-- Posted 24 February, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1097.00 | -$5.95 |
Silver | $15.89 | +$0.03 |
XAU | 155.41 | -0.67% |
HUI | 388.91 | -0.42% |
GDM | 1165.53 | -0.57% |
JSE Gold | 2152.59 | -24.41 |
USD | 80.80 | -0.12 |
Euro | 135.37 | +0.28 |
Yen | 110.90 | +0.04 |
Oil | $80.00 | +$1.14 |
10-Year | 3.695% | +0.004 |
T-Bond | 117.71875 | -0.15625 |
Dow | 10374.16 | +0.89% |
Nasdaq | 2235.90 | +1.01% |
S&P | 1105.24 | +0.97% |
The Metals:
Gold saw a gain of $3.94 at as high as $1106.89 in Asia before it fell to see a loss of $13.57 at as low as $1089.38 in London and then climbed back up to see a slight gain by late morning trade in New York, but it ultimately fell back off into the close and ended with a loss of 0.54%. Silver fell to as low as $15.615 in early London trade before it rose to as high as $15.995 by late morning in New York and then also fell back off in the last couple of hours of trade, but it still ended with a gain of 0.19%.
Euro gold fell to about €810, platinum lost $3 to $1506, and copper gained a couple of cents to about $3.23.
Gold and silver equities traded mostly slightly higher for much of the morning, but they then fell back off a bit in afternoon trade and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
New Home Sales | Jan | 309K | 354K | 348K |
Bernanke spoke before the House Financial Services Committee today and will be before the Senate Banking Committee tomorrow. “He offered no new clues about the timing of an interest rate increase. Most economists think it is months away. Bernanke said rates will need to stay at exceptionally low levels for an extended period "as the expansion matures."
Investors took Bernanke's remarks in stride on a morning when the government said sales of new homes fell to a record low in January and the Senate passed a bill intended to help create jobs. The jobs legislation would give tax breaks to businesses that hire the unemployed.”
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/20 expected at 460,000 and Durable Goods Orders for January expected at 1.4%. Excluding transportation, orders are expected at 1.0%. At 10AM is the FHFA Housing Price Index for December expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P rose about 1% and oil climbed back to $80 a barrel as the U.S. dollar index fell in response to Bernanke’s continued pledge to keep interest rates at “exceptionally low levels for an extended period.”
Treasuries waffled near unchanged after today’s $42 billion 5-year note auction drew a high yield of 2.395% with a bid to cover of 2.75.
Among the big names making news in the market today were Freddie Mac, Hyundai, Toll Brothers, Washington Post, and Saks.
The Commentary:
“It appears that we may [it's too soon to say for sure yet] be seeing the bullion banks attempting one final blow-out to the downside. As Ted Butler said, in order to get more technical fund long liquidation in either metal, we're going to have to post new lows for this move... which [as I mentioned yesterday] was around $1,045 in gold and about $14.65 in silver. Can they do it? Yep, they can pretty much do as they bloody well please, as the CFTC isn't going to do anything to stop them.
I can't help but think that, if this is their plan, it has something to do with the position limits and trading exemptions issue coming up in the CFTC's meeting on March 25th. I'm only guessing here, but the CFTC has probably told JPMorgan et al that they have 'x' amount of time to cover as many shorts as possible before the rules get changed. If that's the case... it could get ugly... and we'll find out in short order when the Comex opens. Yesterday [at the end of trading] was the cut-off for this Friday's COT report... so whatever damage they want to do... they can do it, and their activities won't show up until the following Friday. As you already know, dear reader, they pull this stunt all the time.
And don't forget that my comments in the last two paragraphs are pure speculation on my part. I'm just trying to fit the puzzle pieces together with the information that I currently have at hand. I reserve the right to totally wrong about this.”– From Ed Steer’s Gold & Silver Daily, read the full report here.
“Dear CIGAs,
The media can play all the games they wish. Just keep firmly in mind that:
1. Towns are broke.
2. Cities are broke.
3. States are broke.
4. Main Street is in dire pain.
5. The apparent improvement in the financial industry is accounting smoke and mirrors.
6. Most corporate improvements are not sales driven but cost cutting based. You can also call that "firing the help."
Greece or any state of the United States that goes under must be supported by QE to infinity as a country bankruptcy of the Iceland type will sweep across the Western World faster than Lehman Brothers locked up the credit markets.
This is no time to be swept up in the short term noise. Keep your eye on the ball.
All Fiat money is in a race to worth-less-ness. Only gold will protect your financial position.”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
The big chatter of the day was Fed Chairman Bernanke’s comments up on Capitol Hill where he admitted the obvious – interest rates would need to stay low for an “extended period”. He also remarked that inflation would remain subdued. Couple that with new home sales data that was abysmal and that was enough to send the Dollar lower, the Euro higher and feed back into inflation trade although that home sales number also brought out some risk aversion trades. Yesterday was the deflation trade; today we are back to the inflation trade with a sprinkling of the deflation trade mixed in. Tomorrow who knows, just pick one…
By the way, that new home sales number was the lowest level since they began keeping records on that sort of thing way back in 1963. Even that did not keep copper from rising today as the inflation trade buying was sufficient to overcome the negative news from the US construction front. Perhaps the strength in the crude oil market was a factor as it appeared that index fund buying was active in both markets.
Gold could not quite figure out what it wanted to trade today – the former part of Bernanke’s comments detailing the extended period of low interest rates (read that as weakness in the Dollar) or the latter part, namely, inflation remaining subdued (weak economy and risk aversion trades especially with the stunning new home sales number). It was caught in a violent tug of war for most of the session as a result settling down about $5.00 at the close of pit session trading.
Based on what I can see of the gold price action compared to the mining shares (HUI), it appears that there was rather heavy unwinding of the ratio spreads in today’s sessions. There was also a significant amount of gold/silver spread unwinding.
The HUI is thus far having an inside day and is trading above yesterday’s session low, but just barely. Any faltering here and the index will have a good chance of testing the 375 level. Resistance remains first at yesterday’s high near 406. Some of the shorter term technical price charts are showing the index rolling over. Bulls will have to step up and perform soon or they will cede their hard-fought gains to the shorts. So far, they are attempting to do just that.
I know some of our readers are disappointed with the action of gold but I do want to remind you that considering the fact that this is not a seasonally strong period for gold, its continued refusal to break down technically is impressive.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Dominic Frisby: Ignore the IMF sales -- Soros is right about gold
India seen as potential buyer for more IMF gold
GATA Chairman Murphy to appear on Liddy radio program Wednesday
CFTC to examine trading in metals markets
The Statistics:
Activity from: 2/23/2010
Gold Warehouse Stocks: | 9,933,269 | - |
Silver Warehouse Stocks: | 109,088,623 | -209,229 |
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 | 1106.987 | 35,590,745 | US$39,245m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 119.40 | 3,837,509 | US$4,216m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 15.35 | 491,561 | US$542m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 52.75 | 1,695,849 | US$1,877m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,980 | US$5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.914 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,446.40 - No change from yesterday’s data.
The Miners:
AngloGold’s (AU) chairman appointment and Freeport’s (FCX) copper concentrate sale plans were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA +3.74% $1.94 |
2. Ivanhoe | IVN+2.42% $15.68 |
3. Alexco | AXU+1.97% $3.10 |
LOSERS
1. Golden Star | GSS-3.78% $2.80 |
2. Vista Gold | VGZ-2.90% $2.01 |
3. Endeavour | EXK -2.82% $3.10 |
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:
Taku Gold Announces Private Placement - More
- February 24, 2010 | Item | ShareThis
Adroit Resources Inc.: Private Placements Agreed for C$402,800 - More
- February 24, 2010 | Item | ShareThis
Verena Minerals Announces Grant of Options - More
- February 24, 2010 | Item | ShareThis
Golden Peaks Resources Ltd. - La Fortuna Gold Project: Accelerates Drilling - More
- February 24, 2010 | Item | ShareThis
Coro Announces Completion of San Jorge Sectoral Review & Appointment of VP, Project Development - More
- February 24, 2010 | Item | ShareThis
Nuinsco Successful Bidder for Egyptian Gold Concessions - More
- February 24, 2010 | Item | ShareThis
Armadillo Resources Ltd. - Assay Results from Waverley-Tangier high of 22.30 g/t Gold and 1,310.0 g/t Silver - More
- February 24, 2010 | Item | ShareThis
Trevali Announces Infrastructure Upgrades in Santander District - More
- February 24, 2010 | Item | ShareThis
Duncastle Announces Amendment to Yankee-Dundee Property Agreement - More
- February 24, 2010 | Item | ShareThis
Pershimco Resources Becomes a Major Player in the Abitibi's Golden Vallee by Increasing its Presence in the Amos-Barraute Axis And Announces Change - More
- February 24, 2010 | Item | ShareThis
SRA Set to Acquire Lagoa Salgada Deposit in Portugal's Iberian Pyrite Belt - More
- February 24, 2010 | Item | ShareThis
Globex Royalty Property Update: Rocmec 1 Gold Mine - More
- February 24, 2010 | Item | ShareThis
Sage and Gryphon to JV Borealis Gold Project Nevada - More
- February 24, 2010 | Item | ShareThis
Luiri Gold-Drilling Confirms Extentions in Matala Central Zone and Exploration Defines Large Gold Target - More
- February 24, 2010 | Item | ShareThis
Lincoln Mining acquires Oro Cruz gold deposit, California - More
- February 24, 2010 | Item | ShareThis
VVC Reports Results of Diamond Drilling on the Santa Cristina Gold Property Durango State, MX - More
- February 24, 2010 | Item | ShareThis
International Nickel Ventures to Change Name to INV Metals - More
- February 24, 2010 | Item | ShareThis
Rocmec: The First "Thermal" and Enironmentally Friendly Gold Property - More
- February 24, 2010 | Item | ShareThis
Anaconda Mining provides progress update on Pine Cove redevelopment - More
- February 24, 2010 | Item | ShareThis
Stellar Pacific Ventures Resumes Exploration on Balandougou Guinea Gold Project - More
- February 24, 2010 | Item | ShareThis
Crown Minerals Announces Grants of Options - More
- February 24, 2010 | Item | ShareThis
Crowflight Provides 2010 Outlook - More
- February 24, 2010 | Item | ShareThis
Tasman drilling update from Norra Karr REE project, Sweden - More
- February 24, 2010 | Item | ShareThis
Amarok Resources Completes USD $1,000,000 Financing - More
- February 24, 2010 | Item | ShareThis
Metallic Ventures Shareholders Overwhelmingly Approve Plan of Arrangement With International Minerals - More
- February 24, 2010 | Item | ShareThis
Silver Quest Resources Ltd.: Davidson Property 2010 Exploration Program Announced - More
- February 24, 2010 | Item | ShareThis
METANOR Detects 64 IP Anomalies Located to the West and to the North of the Gold Bearing BARRY Deposit - More
- February 24, 2010 | Item | ShareThis
Fission Extends J-Zone as Latest Drilling Intersects 16m & 5.65m of Highly Radioactive Mineralization at Unconformity Including 2.16m and 4.26m - More
- February 24, 2010 | Item | ShareThis
Everton and Linear Release First Drill Results From a New Discovery: Pon Hill Zone, Ampliacion Pueblo Viejo Concession, Dominican Republic - More
- February 24, 2010 | Item | ShareThis
Strateco Resources Inc.: Updated Scoping Study on Matoush Indicates Stronger Economics - More
- February 24, 2010 | Item | ShareThis
DIOS Discovers a New Carbonatite Complex With Niobium and Tantalum Potential at Shipshaw, Quebec - More
- February 24, 2010 | Item | ShareThis
Argonaut Gold Inc. Completes Compulsory Acquisition of Castle Gold Corporation - More
- February 24, 2010 | Item | ShareThis
Breakwater Reports Mineral Reserve and Mineral Resource Estimates - More
- February 24, 2010 | Item | ShareThis
Kivalliq Closes Financing with Lumina Capital - More
- February 24, 2010 | Item | ShareThis
Andean American Mining Corp.: Metallurgical Testing Results Indicate Improved Recoveries at Invicta Project - More
- February 24, 2010 | Item | ShareThis
Glass Earth Gold Limited: Placer Gold Production Update and Private Placement Closing - More
- February 24, 2010 | Item | ShareThis
Li3 Energy Acquires Lithium Assets in Peru - More
- February 24, 2010 | Item | ShareThis
Intrepid Mines Limited Releases Financial Results for 2009 - More
- February 24, 2010 | Item | ShareThis
Medusa Mining Limited: Record Interim Financial Results - More
- February 24, 2010 | Item | ShareThis
Sacre-Coeur Minerals Provides Updates on Alluvial Test Mining and Announces Plans for Production Operations at Million Mountain - More
- February 24, 2010 | Item | ShareThis
Tito Mboweni Appointed Chairman of AngloGold Ashanti - "AngloGold Ashanti is pleased to announce the appointment of Tito Mboweni as chairman of the company with effect from 1 June 2010. Mr Mboweni succeeds Russell Edey who retires after eight years as chairman, and a member of the board since AngloGold's inception in 1998." More
- February 24, 2010 | Item | ShareThis
Freeport Indonesia aims to sell more copper concentrate locally - "The Indonesian unit of Freeport McMoran Copper & Gold Inc (FCX.N) said on Wednesday it is would sell more copper concentrate to a local smelter as required by a new mining law, but that talks with the smelter have stalled." More
- February 24, 2010 | Item |
- Chris Mullen, Gold Seeker Report
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-- Posted 24 February, 2010 | |
