-- Posted 14 September, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1269.70 | +$24.30 |
Silver | $20.38 | +$0.27 |
XAU | 190.70 | +2.73% |
HUI | 496.17 | +3.39% |
GDM | 1509.49 | +3.37% |
JSE Gold | 2647.48 | +95.42 |
USD | 81.16 | -0.70 |
Euro | 130.03 | +1.23 |
Yen | 120.34 | +0.86 |
Oil | $76.80 | -$0.39 |
10-Year | 2.66% | -0.075 |
T-Bond | 133.00 | +0.90625 |
Dow | 10526.49 | -0.17% |
Nasdaq | 2289.77 | +0.18% |
S&P | 1121.00 | -0.07% |
The Metals:
Gold climbed almost 1% higher in Asia and London and surged even more in early New York trade to a new record intraday high at $1274.60 by about noon EST before it fell back off a bit into the close, but it still ended at a new all-time closing high with a gain of 1.95%. Silver climbed to as high as $20.492 before it also fell back off a bit in afternoon trade, but it still ended at a new 30 month high with a gain of 1.34%. Silver needs only to close above its March 5th 2008 mark of $20.64 before achieving a new 30 year closing high.
Euro gold rose to about €975, platinum gained $43.75 to $1586.75, and copper fell slightly to about $3.46.
Gold and silver equities rose over 4% by mid-afternoon before they fell back off a bit in late trade, but they still ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Aug | 0.4% | 0.3% | 0.3% |
Retail Sales ex-auto | Aug | 0.6% | 0.3% | 0.1% |
Business Inventories | July | 1.0% | 0.7% | 0.5% |
Tomorrow at 8:30AM EST brings the NY Fed - Empire Manufacturing Survey for September expected at 6.4 and Export and Import Prices for August. At 9:15 are Capacity Utilization for August expected at 75.0% and Industrial Production expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell along with the U.S. dollar index while treasuries rose and the Dow, Nasdaq, and S&P ended mixed as better than expected economic data in the US was offset by poor economic signals in Europe and an election victory in Japan that sent mixed signals as to whether or not yen intervention is close at hand.
Among the big names making news in the market today were Microsoft, Nucor, Kroger, AIG, and Best Buy.
The Commentary:
“Dear Friends,
Today is a case of being careful what you wish for – the Fed has pulled out all the stops in an attempt to avoid a deflationary trap tied to the inception of the credit crisis that broke loose in the summer of 2008. Since then they have flooded the system with liquidity through a process dubiously referred to as Quantitative Easing. They have also loaded their balance sheet with worthless loan paper and shoved interest rates practically to zero.
Not to be outdone, our illustrious administration has saddled us with enough debt at the federal level to last three generations all in the name of “stimulus”.
The result – they have gotten their wish – sadly for all of us, who actually have to live with their damn stupidity, they have let slip the dogs of inflation who have bared their fangs and are now ravenously devouring the hopes and dreams of the middle class in this nation.
The funny money has made its way into the commodity sector driving food prices to unseemly high levels once again just as what happened in 2008. Corn is now within spitting distance of $5.00, wheat is more than $7.00, soybeans are over $10, sugar is over $0.24/pound, cotton is closing in on $1.00, coffee is up near $2.00 pound wholesale ( a 13 year high), cattle are just shy of $1.00/pound, bellies are trading over $1.50/pound for fresh product. In short, the consumer is on the verge of watching his or her’s disposal income decimated by high food prices at the very time that a record number of Americans are on food stamps and are either unemployed or underemployed.
I shudder to say it but based on what I can see of the price action across the commodity sector today, an evil has now been loosed upon the land that portends the eventual ruin of the middle class.
The only bit of saving grace is that energy prices have not YET begun moving up alongside the rest of the commodity complex. I think it is only a matter of time however before the crude complex gets involved. When it does, home heating bills, home cooling bills, industrial energy costs and gasoline prices will join the list of soaring costs nationwide.
The one-two knockout punch of higher soaring food cost and higher energy costs will finish off the consumer whose wages have been stagnant for longer than I can now remember.
Make no mistake about what you seeing, especially with the price action of gold and silver. Both metals are signifying a loss of confidence in the Dollar and particularly in its management team. It is ironic is it not, that any supposedly friendly economic news now results in waves of Dollar selling whereupon in times not that far past, any negative news yielded a huge inflow into the Dollar as a safe haven. Good news – Dollar goes down; Bad news – Dollar goes up.
Now to the technical picture in gold –
Fund buying came in such torrents that it overcame the bullion bank wall of offers near and just above $1,260. As those crumbled, opportunistic shorts that like to piggyback the banks were forced to cover. Their buying engendered more fresh buying allowing gold to not only take out $12,65 but run past $1,275 setting a new lifetime high in the process.
Open interest is at a relatively low level even with this breakout meaning that this rally has legs.
We are now in uncharted territory for gold so resistance levels are being projected by other means of former peaks. It appears that we should see some efforts to stall the rise near $1,282 – $1,285. Failure there and gold will be at $1,300 before one can blink.
Silver took out critical resistance at $20.50 total but just missed closing above that level. Once it does so, it is off to $21. A push through $21.50 and it should move up towards $23.
The HUI is finally moving up showing very good strength here near midday as it has bested stubborn resistance near the very tough 500 level, a level which I might add has kept it in check for more than a year now. If it can CLOSE above 500, it is poised to make a run at the all time high just shy of 520. If it can push through that level, the longsuffering gold and silver share owners are going to finally see their patience rewarded with an acceleration the long term uptrend in the cards.
The Dollar crashed through what should have been a floor of support near the 82 level as if the boards were made of rotten, termite-infested timbers. It is now headed to 80, where if it fails, the ill winds of inflation blowing through the economy are only going to intensify.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Stewart Thompson: Gold's controllers want it higher now
Ted Butler: The 1% solution to silver price manipulation
James Turk: Silver is ready to move to center stage
Is Bank of Thailand buying gold on the sly?
Jay Taylor's Internet radio show interviews GATA's Douglas
Zero Hedge covers pervasive market manipulation every day
Jeffrey Lewis: Commodities soar as investment banks shut prop desks
The Statistics:
Activity from: 9/10/2010
Gold Warehouse Stocks: | 10,796,790 | +55,453 |
Silver Warehouse Stocks: | 110,876,016 | +349,747 |
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 | 1292.619 | 41,558,984 | US$52,584m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 126.30 | 4,060,768 | US$5,169m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 127.95 | 4,113,816 | US$5,236m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,533 | US$581m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.38 | 1,555,431 | US$1,952m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,969 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.912 tonnes, the LSE added 0.27 tonnes, and the LSE ETFS subtracted 0.07 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 97.26 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9307.17 - No change from yesterday’s data.
The Miners:
Almaden’s (AAU) exploration program, Aurizon’s (AZK) feasibility study progress, Kirkland’s (KGI.TO) first quarter results, Golden Mineral’s (AUMN) drill results, and ECU Silver’s (ECU.TO) gold/pyrite concentrate sales were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOY+7.71% $4.89 |
2. Alexco | AXU +6.78% $4.57 |
3. NovaGold | NG +6.60% $8.56 |
LOSERS
1. Vista Gold | VGZ-10.55% $2.12 |
2. Timberline | TLR -7.27% $1.02 |
3. Richmont | RIC -3.62% $5.06 |
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:
Pediment Announces Adoption of Restricted Share Unit Plan, Enters into Consulting Service Agreements - More
- September 14, 2010 | Item | ShareThis
Almaden Minerals Ltd.: Goldgroup Announces Caballo Blanco Exploration Program - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to report that Goldgroup Mining Inc. (TSX:GGA - News) ("Goldgroup") has announced the details of a US$8.5 Million 30,000 metre drilling and exploration program due to commence near the end of September, 2010 on Almaden's 100% owned Caballo Blanco gold project located in Veracruz, Mexico. Goldgroup has an option to acquire a 70% interest in the Caballo Blanco project from Almaden which would be exercised with this proposed program. Almaden would then retain a 30% carried interest in the project, until a bankable feasibility study has been completed by Goldgroup." More
- September 14, 2010 | Item | ShareThis
Attwell Granted Option to Acquire 100% of the SW Property, British Columbia, and Announces Consolidation, Name Change and Private Placement - More
- September 14, 2010 | Item | ShareThis
International Enexco Limited: Drilling Update at Mann Lake Uranium Project Athabasca Basin, Saskatchewan - More
- September 14, 2010 | Item | ShareThis
James Bay Resources Provides Corporate Update - More
- September 14, 2010 | Item | ShareThis
New Island Resources Inc. Announces Changes to Board of Directors - More
- September 14, 2010 | Item | ShareThis
Royal Gold Announces Fourth Quarter Dividend - "Royal Gold, Inc. (NASDAQ:RGLD - News)(TSX:RGL - News) today announced that its Board of Directors has declared its fourth quarter dividend of US$0.09 per share of common stock. The dividend is payable on October 15, 2010 to shareholders of record at the close of business on October 1, 2010. The quarterly dividend of US$0.09 is also payable to holders of exchangeable shares of RG Exchangeco." More
- September 14, 2010 | Item | ShareThis
Indico Signs Agreement to Acquire the Ocana Copper Gold Porphyry Project, Southern Peru; Announces Non-Brokered Private Placement - More
- September 14, 2010 | Item | ShareThis
ICN Resources Ltd.: Additional Claims Staked Along Sleeper-Sandman Trend - More
- September 14, 2010 | Item | ShareThis
Amseco Makes Nomination to its Technical Advisory Committee and Announces the New Launch of its New Web Site - More
- September 14, 2010 | Item | ShareThis
Celtic Minerals Ltd. Provides Corporate Updates - More
- September 14, 2010 | Item | ShareThis
Teryl Resources Receives Additional Gold Assay Results From Kinross Gold - More
- September 14, 2010 | Item | ShareThis
Augen Hits More Gold at Opeepeesway Lake - More
- September 14, 2010 | Item | ShareThis
Copper Mountain Style Deposit-Targets on Goldcliff Claims - More
- September 14, 2010 | Item | ShareThis
Canasia Industries Corporation: Evaluating Projects in Tanzania - More
- September 14, 2010 | Item | ShareThis
Golden Goliath Resources Ltd.: Drilling Indicates Widespread Disseminated Gold Mineralization - More
- September 14, 2010 | Item | ShareThis
Duncastle Reports on Reconnaissance Geological Program at Porphyry Creek - More
- September 14, 2010 | Item | ShareThis
Duncastle Announces Private Placements - More
- September 14, 2010 | Item | ShareThis
Victory Nickel Inc.: Further Impressive Drill Results Expected to Enhance Reserves in Minago Pit - More
- September 14, 2010 | Item | ShareThis
Eagle Plains/0802906BC Commence Exploration Program on Elsiar Copper-Gold Project, West-Central B.C. - More
- September 14, 2010 | Item | ShareThis
Abcourt Mines Inc.: Diamond Drilling at the West End of the Elder Mine and at Depth Continues to Give Excellent Results - More
- September 14, 2010 | Item | ShareThis
Reunion Gold Corporation Makes Board Appointments; Grants Options - More
- September 14, 2010 | Item | ShareThis
Candente Gold Confirms Gold and Silver Grades in Remnant Resource at El Oro - More
- September 14, 2010 | Item | ShareThis
PALA INVESTS IN CAPSTONE MINING CORP. - More
- September 14, 2010 | Item | ShareThis
PBX Announces Discovery of New Copper Porphyry Mineralization at Copaquire, Chile - More
- September 14, 2010 | Item | ShareThis
Apella Resources Inc. Joins OTCQX - More
- September 14, 2010 | Item | ShareThis
CJT Mining Announces Precious Metals Ore Content - More
- September 14, 2010 | Item | ShareThis
LONCOR COMMENCES 10,000 METRE CORE DRILLING PROGRAM AT ITS NGAYU GOLD PROJECT - More
- September 14, 2010 | Item | ShareThis
LIM Receives Approval for Mine Operations - More
- September 14, 2010 | Item | ShareThis
Decade Resources Ltd.: Drilling Intersects 12.19 g/t Gold Over 7.60 Metres in DDH-MON-2010-1 at Montrose - More
- September 14, 2010 | Item | ShareThis
New Guinea Gold Announcement: Induced Polarization Survey at Sinivit Defines 18 New Drill Target Zones and Advances Geological Understanding of Sinivit - More
- September 14, 2010 | Item | ShareThis
Bison Gold Announces Creation of Strategic Alternative Review (SAR) Committee - More
- September 14, 2010 | Item | ShareThis
TintinaGold Begins Drilling Sheep Creek Copper-Cobalt Project - More
- September 14, 2010 | Item | ShareThis
Western Lithium Appoints Jay Chmelauskas to Board of Directors - More
- September 14, 2010 | Item | ShareThis
General Metals Reports Independence Technical Report Accepted For Review - More
- September 14, 2010 | Item | ShareThis
LeBoldus to Commence Phase II Exploration Program on Corongo Au-Ag Property - More
- September 14, 2010 | Item | ShareThis
CANADA LITHIUM CONTINUES TO BUILD MANAGEMENT TEAM WITH APPOINTMENTS OF COO AND CFO - More
- September 14, 2010 | Item | ShareThis
Klondike Silver Corp. Discovers Multiple Gold Zones on ATAC Resources Joint Venture - More
- September 14, 2010 | Item | ShareThis
Constantine Continues to Expand Copper-Zinc Rich Deposit at the Palmer VMS Project, Alaska - More
- September 14, 2010 | Item | ShareThis
Goldgroup Launches US$8.5 Million 30,000 metre Drilling and Exploration Program at Caballo Blanco - More
- September 14, 2010 | Item | ShareThis
ValGold Update on the Garrison Project - More
- September 14, 2010 | Item | ShareThis
Lateegra Hits Target in Timmins, Intersects 7.88 g/t Gold Over 5.18 Metres - More
- September 14, 2010 | Item | ShareThis
Fire River Gold Announces 26 g/t (0.76 opt) Gold Over 2.9 m (9.5 ft) at the Nixon Fork Gold Mine, Alaska - More
- September 14, 2010 | Item | ShareThis
Geo Minerals Corporate Update - More
- September 14, 2010 | Item | ShareThis
Uranerz Installs New Monitor Wells at Jane Dough Project - More
- September 14, 2010 | Item | ShareThis
ENDEAVOUR COMPLETES SALE OF 43% INTEREST IN CREW GOLD FOR US$215 MILLION CASH - More
- September 14, 2010 | Item | ShareThis
MetalCorp Announces Planned Drill Programs at Hemlo and Red Lake - More
- September 14, 2010 | Item | ShareThis
Advanced Explorations Announces Two New Iron Ore Discoveries - More
- September 14, 2010 | Item | ShareThis
Goldeye Announces $1.5 Million Private Placement - More
- September 14, 2010 | Item | ShareThis
Intrepid Mines Limited: Tujuh Bukit Indonesia Hole GTD-163 Intercepts 589.5 Metres at 0.57 G/T Gold, 0.65% Copper & 122 PPM Molybdenum - More
- September 14, 2010 | Item | ShareThis
American Lithium Commences Metallurgical Work on the Borate Hills Project - More
- September 14, 2010 | Item | ShareThis
Kaminak Announces Appointment of Bruce McLeod to the Board of Directors - More
- September 14, 2010 | Item | ShareThis
Crocodile Gold Added to S&P/TSX SmallCap Index - More
- September 14, 2010 | Item | ShareThis
Western Pacific Details Remaining Historic Gold Resources at Mineral Gulch Project - More
- September 14, 2010 | Item | ShareThis
Castillian Commences Diamond Drilling Program at Hope Brook Gold Project, Newfoundland - More
- September 14, 2010 | Item | ShareThis
Bralorne Exploration and Development Update With High Grade Results - More
- September 14, 2010 | Item | ShareThis
Update on the Ongoing Work Program on Galloway - More
- September 14, 2010 | Item | ShareThis
Champion Minerals Acquires Strategic Claims in the Fermont Iron Property; Two of Which Contain Historic Mineral Resources of 35.3 Million Tonnes of 36% Iron - More
- September 14, 2010 | Item | ShareThis
Eloro and Megastar Intersect 7.88 g/t Gold Over 4 Metres From the Simkar Gold Property, Val-d'Or (Quebec) - More
- September 14, 2010 | Item | ShareThis
RPT Resources Extends Consultancy Agreement With MetaLeach Limited - More
- September 14, 2010 | Item | ShareThis
Primero Provides 2010 Guidance - More
- September 14, 2010 | Item | ShareThis
REC Minerals Announces Results of Up to 2.4% Copper from Surface Sampling at Its Esten Project - More
- September 14, 2010 | Item | ShareThis
Guyana Goldfields now included in S&P/TSX Composite Index and S&P/TSX SmallCap Index - More
- September 14, 2010 | Item | ShareThis
Paladin Energy Ltd Provides Update Regarding Takeover Offer for NGM Resources Limited - More
- September 14, 2010 | Item | ShareThis
Lydian Drills 69m at 1.7g/t & 89m at 1.0g/t Gold in Resource Upgrade Drilling at Amulsar & Extends Known Gold at Erato by 350m to the Southeast - More
- September 14, 2010 | Item | ShareThis
Lara Exploration Ltd.: New Gold Target Identified at the Lampa Project in Peru - More
- September 14, 2010 | Item | ShareThis
Pitchstone Completes Namibia & Athabasca Uranium Drilling - More
- September 14, 2010 | Item | ShareThis
Luiri Gold Market Update - More
- September 14, 2010 | Item | ShareThis
Significant Coincident Ip and Geochem Anomalies Identified on Bolero's Red Chris "South" Prospect - More
- September 14, 2010 | Item | ShareThis
Tara Minerals Acquires Gold/Silver Tailings Project - More
- September 14, 2010 | Item | ShareThis
Aurizon Reports on Progress of Joanna Feasibility Study - "Following the recommendations contained in the Pre-Feasibility Study for the Hosco Deposit-Joanna Gold Project, dated December 22, 2009, available under the Company's profile at www.sedar.com (the "Pre-Feasibility Study"), larger scale testing was undertaken of the Albion process, which was selected as the preferred oxidation method to treat the Hosco ore. The testing of the Albion process involved optimisation tests on 1 kilogram samples to establish reagent consumption, and the optimum degree of oxidation, plus pilot plant scale testing of a 250 kilogram sample." More
- September 14, 2010 | Item | ShareThis
Golden Minerals Reports Additional High Grade Intercepts and Resource Expansion Drilling Program at El Quevar - "Golden Minerals Company (AMEX:AUMN - News) (TSX:AUM - News) ("Golden Minerals" or "the Company") today announced additional high grade intercepts at holes drilled on the El Quevar Yaxtché deposit and nearby Mani target area. The Company has determined that additional drilling is warranted to further define the extent of the resource before completing the feasibility report. A larger resource base may support a higher production rate than initially contemplated. The El Quevar project is located in the Salta Province of Argentina." More
- September 14, 2010 | Item | ShareThis
ECU Silver Begins Receiving Payments on Its Gold/Pyrite Concentrates - "While ECU is generating revenue from the sale of its gold/pyrite concentrate, we are also generating revenues from all the mineralized material being treated at our processing facilities. Sulphide material is being treated at our flotation plant where we are generating revenues from lead/silver concentrates, zinc concentrates, and our gold/pyrite concentrates. Our oxide material is being processed and revenue is being generated from the sale of gold/silver dore bars." More
- September 14, 2010 | Item | ShareThis
Kirkland Lake Gold Inc.: Operations Update & Financial Results Q1 Fiscal 2011; Record Gold Production in August 2010 - "Net income for the quarter ended July 31, 2010 was $3.3 million or $0.05 per share, which compares to a net loss of $1.7 million for Q4 of fiscal 2010 and a net income of $1.6 million for Q1 of fiscal 2010." More
- September 14, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 14 September, 2010 | |
