU summit on Thursday is boosting confidence that European officials will move strongly to address the troubles in Greece.”
Treasuries fell after today’s $40 billion 3-year note auction sold at a high yield of 1.377% with a bid to cover of 2.83.
Among the big names making news in the market today were McDonald’s, Pulte, UBS, Nissan, Coca-Cola, NYSE, Biogen, Toyota, and American Capital.
The Commentary:
“My Dear Extended Family,
I doubt there has ever been a time in financial history when there has been challenges of this magnitude.
This is not business as usual in any form.
When have financial meetings been so top secret?
When has the military cordon off financial meetings?
When have F-18s, F-22s and French Rafales provided air support (as the Swiss did for the Davos seminar) for two central bank meetings in the last few weeks as the USA and Australia did?
Don’t accept terrorism as an excuse for everything that remains unexplained. There are so many lies and so much misinformation out there that the task of figuring out what is real is a daunting task.
I implore you to go for safety in everything you do. How can you go wrong hunkering down?
Do not speculate.
You cannot out trade these people nor can you read their intentions by charts. Both are impossibilities.
Do not deal on borrowed money. Secure you and yours. Take delivery of your precious metals and share certificates.
We are in unchartered seas of international financial turmoil. The mega rich have no loyalty to anyone or anything.
I know some of them, made one of them from scratch, and I assure you would put their mothers in a microwave for the right price. This is a financial world war taking place behind top secret meetings that are deciding our fate while not even knowing they are out of control.
I can’t change this but I can do my best to protect you.
Respectfully,”- Jim Sinclair, JSMineset.com
“Central banks meeting in secret it Australia... it sounds like The Creature From Jekyll Island all over again. Greece, Portugal and Spain et al on the brink. A stock market [the Dow] that wants to die. It appears that the central banks are watching their control of world financial and monetary events slip away... and are in a full panic mode.
From what I can see at this juncture, there are only two possible ways this economic, financial, and monetary situation is going to resolve itself, and they are... a hyper-inflationary depression... or a complete deflationary collapse. Both of which will result in the destruction of most of the world's currencies. But, somewhere along either of those paths, or a combination of the two paths... individually or collectively, the central banks will be forced back into using gold as a convertible currency. When [and notice I didn't say 'if'] that happens, gold will have to be revalued to some fantastically high price. At that moment, the Golden Rule will come into play... He who has the gold, makes the rules!
Then, and only then, will we find out which countries and their respective central banks have gold reserves of any kind... and how much they really have left.
In the interim, things are going to get incredibly ugly. And, without doubt, the world's central banks will resort to anything to prevent 'all of the above' from happening. But it's way too late for that now. And, as Ambrose Evans-Pritchard said in his story from The Telegraph above... the crisis in Greece is now escalating into a "global margin call as confidence ebbs."
These are not just interesting times... they are historic times!”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
Welcome back to the reflation trade and the end of “deflation” talk once more. The soaring equity markets and surge higher in the Euro was all that it took to flip the algorithms into the “BUY” mode for anything and everything including sea shells by the sea shore sold by Sally.
Gold shot up and initially hit a wall of selling below $1,080 which took it down earlier in the session but once the Euro began to gather upward momentum and the S&P 500 took out yesterday’s high, shorts in gold began a ferocious wave of covering that took the metal up through $1,080 and into preplaced buy stops which then ran price slightly higher before the bullion banks attempted to lean on it again. Their selling managed to cap it and take it back down below $1,080. It certainly does appear that there is substantial buying of the metal in the $1,040 – $1,050 region, buying large enough to absorb an awful lot of long liquidation. Again, just a reminder, India made its purchase of those 200 tons of gold not too far from that level late last year. China got caught flat-footed by their buy and will not make the same mistake again. The Central Banks of both these two nations are titans in the gold market so their footprints should not be too hard to discover, although they will attempt to camouflage their actions.
If you look at copper, it managed to claw its way above the $3.00 pound level further reinforcing the idea that Friday’s spike low marked a temporary end to the downtrend. It is not out of the woods yet as it will need to climb above the $3.15 level before bulls can claim victory over the deflationists but its chart is improved technically. Copper is still a bellwether for the inflation/deflation battle and that is the reason I bring this up. I want to watch the equities, the Dollar, particularly against the Euro, and copper to get a feel for how this inflation/deflation battle is shaping up and to measure which side is gaining the advantage.
The HUI finally showed some signs of life today taking out yesterday’s high and helping to reinforce the notion that it too might be temporarily sold out but I will not be confident of its gains until it climbs back above 400 and stays there for at least two full sessions. Those ratio spread trades have pushed the HUI/Gold ratio to rather low levels which should tend to work in favor of the shares should they trip some upside technical resistance levels. It looked like some of those spread trades were coming off today. If the HUI can hold its footing above the downtrending 10 day moving average near 386, that should begin getting some of the momentum traders interested in the long side. One day does not however make a trend so the jury is still out for now. We’ll see.
The Dollar was spanked hard today as RISK was back in vogue. Keep in mind that the Dollar has one of the largest, if not THE largest speculative net long positions on record. That does not necessarily mean it is due to collapse but what it does mean is that if any important downside technical levels are violated, a massive wave, and I do mean massive, of long liquidation will take place. This market is so lopsidedly imbalanced on the long side that the sheer weight of those stale longs could drop the Dollar several hundred points very quickly. The action in the Dollar, especially coming on the heels of Jim’s keen observations concerning the recent gathering of the money lords, is very interesting to say the least.
Technically, the Dollar looks to be vulnerable to what I described above should it breach 79 to the downside on decent volume. That has not yet occurred. The hedge funds that have poured into the Dollar are going to be tested to see how seriously they are willing to defend their boatload of longs. If they can successfully beat back the bears, it will be a credit to their willingness to commit vast sums of money to defend a fundamentally-based train wreck. Stay tuned on this one because it is a key market for us to watch.
Once again the bond market is displaying very unusual behavior considering the money flow back into “risk” trades. One would think that the sheer supply of bonds coming to the market to fund US spending orgies coupled with a surge in the broader equity markets would knock the props out from under the bond market and send them sharply lower with a corresponding move higher in long term rates. Not so! That alone is what makes the price action there so bizarre. I have said this before –based on what I can see occurring in that market, I am convinced that the US monetary authorities have their pals at work artificially propping up the bond market in an attempt to force longer term rates lower, or at the very least, prevent them from rising. The Fed and its cronies do not want to see higher interest rates, no matter what kind of blather comes out of their yakking mouths. (As I prepare to send these comments in bonds are finally seeing some selling coming in).
That is where the conundrum regarding the Dollar has its roots. They cannot have it both ways – a move higher in the Dollar will allow them to peddle their debt on the world markets a bit easier and make for lower yields on that debt. On the other hand, a stronger Dollar hurts US export competitiveness which is not at all helpful to an economy that is flatlining nor does it make it any easier to repay all this massive debt. A weaker Dollar helps to solve this problem but then yields become too low for prospective buyers and/or existing holders of US debt. That means that the bond market needs to fall to push up yields to make them more attractive which then stuffs the real estate sector. Pick your poison guys – you created this mess.
Crude oil has thus far put in a pretty good move higher, building on its gains after the spike lower into the $70 level. Any pickup in economic activity and thus energy demand should show itself on this chart, which so far is less than impressive as it remains range-bound between $70 on the bottom and $80-$82 on the top and has been now for some time.”- Dan Norcini, More at JSMineset.com
GATA Posts:
New ETF will claim to have gold, silver, platinum, and palladium
GATA Washington conference presentation videos posted
Rob Kirby: A sterling account of silver's 'dismal' performance in January
The Statistics:
Activity from: 2/08/2010
Gold Warehouse Stocks: | 9,918,495 | +23,517 |
Silver Warehouse Stocks: | 110,980,588 | -400,689 |
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 | 1106.378 | 35,571,152 | US$38,100m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 121.38 | 3,900,796 | US$4,209m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,640 | US$533m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.52 | 1,688,518 | US$1,849m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,981 | US$5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.64 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 79.44: +0.17 tonne change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,397.56: +45.79 tonne change from yesterday’s data.
The Miners:
Barrick’s (ABX) environmental impact study, Allied Nevada’s (ANV) preliminary operating results and 2010 outlook, Endeavour’s (EXK) acquired property option, and Scorpio’s (SPM.TO) shareholder vote results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northgate | NXG +8.54% $2.67 |
2. Lihir | LIHR +7.45% $25.52 |
3. DRDGOLD | DROOY+7.01% $6.11 |
No “Losers” today.
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:
Kennecott Eagle Minerals Company Welcomes Humboldt Mill Permits - More
- February 09, 2010 | Item | ShareThis
Solid closes private placement - More
- February 09, 2010 | Item | ShareThis
Westminster announces completion of unit private placement - More
- February 09, 2010 | Item | ShareThis
Alberta Star Shareholders Approve All Resolutions at the Annual General Meeting - More
- February 09, 2010 | Item | ShareThis
Kent Commences Lyell Gold Project Assessment Program - More
- February 09, 2010 | Item | ShareThis
Trio Gold Corp. Announces the Signing of a US $5.5 Million Exploration Agreement - More
- February 09, 2010 | Item | ShareThis
Sage Options Clavos Property in Timmins - More
- February 09, 2010 | Item | ShareThis
Mercator Minerals starts commissioning of Phase 1.5 at Mineral Park and operational updates - Correction to Concentrate Tonnage statement - More
- February 09, 2010 | Item | ShareThis
Teuton's High Property is 1.25 km South of Silver Standard's New Bridge Gold Deposit - More
- February 09, 2010 | Item | ShareThis
Adventure Gold Releases its First NI 43-101 Resource Estimate on the Lapaska Gold Property in Eastern Val d'Or Mining Camp - More
- February 09, 2010 | Item | ShareThis
Riverstone Sampling Program Underway at Nami Gold Discovery Zone - More
- February 09, 2010 | Item | ShareThis
Pan American Lithium Corp. Announces the Beginning of the Cierro Prieto Scoping Study - More
- February 09, 2010 | Item | ShareThis
Maya to Resume Drilling at the Amizmiz Gold Project, Morocco - More
- February 09, 2010 | Item | ShareThis
Maya Gold & Silver Announces Management Reorganisation - More
- February 09, 2010 | Item | ShareThis
Aura Silver Using VTEM and Prospecting Results at Greyhound, Nu to Vector in on Drill Targets - More
- February 09, 2010 | Item | ShareThis
Drilling to Begin in March on Kiska's Barmedman Project, Australia - More
- February 09, 2010 | Item | ShareThis
Delta Uranium Inc.: Clarification - More
- February 09, 2010 | Item | ShareThis
Endeavour Silver Acquires Option to Purchase San Sebastian Silver-Gold Properties in Jalisco State, Mexico - "Endeavour Silver Corp. (TSX:EDR - News)(TSX:EDR.WT - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces that it has acquired an option to purchase the San Sebastian silver-gold properties in Jalisco State, Mexico from IMMSA (Grupo Mexico), one of the largest mining companies in Mexico." More
- February 09, 2010 | Item | ShareThis
Typhoon Exploration Inc.: Website Updated - More
- February 09, 2010 | Item | ShareThis
Chile OKs Barrick to up Zaldivar mine extraction - "Barrick Gold (ABX.TO) said Tuesday that Chilean authorities had approved an environmental impact study that clears the way to expand extraction at its northern Zaldivar copper deposit by nearly 20 percent." More
- February 09, 2010 | Item | ShareThis
Canadian Shield Appoints New Director and Expands Exploration Team - More
- February 09, 2010 | Item | ShareThis
Murgor Resources starts drilling copper-gold targets at the Wim-Extension property in Snow-Lake Manitoba - More
- February 09, 2010 | Item | ShareThis
Arco Announces Sampling Averages of 173 g/t Silver and 1.5 g/t Gold Along 230 Metres at the Taviche Silver-Gold Property - More
- February 09, 2010 | Item | ShareThis
American Sierra Gold Corp. Reopens Access to High-Grade Gold Run Vein at Discovery Day Project - More
- February 09, 2010 | Item | ShareThis
Silver Dragon Completes Initial Technical Report at Its Dadi Polymetallic Project in China - More
- February 09, 2010 | Item | ShareThis
Yukon Gold Mining Alliance to Showcase Yukon Investment Opportunities - More
- February 09, 2010 | Item | ShareThis
New Strategic Gold Acquisition for Midland in the Detour Lake Area - More
- February 09, 2010 | Item | ShareThis
Arianne Increases its Land Position in the James Bay Area - More
- February 09, 2010 | Item | ShareThis
Drilling Hits Major Fault on Mengold's Goldcreek Property - More
- February 09, 2010 | Item | ShareThis
Orex Awards Diamond Drilling Contract to Major Drilling for the Coneto Gold-Silver Project in Durango, Mexico - More
- February 09, 2010 | Item | ShareThis
Sandspring Resources Ltd. Posts the Balance of Toroparu Deposit Drill Results for 2009 Including 120m of 1.33g/t Gold and 0.09% Copper at the East Margin - More
- February 09, 2010 | Item | ShareThis
Newcastle Begins Geophysical Survey of West Timmins Property - More
- February 09, 2010 | Item | ShareThis
Inmet Announces Fourth Quarter Earnings of $1.60 Per Share Compared With a Loss of $0.67 Per Share in the Fourth Quarter of 2008 - More
- February 09, 2010 | Item | ShareThis
Canterra Minerals Corporation: Drilling Commences on Buffalo Hills Property - More
- February 09, 2010 | Item | ShareThis
Alexis' 2010 Objectives: Growth in Gold Production and Resources to Enhance Shareholder Value - More
- February 09, 2010 | Item | ShareThis
East Asia Drills 1.16 g/t Gold Over 21 Metres Within 109 Metres Grading 0.59 g/t Gold at Miwah; 1.2 Kilometre East-West Width Validated - More
- February 09, 2010 | Item | ShareThis
Western Uranium Corporation Closes Acquisition of Argentina Uranium Project - More
- February 09, 2010 | Item | ShareThis
American Lithium Minerals Closes Agreements for Four New Projects - More
- February 09, 2010 | Item | ShareThis
Mercator Minerals starts commissioning of Phase 1.5 at Mineral Park and operational updates - More
- February 09, 2010 | Item | ShareThis
Detour Gold Appoints Pierre Beaudoin as Senior Vice President, Capital Projects for the Development of Detour Lake - More
- February 09, 2010 | Item | ShareThis
Vantex's Mitsumi Property Located at Only 6 km from First Gold - More
- February 09, 2010 | Item | ShareThis
Wesdome 2009 production tops 96,000 ounces, sales exceed $100 million - More
- February 09, 2010 | Item | ShareThis
Marathon Announces First Geordie Lake Drilling Results, 14.0 m of 0.52% Cu and 0.92 g/t PGM and Au - More
- February 09, 2010 | Item | ShareThis
Scorpio Announces Results of Shareholder Vote For Platte River Gold Acquisition - "Scorpio Mining Corporation (TSX: SPM - News; "Scorpio" or the "Company") announces that the extraordinary shareholder meeting held on February 5th, 2010 pertaining to the acquisition of Platte River Gold Inc. and all its assets, including the La Verde Project and its significant polymetallic deposits located near the Company's Nuestra Senora mine in Mexico, has resulted in overwhelming support of the acquisition with 99.75% of the shares represented voted in favour." More
- February 09, 2010 | Item | ShareThis
Allied Nevada Provides Preliminary 2009 Operating Results and 2010 Outlook - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce preliminary operating results for the year ended December 31, 2009 and an outlook for 2010. Cost of sales per ounce of gold sold(1) is expected to be approximately $385 for the fourth quarter of 2009 with full year costs expected to be approximately $392 per ounce, better than the full-year guidance of $460-$480 per ounce previously reported." More
- February 09, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 9 February, 2010 | |
