-- Posted 16 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1119.35 | +$31.15 |
Silver | $16.14 | +$0.73 |
XAU | 163.99 | +2.75% |
HUI | 414.06 | +3.07% |
GDM | 1241.14 | +2.84% |
JSE Gold | 2333.50 | +46.68 |
USD | 79.63 | -0.68 |
Euro | 137.70 | +1.38 |
Yen | 110.98 | -0.16 |
Oil | $77.01 | +$2.88 |
10-Year | 3.664% | -0.029 |
T-Bond | 117.8125 | +0.25 |
Dow | 10268.81 | +1.68% |
Nasdaq | 2214.19 | +1.40% |
S&P | 1094.87 | +1.80% |
The Metals:
Gold climbed over 1% higher to above $1100 in holiday thinned trade on Monday before it continued its advance in Asia and London on Tuesday and ended near its late morning New York session high of $1120.60 with a gain of 2.86%. Silver followed a similar pattern and ended near its early afternoon high of $16.192 with a gain of 4.74%.
Euro gold rose to a new all-time high at about €813, platinum gained $32 to $1535, and copper gained nearly 14 cents to about $3.22.
Gold and silver equities rose about 3% at the open and remained at about that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Empire Manufacturing | Feb | 24.91 | 18.00 | 15.92 |
TIC Flows | Dec | $63.6B | $50.0B | $126.4B |
U.S. credit card delinquency rates level off Reuters
U.S. Homebuilder Confidence Rises More Than Forecast Bloomberg
Tomorrow at 8:30AM EST brings Building Permits for January expected at 620,000, Housing Starts expected at 580,000, and Export and Import Prices for January. At 9:15 is Capacity Utilization for January expected at 72.6% and Industrial Production expected at 0.8%, and at 2PM is the Treasury Budget for January expected at -$46.0 billion and the release of minutes from the fed’s January 28th meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back above $77 on worries over Iran while the U.S. dollar index fell significantly to back below the 80 level after easing worries over Greece helped the euro climb over 1% higher.
Treasuries rose on tame inflation concerns while the Dow, Nasdaq, and S&P gained over 1% on decent earnings and economic reports.
Among the big names making news in the market today were Kraft, Barclays, Simon Property and General Growth, Merck, Citigroup, JPMorgan, Bank of America, Waste Management, and Toyota.
The Commentary:
“Ted Butler and I spent some time comparing notes on the weekend about Friday's Commitment of Traders report. When we looked at the numbers, it showed that the '4 or less' bullion banks in silver held 50,758 short contracts between them. This represents 134% of the Commercial net short position. The '8 or less' traders hold 58,200 Comex short positions... or 154% of the net short position in the Commercial category. And JPMorgan holds about 85% of the Commercial net short position all by itself!!! If these bullion banks weren't there, the Commercial category would show a huge net long position. So, it's '8 or less' traders against the entire world's silver market... and the CFTC and your mining companies do nothing. I don't see any 'shareholder value' being added here... do you?
And, as Ted mentioned in his interview with Eric King on Saturday, how high gold and silver prices go on the next rally will be 100% determined by whether or not JPMorgan et al take the short side of all the long positions that will be placed as the rally progresses. As I said before, if they do that, it will be a rally just like all the rallies that have preceded it. But if they don't... then pick a very large number for both metals.
At least once a week I mention the fact that there are only three possible outcomes to the economic, financial and monetary problems facing governments and central banks right now... or a combination of all three. One is an outright deflationary collapse... the second, a hyperinflationary depression... and the third, a return to a gold standard of some sort... with gold at some astronomically high price. Which will it be? Whatever outcome it is... it's not, dear reader, very far away.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The reflation trade was back on in a big way today as both the commodity world and the equity world witnessed sizeable money flows coming their way. The Dollar’s weak display was enough to send the algorithms wildly to the buy side once again as the war between the inflationists and the deflationists saw the deflation camp in all out retreat during this particular skirmish. Copper, crude oil, soybeans and even lumber were all stronger today.
Bellwether copper had a huge day as it surged into a band of strong resistance near the 40 and 50 day moving averages before sellers showed up. A push through these levels that can be maintained for one full session should see copper having a shot at making a run back to near $3.40 again. That is hardly the substance that deflation is built of. Again, as always, we will be monitoring this market to gauge how sentiment is shaping up in the above-stated war.
Gold responded accordingly as it knifed through resistance centered near the $1,105 region before gathering momentum which carried it just shy of horizontal resistance near $1,124- $1,127. It managed to poke its head through the downsloping trendline drawn off its all time high but just barely. Additional upside strength tomorrow will go a long way in buttressing the bullish technical case.
The Dollar continues to be of concern, lob-sidedly loaded with as many stale long positions as it is, plus the fact that momentum oscillators are now showing serious bearish divergences. In my view, it is a technical train wreck just waiting to occur but so far the Dollar bulls have not yet been able to be dislodged from behind their parapets. That will take a smashing break through the 79 level to do so and is where the bears are hoping to push the greenback. So far they have not succeeded but the chart tells the ferocity of the battle to do so. Stay tuned on this one.
While the HUI is stronger today, the mining shares continue to underperform bullion as the hedge funds employ their ratio spread trades once again. In order for the HUI to accelerate higher and attempt to catch back up to gold bullion, it will have to push through 427 and maintain those gains for a session or preferably two. One cannot underestimate the size of the spread trades that the hedge funds are employing among the miners. Keep in mind however that gold companies still make money by digging gold out of the ground and selling it, notwithstanding the tactics of the hedge funds. The higher the price of bullion and the more valuable the product that they produce becomes the more their revenues will increase. Even hedge funds cannot long ignore such simple facts.
I do wish to point out that the 10 day moving average of the HUI has now decidedly turned up and is quite close to generating a bullish upside crossover of the 20 day. With short term technical indicators in a bullish posture, the tendency should be for dips to be bought. Initial chart support is last Thursday low near 388 – 390 with very strong support having been formed near the 365- 370 region.
Strangely enough, bonds are higher today. Go figure – I suspect is has something to do with the Treasury International Capital Flows data. Even though that is dated, it confirms the suspicions of many of us that the supply problems associated with the gargantuan US fiscal deficits are first and foremost on the minds of bond traders, at least for today, and that safe haven associations or lack thereof, are taking a back seat to those concerns.
I will get some charts and comments up on the TIC data for December 2009 a bit later today. There are some alarming developments that bear commenting upon in that report.”- Dan Norcini, More at JSMineset.com
“The potential for the price of gold to soar from present day levels has been dramatically enhanced. We are used to a lose/lose situation for gold. The Gold Cartel would hit gold on news that should have sent the price much higher, and then they would hit gold on news that was bearish. But the latest price action could have changed things in that the dollar going up is good for gold and the dollar going down is good for gold … at least for the moment.
Gold is now positive for the tenth year in a row. It has been all about The Gold Cartel managing their retreat. I can hear their bugler blowing out his tune to accelerate that retreat to higher ground above $1227.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“Dear CIGAs,
Rome (then the Western world) is burning!
Just like minorities did not see or wish to understand what the rise of Hitler meant to them, just like those that ran out onto the new beach revealed as the water retreated from Hawaiian beaches only to be inundated by the Tsunami, many are ignoring the organized and strategized attack now on Greece as the prelude to an attack on Spain, Italy, Ireland, Portugal and then major debts.
The US stands third in the line of weak structures, debt to GDP, and will come under attack by the ever-increasing wealth of the bear raiders via the CDS OTC derivative market.
Iceland, the weakest of all, was taken down. Now the target is Greece. Just as Europe fell to the Nazis, so might it to the Blitzkrieg by financial entities.
When J.P Morgan, the man, sought to settle a liquidity crisis, he asked Jesse Livermore to come and visit with him. He proposed that the famous Bear, Livermore, cease his short raids for the benefit of the country. Livermore, impressed by Morgan’s appeal, did so.
Quite to the contrary, we have made the most successful of the short raiders (derivative manufacturers) rich, and taken no meaningful action to restrict their mode of doing business.
Rome is burning and few understand why. Even less give a damn.”- Jim Sinclair, JSMineset.com
“The technical picture for gold has improved dramatically. A breakout from a falling wedge is one of the best technical patterns for bulls and it appears we’re on the verge here in gold.
Physical demand has been very strong during this “paper” correction. The commercials on the CrimeNex (Comex) have aggressively covered in the last two weeks and once again have fleeced the speculators for the umpteen time. Two consecutive closes above $1,125 should put the correction fully behind us. I continue to believe there are “two” gold markets; the physical market worldwide and the paper market on the CrimeNex. The days are numbered for the paper “hangers” as real demand for gold continues to grow despite an overwhelming number of gold perma bears and chicken bulls that dominate the financial services industry and the media. I can’t wait to hear their latest excuses when we go to new highs later this year.”- Peter Grandich, Grandich Letter
GATA Posts:
China's continued sale of U.S. debt seen as a trend
Goldman's O'Neill says 'something's brewing' with China's currency
Another argument for gold revaluation to avert debt deflation
Financial houses are now bigger than governments, Sinclair tells King World News
Bank of England falsified gold data to rig interest rates from 1925-31
Seeking to crack the Fed's secrecy around the bank bailout
U.S. debt will keep growing even with recovery
Liam Halligan: Greek crisis is beginning of the end for the euro
Gold is money again and has a long way to go, Lassonde tells King World News
Big shorts covering, metals likely to rise, Butler tells King World News
The Statistics:
Activity from: 2/12/2010
Gold Warehouse Stocks: | 9,908,075 | +7,798 |
Silver Warehouse Stocks: | 108,719,192 | -434,520 |
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$39,662m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 119.98 | 3,856,629 | US$4,322m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,603 | US$553m |
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$6m |
Note: Change in Total Tonnes from Friday’s data: The LSE added 0.02 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 - No change from Friday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,446.40: +48.84 change from Friday’s data.
The Miners:
Kimber’s (KBX) grant of options, Buenaventura’s (BVN) strike update, NovaGold’s (NG) settlement, Royal Gold’s (RGLD) plan of arrangement with International Royalty Corporation, Endeavour’s (EXK) early exercise of its option to purchase the El Porvenir Cuatro properties, and Revett’s (RVM.TO) mine development were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+7.97% $6.50 |
2. Mines MGMT | MGN +7.63% $2.82 |
3. Hecla | HL +7.62% $5.51 |
LOSERS
1. Kimber | KBX -2.77% $1.05 |
2. Vista Gold | VGZ -1.26% $2.36 |
3. Gold Reserve | GRZ -0.89% $1.11 |
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:
Xtierra Announces Grant of Incentive Stock Options - More
- February 16, 2010 | Item | ShareThis
NGEx Granted Exploration Licenses in the Republic of Congo - More
- February 16, 2010 | Item | ShareThis
Pro Minerals Acquires the "Discovery Lake VMS Project" - More
- February 16, 2010 | Item | ShareThis
Callinan Receives Net Profits Interest Payment from HudBay Minerals - More
- February 16, 2010 | Item | ShareThis
NWT Uranium Corp Receives Approval for Exploration on Property in Central Vietnam - More
- February 16, 2010 | Item | ShareThis
Nevada Sunrise Gold Corp Retains Investor Relations - More
- February 16, 2010 | Item | ShareThis
Valley High Ventures Ltd.: Trench Results From the Cordero Project, Mexico; 60 Metres Grading 0.95 Grams of Gold Per Tonne - More
- February 16, 2010 | Item | ShareThis
Aurcana Corporation: NI 43-101 Report Increases Maravillas Deposit Resources by 47% - More
- February 16, 2010 | Item | ShareThis
Levon Discovers 60 Metres Grading 0.953 Grams Per Tonne Gold in Trench Across New Diatreme Complex at Cordero Project, Mexico - More
- February 16, 2010 | Item | ShareThis
Freeport Updates Q Fluorspar Moly Project (Eaglet) - More
- February 16, 2010 | Item | ShareThis
Abington Resources Ltd.: New Acquisition and Project Updates - More
- February 16, 2010 | Item | ShareThis
Victory Nickel Updates Site Activities at Minago - More
- February 16, 2010 | Item | ShareThis
Ateba Signs Option Agreement for an Additional 4 Gold Mining Claims Near Larder Lake - More
- February 16, 2010 | Item | ShareThis
Andover Ventures Inc.: Chief Consolidated Mining Co. Receives Joint Motion for Order Modifying Consent Decree - More
- February 16, 2010 | Item | ShareThis
Copper Canyon Stakes High-Grade Gold Property-Tintina Gold Belt, Yukon Territory - More
- February 16, 2010 | Item | ShareThis
James Bay Resources Provides Corporate Update and Review of Its 'Ring of Fire' Property - More
- February 16, 2010 | Item | ShareThis
Puma's Drilling Confirms a Silver-Rich Section at Nicolas-Denys - More
- February 16, 2010 | Item | ShareThis
Millrock Stakes First Properties in Alaskan Alliance With Altius - More
- February 16, 2010 | Item | ShareThis
Nevado Acquires Nicolet North and East Properties Adjoining Nevado's Nicolet Property, Bowmore's Permits and Niogold's Nicolet-South Property - More
- February 16, 2010 | Item | ShareThis
Dana Evaluating Several Producing Silver Mine Acquisitions - More
- February 16, 2010 | Item | ShareThis
Queenston Drilling Extends Bulk Tonnage Gold Target at Upper Canada - More
- February 16, 2010 | Item | ShareThis
Rare Earth Metals Options Red Wine/Letitia Lake Properties - More
- February 16, 2010 | Item | ShareThis
Nevada Copper Continues to Intersect High Grade Copper: 34.9 Meters (114.5 ft) @ 3.2% Copper - More
- February 16, 2010 | Item | ShareThis
SLAM reports best silver intercepts to date - More
- February 16, 2010 | Item | ShareThis
Donner Metals Ltd.: McLeod Deep Discovery Expanded-7.50 Metres Grading 10.27% Zinc, 3.44% Copper, 50.71 gpt Silver and 1.12 gpt Gold Intersected Down-Dip - More
- February 16, 2010 | Item | ShareThis
Soltoro Completes Las Bolas Mine Area Resource Drilling & Returns 12 Metres of 220 gpt Silver in Highway Zone - More
- February 16, 2010 | Item | ShareThis
Gryphon Gold Announces Extension of Option to Fix Borealis Royalty - More
- February 16, 2010 | Item | ShareThis
Paragon Commences Drilling at South Tally Pond VMS Project - More
- February 16, 2010 | Item | ShareThis
BCGold Corp. Defines Minto Copper-Gold Trend on Apex East Property, Yukon - More
- February 16, 2010 | Item | ShareThis
Magma Metals Limited: Boardroom Radio Broadcast - More
- February 16, 2010 | Item | ShareThis
Copper One Inc. Commences Drilling at the Twin Peaks Oxide Copper Prospect, Arizona - More
- February 16, 2010 | Item | ShareThis
New Dawn Mining Corp. Reports Financial Results For the Quarter Ended December 31, 2009 - More
- February 16, 2010 | Item | ShareThis
Nord Resources Appoints Davenport Interim CEO - More
- February 16, 2010 | Item | ShareThis
Atna Initiates Development of Reward Gold Mine - More
- February 16, 2010 | Item | ShareThis
Magma Metals Limited: High-Grade Drill Intersection at Thunder Bay North - More
- February 16, 2010 | Item | ShareThis
Hana Mining RC Drilling in Banana Zone Intersects 1.76% Cu and 26.5 g/t Ag Over 7 Metres in the North Limb, and 1.15% Cu and 15.1 g/t Ag Over 9 Metres - More
- February 16, 2010 | Item | ShareThis
Alto Ventures Ltd.: 2000m Diamond Drilling Program Commences on the East Coldstream Gold Deposit, Coldstream Gold Property, Ontario - More
- February 16, 2010 | Item | ShareThis
Arianne Resources Inc.: The Paul Zone Remains Open at Depth - More
- February 16, 2010 | Item | ShareThis
Brett Resources Inc.: Underwriters Exercise Over-Allotment Option - More
- February 16, 2010 | Item | ShareThis
Christopher James Gold Corp. Signs Agreement on Pasco Canyon Epithermal Gold-Silver Project in Nevada - More
- February 16, 2010 | Item | ShareThis
Gryphon Gold Announces Financial Results for the Fiscal 3rd Quarter Ended December 31, 2009 - More
- February 16, 2010 | Item | ShareThis
Treasury Metals to Commence Drilling Program on Goliath Gold Project - More
- February 16, 2010 | Item | ShareThis
Kirrin Resources Announces Acquisition of Grevet REE Project in Quebec - More
- February 16, 2010 | Item | ShareThis
Merrex Announces 20,000 Metre Drill Program for Siribaya Gold Project - More
- February 16, 2010 | Item | ShareThis
Mirasol Reports Results from New High-Grade Silver Veins at the Virginia Vein Zone, Argentina - More
- February 16, 2010 | Item | ShareThis
American Creek discovers iron ore deposit on Ironmist property - More
- February 16, 2010 | Item | ShareThis
Alexis Minerals Enhances Investor Awareness and Access-Commences Trading on OTCQX - More
- February 16, 2010 | Item | ShareThis
Fission Intersects 13.5m of Highly Radioactive Mineralization at Unconformity, Including 7.5m Off-Scale Radioactivity - More
- February 16, 2010 | Item | ShareThis
Asia Now Drills Up to 270 Meter Intercept of Gold/Silver Mineralization Zone at Beiya North - More
- February 16, 2010 | Item | ShareThis
Lake Shore Gold Announces Closing of Second Tranche of Flow-Through Financing - More
- February 16, 2010 | Item | ShareThis
Paladin Energy Ltd-Directors Increase Share Holdings - More
- February 16, 2010 | Item | ShareThis
Bayswater - Strong Geophysical Targets Discovered at Kilgore Gold Project - More
- February 16, 2010 | Item | ShareThis
MDN Increases its Participation in Mineraux Crevier to 67.5% - More
- February 16, 2010 | Item | ShareThis
Etruscan Announces US$10 Million Financing and Senior Management Change - More
- February 16, 2010 | Item | ShareThis
Japan Oil, Gas and Metals National Corporation (JOGMEC) Signs $2.5 Million USD MoA to Earn 51% of Lomiko's Alkali Lake Lithium Brine Property - More
- February 16, 2010 | Item | ShareThis
GGL Resources Corp.: Drill Programs Proposed for Northwest Territories Gold Discoveries - More
- February 16, 2010 | Item | ShareThis
Centurion Executes Binding Agreement; Receives (IUP) Mining License on Badak Property in Northern Sumatra, Indonesia - More
- February 16, 2010 | Item | ShareThis
Rockcliff Continues to Hit High Grade Copper-Gold at Rail Zone - 3.62m Grading 5.05% Copper, 1.76g/t Gold, 2.77% Zinc and 19.4 g/t Silver - More
- February 16, 2010 | Item | ShareThis
Oro Silver Intersects High-Grade; 909.9 g/t Silver and 4.70 g/t Gold Over 1 Metre at El Compas Project, Zacatecas, Mexico - More
- February 16, 2010 | Item | ShareThis
Sulliden Announces Improved Economics for Shahuindo; IRR Increases by 36% and NPV Increases by 22% - More
- February 16, 2010 | Item | ShareThis
AuEx Ventures, Inc.: Pasco Canyon Agreement Signed With Christopher James Gold - More
- February 16, 2010 | Item | ShareThis
Thompson Creek schedules 2009 financial results conference call/webcast for February 26 at 8:30 a.m. Eastern - More
- February 16, 2010 | Item | ShareThis
LIM Receives Government Environmental Approval and Project Release for DSO Iron Ore operations - More
- February 16, 2010 | Item | ShareThis
Bannerman Feasibility Study Update - More
- February 16, 2010 | Item | ShareThis
Consolidated Goldfields Executes Earn-In Agreement With Teras Resources Inc. - More
- February 16, 2010 | Item | ShareThis
Mexus Gold US Exercises Option to Purchase Mining Company in Mexico - More
- February 16, 2010 | Item | ShareThis
Lundin Mining Corporation: Neves-Corvo Copper Mine Affected by Limited Industrial Action - More
- February 16, 2010 | Item | ShareThis
First Uranium reports financial results for the three and nine months ended December 31, 2009 - More
- February 16, 2010 | Item | ShareThis
Greystar Resources Begins Drill Program at La Plata - More
- February 16, 2010 | Item | ShareThis
Royal Gold Announces Results of the Special Meeting of Shareholders of International Royalty Corporation - "Royal Gold, Inc. (NASDAQ:RGLD - News)(TSX:RGL - News) today announced that International Royalty Corporation (“IRC”) (NYSE-A:ROY, TSX:IRC) received shareholder and option holders’ approval of the previously announced plan of arrangement (the “Arrangement”) between Royal Gold and IRC." More
- February 16, 2010 | Item | ShareThis
Kimber announces grant of options - "Kimber Resources Inc. (NYSE Amex:KBX, TSX:KBR) announces that the Company has granted 905,000 options to directors and officers, 207,500 options to staff and 25,000 options to certain consultants of the Company at an exercise price of C$1.15, the closing price on the TSX on the day preceding the date of the grant. Options represent an important component of Kimber's compensation program, aimed at attracting and retaining important contributors to Kimber's growth objectives." More
- February 16, 2010 | Item | ShareThis
Endeavour Silver Exercises Early Purchase of El Porvenir Cuatro Properties, Guanacevi District, Durango, Mexico - "Endeavour Silver Corp. (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces the early exercise of its option to purchase the El Porvenir Cuatro properties, located approximately 2.5 kilometers (km) northwest of the operating Porvenir silver mine, part of Endeavour's Guanacevi Mines project in Durango, Mexico." More
- February 16, 2010 | Item | ShareThis
Revett moves forward with C-Bed Development and Expands Land Position at Troy Mine - "Revett Minerals Inc. ("Revett" or the "Company") (TSX:RVM/OTCBB:RVMIF) has given approval for Small Mines Development (SMD), an independent contractor, to mobilize for access and development of the "C-bed" zone of the lower member of the Revett Formation at the Troy mine. Development is expected to take up to 5 months and production from the higher grade "C-beds" is expected to begin in the third quarter of this year. Metal recoveries from this new zone have been included in the Company's 2010 forecasted total production of approximately 1.3 million ounces of silver and 10.7 million pounds of copper." More
- February 16, 2010 | Item | ShareThis
Buenaventura Provides Update On Strike - "Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced today that a strike has affected the Orcopampa, Uchucchacua and Antapite mining units since Saturday, February 13, 2010." More
- February 16, 2010 | Item | ShareThis
NovaGold Reaches Agreement on Terms of Litigation Settlement - "NovaGold Resources Inc. (TSX:NG - News)(AMEX:NG - News) today announced that it has entered into a memorandum of understanding to settle outstanding securities class action lawsuits in both the United States and Canada, in which NovaGold and certain of its directors and officers were named as defendants." More
- February 16, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 16 February, 2010 | |
