-- Posted 13 October, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1369.40 | +$23.40 |
Silver | $23.88 | +$0.76 |
XAU | 209.64 | +2.67% |
HUI | 533.53 | +2.55% |
GDM | 1613.77 | +2.47% |
JSE Gold | 2585.49 | +39.39 |
USD | 77.09 | -0.26 |
Euro | 139.53 | +0.27 |
Yen | 122.34 | +0.06 |
Oil | $83.01 | +$1.34 |
10-Year | 2.431% | +0.009 |
T-Bond | 133.4375 | -0.28125 |
Dow | 11096.08 | +0.69% |
Nasdaq | 2441.23 | +0.96% |
S&P | 1178.10 | +0.71% |
The Metals:
Gold rose about 1% by midday in London and jumped even higher in midmorning New York trade to a new record high of $1373.80 before it fell back off a bit in the last couple of hours of trade, but it still ended at a new record closing high with a gain of 1.74%. Silver climbed to a new 30-year high of $23.95 by early afternoon in New York and ended with a gain of 3.29%.
Euro gold rose to about €981, platinum gained $28.50 to $1701.0, and copper gained a few cents to about $3.81.
Gold and silver equities rose throughout most of trade and ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Sep | 0.6% | - | 0.8% |
Export Prices ex-ag. | Sep | 0.3% | - | 0.5% |
Import Prices | Sep | -0.3% | - | 0.6% |
Import Prices ex-oil | Sep | 0.3% | - | 0.3% |
Mortgage Applications in U.S. Rise First Time in Six Weeks on Lower Rates Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 10/09 expected at 450,000, the Trade Balance for August expected at -$44.5 billion, PPI for September expected at 0.2%, and Core PPI expected at 0.1%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index fell on the continued outlook for quantitative easing.
Treasuries cut early losses but still ended lower after today’s $21 billion 10-year note auction sold at a high yield of 2.475% with bid to cover of 2.99.
The Dow, Nasdaq, and S&P rose almost 1% on mostly strong quarterly reports from a variety of names.
Among the big names making news in the market today were Apple, CSX, Wal-Mart, St. Joe, Intel, and JPMorgan.
The Commentary:
“We’re at one of the more interesting points in years. Not only are the fundamentals looking like a near perfect storm for us bulls, but we’re also seeing momentum players becoming fixated on the long side of things. It would be all systems go, go, and go if not for this technical condition above. The RSI is quite overbought and the MACD could also give off a sell signal. Yet, my gut senses we may need to get to $1,400 or even $1,500 before any significant correction or significant countertrend decline can really take hold. While a correction here is the preferred choice technically, personally I would sooner see a further pop in gold and silver as I have gold stocks close to making major breakouts. It’s truly a coin toss for the very near term.”- Peter Grandich, Grandich Letter
“Dear CIGAs,
Gold rallied sharply today on news that the US would sell its entire stock of gold to China….. whoops, wait a minute – it wasn’t the US, it was England trying to sell all their gold to China. Oh drat – I forgot – they don’t have any gold left to sell to anyone because Gordon Brown sold it all back when it was $250 thinking that it would be a great way to reduce Britain indebtedness and get some assets that really do pay something. After all, gold doesn’t throw off any yield; it just sits there gathering gold rust.
Great idea Truman. That turned out really well for the Brits. Got any more nuggets of wisdom for us to swallow? Please enlighten us mere mortals and pray lead us from darkness into the light where we may bask in the glory of your countenance. I can see copious amounts of incense ascending right now in the lands of China and India imploring the gold gods to sway the minds of the US officials to give heed to your counsel. Why not go a step further and urge the US to offer a discount on the gold; that would really facilitate the sale and get it all over with quickly so that we could use the proceeds to pay off 1% of our massive debt load. That would really shore up the Dollar now wouldn’t it?
Back to the real world – There were several reasons given for the move higher into new record territory for gold with today’s strong showing; weakness in the Dollar, China buying gold for its reserves, ongoing currency wars, reflation trade on ideas that the Fed wants to induce inflation expectations, foreclosure gate, etc. Whatever the reason, (personally I think it is all of the above with a greater emphasis on Foreclosure gate and its ramifications) gold blew past its former peak and chart resistance level in a fashion that no doubt has left a lot of shorts scrambling for cover. I had expected it would take a drop below 77 in the USDX to take the metal through that former ceiling but all it took was a hint of additional weakness in the Dollar and $1,360 was left in the dust.
A move of this nature with only a relatively minor move lower in the Dollar will have gold moving higher in terms of most of the major currencies. Translation – the currency of last resort – the only one that cannot be debauched by monetary authorities and political leaders is doing what is in its nature to do – serving as a store of value and offering protection from the depradations of the Central banking class. Not only that, as it slowly dawns on more and more investors that the implications of “Foreclosure Gate” portend serious convulsions within the current economic system, fear levels are rising. After all, the entire mortgage industry is literally balancing on the head of a pin. I wonder what might happen if homebuyers who might have recently purchased a foreclosed home from a bank find out that the original foreclosure process was flawed and that the title is now in dispute. What happens if the original tenants of the house find an ambitious and clever attorney and file suit? Who owns the house???? The title insurance company will have to pay out but does that really solve the problem? What happens if there are so many of these instances that the title insurance companies are overwhelmed by a mountain of claims and have not the financial wherewithal to make good on all of them? You can easily see where this is going.
Back to gold however – The resistance level noted on the chart near $1,380 is now easily within striking range. A push through that level sets up a run towards $1,390 – $1,395 with $1,410 beyond that. Initial chart support now moves up near the $1,340 level followed by $1,330 below that.
Silver was not to be outdone by its cousin and moved to within whiskers of the $24 level. It still looks on target to make a run at $25.
What is most encouraging is the fact that the HUI has now moved convincingly up and away from that pesky 520 level making a new all time high for the index. We’ve yet to get two CONSECUTIVE closes above that level. If we do, it should serve as a floor on any subsequent downside test and would give us the strong probability that the mining shares are ready to do some serious catch-up to the bullion price.
It’s not as if we have not been giving sufficient warning to the hedge fund crowd about their infernal ratio trades which have now blown up in their faces. It is a fact that a profitable trade strategy can be held way past its time and what was once a money maker now becomes a liability. Good traders learn to recognize signs that it is time to take the money off the table that the trade has given you close out the position, and look for opportunities elsewhere. Here’s another hint for that crowd – buy the mining shares and short the broader equities if you must have a spread trade.
About the Dollar – it is a rather disturbing sign that it cannot manage more than a day or two of stability before it gets whacked again. Even a bear market will see some brief periods of short covering and some bottom picking every now and then. With the Dollar that has not thus far happened to any large extent. It just “feels” heavy. Personally, I think the only thing that has kept it from cascading even more fiercely is the activity of various Central Banks around the world who are intervening and buying it to depress their own currencies plus the occasional jawboning or “verbal intervention” by various monetary authorities to talk the Dollar up and their own down. We’ll see if it can garner any support down here near 77 on the USDX; it is does not, it will drop rapidly to near 76 within a week.
On the food price front – corn finally moved lower today after reaching a peak of $5.88/bushel. If this was not high enough, news that the “far seeing” Administration will announce an increase in the amount of ethanol allowed in gasoline blends from the current 10% to 15% was met with strong opposition from just about everyone except for ethanol industry ( no surprise there). Even the National Resources Defense Council, an environmental group, voiced opposition to the move saying that it posed serious risks to, “engines, wildlife, water and the air”. That in itself is remarkable considering most environmental groups never met a food product that they would prefer to burn as fuel.
Such a move, should it proceed would wreck havoc on the livestock and poultry sectors, void millions of auto manufacturer engine warranties, and devastate thousands of family owned gasoline stations who would bear the brunt of the new policy. The problem is only cars and trucks from 2007 and newer could run on the E15 (currently the ethanol blended gasoline is E10). Think about the confusion at the gas station where car owners would be lining up at various pumps depending on what year model their car is! If this keeps up, filling up the car at the gas station is going to be like having to choose only one paint color off of one of those paint charts at Home Depot. It will take an hour to decide which pump to pull the truck up to.
Leave it to moronic government intervention to once again make our lives simpler. I keep waiting for warp drive automobiles to be invented so I can hit Warp Factor 8 and find a place in this universe not invested with government bureaucrats and meddling politicians. Even if they did finally figure out where we all went, we could easily hop over to another planet and leave them all behind as they “fix” everything wrong with the one they just found. Knowing my luck it would not be long before that class would come up with “green friendly” dilithium crystals which would screw up the energy wave produced by my new engine. SIGH!
Bonds were knocked lower today supposedly out of supply concerns as large auctions are to occur this week and traders are fearful how the sales will go. Not to worry mates – the Fed will buy whatever the market does not want so just be happy and don’t worry. The other factor in the bond sell off was happy earnings news from JP Morgan. Apparently all of us who are concerned about where Foreclosure Gate is heading are making a mountain out of a molehill. Morgan powers on – thanks in part to FASB rules! Maybe I am wrong but I always thought that markets were supposedly “forward looking” and not particularly interested in hind sight. I do not see how any of this ends well for any of the banks.
Crude oil once again flirted with the $83 level but met with sellers who pushed it back down some. I am waiting to see if it can muster sufficient strength to mount two consecutive closes above that level. Thus far it has not been able to do so. If it does, it can escape its current range trade and make another attempt to push up towards $87. It still is hesitating to join the broader commodity rally.
Copper is strongly higher today as is palladium which is just a few dollars shy of $600. Lumber prices are limit up again as there is additional upside from news about China buying wood yesterday. For that matter, very few commodity markets are lower today with only the livestock markets, plus corn and wheat not participating in the “Let’s sell the Dollar and buy everything else in sight” party.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Murray Pollitt: Economic hallucinations
BIS collects a lot more gold, but from whom?
Viva Chile -- First miner is rescued
Sean Fieler and Jeffrey Bell: It's the money, stupid
The Statistics:
Activity from: 10/12/2010
Gold Warehouse Stocks: | 11,076,880 | +10,903 |
Silver Warehouse Stocks: | 112,690,930 | -178,665 |
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 | 1287.327 | 41,388,837 | US$56,508m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.18 | 4,089,075 | US$5,604m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 129.34 | 4,158,525 | US$5,692m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,385 | US$627m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.33 | 1,586,114 | US$2,144m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,968 | US$7m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 101.26 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,085.62 - No change from yesterday’s data.
The Miners:
Keegan’s (KGN) assay results, Great Basin’s (GBG) mine progress, Minco’s (MGH) exploration results, Midway’s (MDW) completed drilling, Fronteer’s (FRG) drill results, Fresnillo’s (FRES.UK) record production, Pan American’s (PAAS) awards, and Avino’s (ASM.V) sample program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +6.49% $6.89 |
2. Nevsun | NSU+6.36% $5.69 |
3. Richmont | RIC +6.05% $5.26 |
LOSERS
1. Gold Reserve | GRZ -4.67% $1.49 |
2. Solitario | XPL -3.41% $2.26 |
3. Golden Minerals | AUMN -2.50% $22.62 |
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:
Queensland Minerals Announces Closing of Private Placement for $4 Million - More
- October 13, 2010 | Item | ShareThis
Sniper Completes Initial Public Offering - More
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Chile lawmakers pass bill to raise mining royalties - "Chile's lower house on Wednesday approved a revamped bill to raise royalties paid by mining companies in the world's top copper producer to help fund reconstruction after a devastating February earthquake." More
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Otis Drills 45.7 Metres of 1.32 g/t Au and 41.1 Metres of 1.30 g/t Au at Kilgore - More
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Strait Gold Completes Phase 1 at Alicia Copper-Gold Project, Receives Approval for Drilling to Test Depth Potential - More
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Northern Shield to Mobilize Drill to Max Property; Highbank Drilling to Follow; Geophysics Underway at Highbank - More
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3 Investment Funds Exercise Matamec Warrants - More
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Gold Canyon Resources Inc.: Grant of Incentive Stock Options - More
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Keegan Continues to Receive Excellent Results From the Esaase Gold Project Stepout and Infill Drilling Programs - "Keegan Resources Inc. (TSX:KGN - News)(AMEX:KGN - News) ("Keegan") is pleased to announce updated assay results from its Esaase drilling program in southwest Ghana. Keegan drilled significant intercepts in all 15 drill holes drilled either down or up dip from the existing resource, including 16 meters at 5.42 g/t Au, 43 meters of 1.81 g/t Au, and 100 meters of 0.78 g/t Au, as reported in Table 1." More
- October 13, 2010 | Item | ShareThis
Messina Minerals Inc. Announces Private Placement - More
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Golden Valley Mines Ltd.: New Joint Venture Broker's Fee Prospect - Arnold Township, Ontario - More
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John Pattison Joins VMS Advisory Board; VMS Grants Incentive Stock Options - More
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Nevada Copper Announces Senior Executive Appointment - More
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Oro Silver Securityholders Approve Transaction With Oro Gold Resources Ltd. - More
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Shoshone Silver/Gold, Summer 2010 Update - More
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Ventana Reports Further Results From New Aserradero Target - More
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Positive Initial Results in Commissioning of the Burnstone Metallurgical Plant - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces that the Burnstone Metallurgical Plant project, one of the final steps in the start-up of the Burnstone gold mine in South Africa, remains on track." More
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Alturas Drills 47.8 Meters Grading 0.90 Grams/Tonne Gold at La Corina Project, Chile - More
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Caldera Private Placement Oversubscribed - More
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MAYA Provides Update on Drilling Activities in Morocco - More
- October 13, 2010 | Item | ShareThis
Southern Silver Announces Private Placement - More
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Papuan Precious Metals Corp. to Commence $1.0 Million High Resolution Detailed Magnetic & Radiometric Airborne Geophysical Surveys - More
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Central Resources Announces Additional Results from Phase 1 Soil Sampling Program at Selwyn Creek Gold Project, Yukon - More
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NORONT ANNOUNCES HIGH GRADE INFILL DRILLING RESULTS AT EAGLE'S NEST - More
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Z-Gold Exploration Closes a Private Placement - More
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Fission Assays Continue to Confirm High Grade Uranium Mineralization at J-Zone - More
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Platinex Expands Their Shining Tree Property - More
- October 13, 2010 | Item | ShareThis
Edgewater Exploration Ltd.: Major Exploration Program Begins at the Enchi Gold Project, Ghana - More
- October 13, 2010 | Item | ShareThis
Millrock Signs Letter of Intent for an Agreement With Crescent Resources for Uncle Sam Gold Property, Alaska - More
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Golden Chalice Resources Shareholders Approve Consolidation and Name Change to Rogue Resources Inc. - More
- October 13, 2010 | Item | ShareThis
Strathmore Updates Roca Honda, New Mexico Uranium Development Project - More
- October 13, 2010 | Item | ShareThis
First Quantum Minerals Provides Progress Report on Drilling and Evaluation Program at Sentinel Deposit, Zambia - More
- October 13, 2010 | Item | ShareThis
Q-Gold Acquires Additional Silver Mines at Crown King, Arizona - More
- October 13, 2010 | Item | ShareThis
Corvus Gold Inc. Announces Initial Drilling Results From Grubstake Target, Chisna Copper-Gold Project, Alaska - More
- October 13, 2010 | Item | ShareThis
Laurion Commences Deep Drilling Program on the Sturgeon River Mine to Complete National Instrument 43-101 Compliant Ore Resource Report - More
- October 13, 2010 | Item | ShareThis
Ascot Resources Drills 500 Metres of 0.337% Copper on its First Drill Hole on the Mt. Margaret Property - More
- October 13, 2010 | Item | ShareThis
Klondike Silver Corp. Continues to Intersect Lode Structure in Silvana Drilling - More
- October 13, 2010 | Item | ShareThis
Camino Minerals Corporation: El Rincon Samples Up to 4.03 Grams Per Tonne Gold - More
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Daulton Capital Corp. Exercises Option on Highly Productive Klondike Goldfields Properties - More
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Estrella Gold Reports on Pampa Poroma Iron Oxide-Copper-Gold Project, Southern Peru - More
- October 13, 2010 | Item | ShareThis
St. Elias Mines Ltd. Acquires Strategic Claims Adjoining Tesoro Gold Project, Peru - More
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Federal Agencies Publish Notice of Intent for PolyMet EIS - More
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Teuton Begins Airborne Survey on Red Chris Area Claims - More
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Greencastle Announces Option Agreement on Gold Exploration Property in the Blackwater Area, British Columbia - More
- October 13, 2010 | Item | ShareThis
B2Gold Corp.: Drilling Has Commenced on the Gramalote Project, Colombia - More
- October 13, 2010 | Item | ShareThis
Exploration Orbite Obtains Construction Permit Needed to Move Forward With its Pilot Project - More
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Crescent Resources Signs Agreement to Acquire Uncle Sam Gold Exploration Property, Alaska - More
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Thundermin and Cornerstone Announce a 20% Increase in Inferred Mineral Resources for the Little Deer Copper Deposit, Springdale Area, Newfoundland - More
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Willow Creek Enterprises Completes Nevada Gold Property Acquisition - More
- October 13, 2010 | Item | ShareThis
Pelangio Exploration Intersects High Grade Gold in Oxide at the Manfo Property - More
- October 13, 2010 | Item | ShareThis
San Gold Reports Initial Drill Results From L4 Zone Discovery Below Hinge Mine - More
- October 13, 2010 | Item | ShareThis
Pitchstone Reports Namibia Uranium Drilling Analyses - More
- October 13, 2010 | Item | ShareThis
Hudson Resources Inc. Joins OTCQX - More
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Colombian Mines Drills 151 Meters of 0.64 g/T Gold in Porphyry and 5.9 Meters of 8.7 g/T Gold in Vein Target at Yarumalito - More
- October 13, 2010 | Item | ShareThis
White Mountain Advances Off-take Supply Discussions with Pigment Producers - More
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Goldrea Announces Non-Brokered Private Placement - More
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Orosur Mining Inc. Annual and Special Meeting Results - More
- October 13, 2010 | Item | ShareThis
Aura Minerals Releases Additional Assay Results for the Aranzazu Copper-Gold-Silver Project in Mexico - More
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Fresnillo sees record silver, gold production - "Fresnillo PLC /quotes/comstock/23s!e:fres (UK:FRES 1,269, +28.00, +2.26%) on Wednesday reported third-quarter silver production of 10.69 million ounces, a new record level, while attributable gold production rose 44.4% to 91,822 ounces over the corresponding period last year. Fresnillo said it's on track to hit production targets of 340,000 ounces attributable gold and 41.1 million ounces of silver." More
- October 13, 2010 | Item | ShareThis
Minco Gold Expands Mineraliazation Zones Along Regional Trend at Yejiaba Property - "Minco Gold Corporation (the "Company" or "Minco Gold") (TSX:MMM - News)(AMEX:MGH - News)(Frankfurt:MI5 - News) is pleased to announce the results from the 2010 exploration program consisting of geochemical, geophysical and trenching programs that have been completed or are in progress on the Company's 100% owned Yejiaba property, part of the Longnan Project, located in Gansu Province, China." More
- October 13, 2010 | Item | ShareThis
Pan American Silver's Mexican Operations Win Prestigious "Casco de Plata" Safety Awards - "Pan American Silver Corp. ("Pan American" or the "Company"), (TSX:PAA - News)(NASDAQ:PAAS - News) is pleased to report that its two Mexican mines, La Colorada and Alamo Dorado, have received the prestigious 2009 Casco de Plata (the "Silver Hardhat") safety awards. The awards are granted annually by the Mexican Chamber of Mines (CAMIMEX), to the safest open pit mine and underground mine in Mexico." More
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Midway Completes Core Drilling at Pan Gold Project, Nevada - "Midway Gold Corp. (“Midway”) is pleased to announce that it has completed a first round of diamond drilling on its Pan Gold Project, White Pine County, Nevada. A total of 1,757 meters (5,764 feet) in 14 core holes were completed in the North and South Pan areas. Assay results are pending." More
- October 13, 2010 | Item | ShareThis
Avino Starts Bulk Sample Program at San Gonzalo - "Avino's contractor DMG had been developing two raises to connect the lower level 2 (2260m elevation) with the upper level 1 (2306m elevation). The first raise connected 6 October allowing the start of stoping (cut and fill) for the bulk sample. Within four days an initial 731 tonnes had been produced from the block of ground (see map and section on Avino's website) which is estimated to contain approximately 11,000 tonnes." More
- October 13, 2010 | Item | ShareThis
Fronteer Gold Inc.: New Drill Program Targeting Sandman's Fourth Gold Deposit Returns Multiple Intervals of Near-Surface Gold - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) provides an update on expanded exploration and development activities at its Sandman gold project in Nevada, including new near-surface oxide gold results from the North Hill deposit as well as the commencement of property-wide exploration drilling. Under a new Plan of Operations, activities at Sandman have now extended well beyond previous in-fill drill programs at the Southeast Pediment and Silica Ridge deposits." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 13 October, 2010 | |
