-- Posted 19 October, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1336.00 | -$35.40 |
Silver | $23.72 | -$0.68 |
XAU | 195.43 | -4.65% |
HUI | 495.16 | -5.08% |
GDM | 1501.67 | -4.97% |
JSE Gold | 2513.27 | -40.52 |
USD | 78.22 | +1.28 |
Euro | 137.22 | -2.12 |
Yen | 122.58 | -0.50 |
Oil | $79.49 | -$3.59 |
10-Year | 2.475% | -0.016 |
T-Bond | 132.4375 | +0.28125 |
Dow | 10978.62 | -1.48% |
Nasdaq | 2436.95 | -1.76% |
S&P | 1165.90 | -1.59% |
The Metals:
Gold traded just slightly lower in Asia, saw about 1% losses in London, and fell as much as $39.10 to $1332.30 by about 9:30AM EST in New York before it rallied back higher for a bit, but it then fell back off again in afternoon trade and ended with a loss of 2.58%. Silver fell as much as $0.98 to as low as $23.42 before it also rallied back higher in late morning trade, but it still ended with a loss of 2.79%.
Euro gold fell to about €969, platinum lost $22.25 to $1667.25, and copper fell almost 10 cents to about $3.76.
Gold and silver equities fell over 4% at the open and remained near the level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Sep | 610K | 579K | 608K |
Building Permits | Sep | 539K | 565K | 571K |
“Federal Reserve Bank of New York President William Dudley said slowing growth, “weak” job creation and declining inflation add up to a “wholly unsatisfactory” U.S. economy.”
“Atlanta Federal Reserve Bank President Dennis Lockhart said on Tuesday that further easing by the Fed has to be large enough to help boost demand, and purchases of $100 billion of securities a month would be a possibility.”
Tomorrow at 7AM EST brings MBA Mortgage Applications for 10/15 and at 2PM is the fed’s Beige Book from October.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose rather markedly after Geithner vowed not to devalue the dollar and China surprisingly hiked its interest rate.
Treasuries rose slightly as the Dow, Nasdaq, and S&P fell as much as 2% on mostly poor earnings reports and worries about China’s interest rate hike.
New York Fed And PIMCO Suing Bank Of America Over Mortgages businessinsider
Among the big names making news in the market today were Domino’s, EMC, Lockheed, Occidental, UnitedHealth, IBM, J&J, Coca-Cola, Goldman Sachs, Harley, and Bank of America.
The Commentary:
“Dear CIGAs,
News overnight that China’s Central Bank had raised interest rates (the first move in almost 3 years and a piddly .25% at that) in an attempt to curtail inflationary pressures developing in its economy (particularly property values) sent the foreign exchange and commodity markets into a tizzy.
Apparently China trumps the Fed’s QE. Maybe this is sort of like the childhood game, rock, paper, scissors. Let’s see – paper covers rock (that would be the Fed’s paper) but scissors ( that would be China’s attempt to contain inflation) cut paper.
I am still attempting to get it through my rather dense skull how this is supposed to cause investors to rush into the “safe haven” of the Dollar as “investors fear a slowdown in the global economy, especially in the emerging markets”, to quote the wire services. On the other hand, I give up – there is no connection. As I have stated on many occasions, the two phrases; “save haven” and “US Dollar” mentioned anywhere in close proximity to one another is like attempting to join the negative poles of two separate magnets together. Wishing it were so does not overcome the laws of physics. Any nation whose fiscal position is as atrocious as the US’s, can stake no claim to anything “safe” in regards to its currency, especially when that same currency is deliberately under attack from its own government.
I think it sufficient to say that any further slowdown in the global economy will serve to kick the Fed’s exotic Quantitative Easing machine into high gear wrecking more havoc on the Dollar. Not that the QE will do any good (it won’t) but that will not stop them from doing it anyway.
This appears more a case of a market price move begging for a reason to explain it. The simplest explanation is usually the best and it looks to me like a lot of guys were caught napping and a bit too complacent especially in the Forex markets where the European currencies, and the commodity currencies have developed a fairly good sized contingent of speculative longs. The newcomers to the party were unceremoniously flushed out. QE has been factored in and now that it is not coming forthwith, some of the larger traders apparently decided to ring the cash register which was enough to trip the short term technical indicators and the corresponding systems into action.
I want to see where this bump in the US dollar might carry it before it runs out of steam. One thing is for sure – the Japanese, the Brazilians and the Europeans are all happily whistling for the moment as their currencies sink lower. Saves some of them the expense of having to try to move the Dollar higher all by themselves.
That brings us to gold – it too got caught up some in the “excitement” generated by the Chinese move and took a bit of a breather from its strong climbing move of the past two months. It failed to hold at its initial support level near $1,350 – $1,345 and moved down to $1,330 before dip buyers stepped in and encouraged some short covering on the part of the bears. This level just so happens to be synonymous with the 20 day moving average and the median line on the pitchfork so from a technical perspective, the metal is finding support just at the point where the charts say it should. So far, so good. Let’s see if it can regain its footing here and work sideways a bit as it consolidates or wants to move a bit further down. Should it be the latter, it has some support surfacing near the $1,325 – $1,320 level.
Bulls will need to hold fast and not run to any extent in order to prevent the bears from getting a foothold. If they do this, shorts will have to cover once again and that should kick price back above $1,350. A push back above $1,355 that can hold into the close of the pit session will portend a consolidation pattern emerging. I still think we are in a holding pattern in gold as we wait to see what comes this way in November when the FOMC will either have to put up or shut up. I think that they have been trying to talk QE and get the same result without having to actually engage in it. Problem for them is that at some point, one’s bluff gets called and it is time to show the cards. The next two weeks or so will therefore more than likely be a bit choppy unless we get some definitive market moving data prior to that upcoming FOMC meeting in November. Lousy economic news will serve to reinforce expectations of further QE which will undermine the Dollar and support gold while news such as today’s that temporarily move QE off the market’s front page will serve to flush money out of the commodity sector and into the Dollar.
The HUI fell down below the psychological and technical support level of 500 but it is struggling to recover it as I write this, albeit, just barely. The session low was a mere few points above the 50 day moving average which needs to hold to prevent the computer algorithms from banging them even lower. The index took out three of its major moving averages today; the 10, 20 and 40 day. Bulls need to get it back above the 515 level to shake the weaker shorts back out. If they decide to run instead, the index could drop as low as 480 before stabilizing. The hedgies are obviously wasting no time whatsoever in going right back in with those ratio spread trades again.
I found it very interesting that the bond market could not move significantly higher today especially with the equities floundering and the rush into the Dollar commencing. That has to be a bit disturbing to bond bulls. Apparently that market has not gotten over its being jilted by its lovers at the Fed who refused to come out last Friday and tell it how much they loved it by offering it a gigantic bouquet of freshly minted QE dollars. It is not difficult to see the factors at work in the bonds – take the QE out of the picture and it is focused on the enormous supply and the lackluster demand. That argues for lower bond prices (higher yields) to move the paper IOU’s. Factor in the QE, and the market gets giddy because it knows the Fed will buy the damn useless things.
Incidentally for you silver fans out there, silver, priced in terms of the Euro, made an all time high in price at today’s London Fix.
Most of the commodity world is lower today as the automatic selling programs kick in on account of the Dollar moving higher. Copper is getting whacked pretty hard as traders fret over decreased Chinese demand. Natural gas in an exception to the selling trend but it has been beaten with the ugly stick to the point that it is seeing a bit of short covering. Sugar is higher today as is coffee. At least milk is unchanged so if you order cream, it won’t cost you any extra.
Let’s wait and see how today’s fall out from the China rate hike news plays out before making any extrapolations. I think it is more of a tempest in a tea pot but that assumes that discretionary traders still exist. The markets are run by algorithms so we will have to see where those lead us the next couple of days and go from there. Nothing has changed except China hiked rates ¼%. Big deal….”- Dan Norcini, More at JSMineset.com
GATA Posts:
Eric Sprott interviewed on gold and QE2
U.S. won't devalue dollar, Geithner says, overlooking last 97 years
The Statistics:
Activity from: 10/18/2010
Gold Warehouse Stocks: | 11,166,889 | +71,614 |
Silver Warehouse Stocks: | 110,948,081 | -492,356 |
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 | 1301.000 | 41,828,452 | US$55,996m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 126.99 | 4,082,691 | US$5,483m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 129.93 | 4,177,300 | US$5,611m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,355 | US$608m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.33 | 1,586,045 | US$2,169m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,967 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.912 tonnes, the LSE subtracted 0.19 tonnes, and the LSE ETFS added 0.23 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.29 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,224.05 - No change from yesterday’s data.
The Miners:
Orezone’s (OZN) resource increase, ITH’s (THM) new website, Taseko’s (TGB) issuance program, Brigus Gold’s (BRD) completed financing, U.S. Silver’s (USA.TO) drill results, and Silver Quest’s (SQI.V) new claims were among the big stories in the gold and silver mining industry making headlines today.
No “winners” today.
LOSERS
1. Vista Gold | VGZ-11.15% $2.39 |
2. Minco | MGH -9.41% $1.15 |
3. Paramount | PZG -9.04% $1.61 |
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:
Orezone's Bombore Gold Project Has Substantial Increase in Size and Grade - "Orezone Gold Corporation (TSX:ORE - News) is pleased to announce that gold mineral resources at its 100% owned Bombore Gold Deposit located in Burkina Faso, West Africa have substantially increased to 60.9 million tonnes of indicated mineral resources at a grade of 0.81g/t for 1.6 million oz of gold plus 60.6 million tonnes of inferred mineral resources at a grade of 0.96g/t for 1.9 million oz." More
- October 19, 2010 | Item | ShareThis
Rice Lake Exploration Projects Update - More
- October 19, 2010 | Item | ShareThis
Nord Resources Receives Aquifer Protection Permit - More
- October 19, 2010 | Item | ShareThis
U.S. Silver On-Going Exploration Drilling Identifies New High-Grade Zones - "U.S. Silver Corporation (TSX:USA.to - News) “U.S. Silver” or “the Company” is pleased to announce positive results from underground diamond drilling at the Galena mine near Wallace, Idaho." More
- October 19, 2010 | Item | ShareThis
Marketing Study Green Lights Gossan's Manigotagan Silica Sand Project - More
- October 19, 2010 | Item | ShareThis
Source Exploration Corp. Announces Grant of Options - More
- October 19, 2010 | Item | ShareThis
International Tower Hill Mines Ltd. Announces Launch of New Website - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce that the Company will be launching its new website on Wednesday, October 20, 2010. The new website represents a major overhaul and updating of its existing site to reflect the sole focus of the Company on the ongoing pre-feasibility study at the Livengood Project following the completion of the spin-out of its non-Livengood mineral projects to Corvus Gold Inc. (TSX:KOR - News), effective August 26, 2010." More
- October 19, 2010 | Item | ShareThis
Uranium Resources, Inc. Submits Required Documentation to NRC to Activate License - More
- October 19, 2010 | Item | ShareThis
JOURDAN Assays Up to 1.88% Li2O (Lithium Oxide) in Surface Grab Samples From the New Spodumene-Bearing Intrusive at the Pivert-Stairs Rare Metals Property - More
- October 19, 2010 | Item | ShareThis
Volcanic Closes Financing and Commences Drilling - More
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Silver Quest Increases Capoose Property, British Columbia - "Silver Quest Resources Ltd. (TSX-V:SQI - News) (the "Company") is pleased to announce that it has entered into a purchase option agreement (the "Agreement") to acquire a 100% interest in twenty mineral claims (the "Claims") that are contiguous to the Company's Capoose property, increasing the size of the property by approximately 5,900 hectares." More
- October 19, 2010 | Item | ShareThis
Typhoon Comments on the First Four Drill Assay Results from the Fayolle Project - More
- October 19, 2010 | Item | ShareThis
Diamond Frank Announces Positive Gold Results on Gold Peak Property - More
- October 19, 2010 | Item | ShareThis
SLAM TRENCHING WIDESPREAD MINERALIZATION AT SILVERJACK - More
- October 19, 2010 | Item | ShareThis
Nevada Copper Corp.: Permit Approval - More
- October 19, 2010 | Item | ShareThis
Taseko Mines Announces "at-the-Market" Issuance Program - "Taseko Mines Limited (TSX:TKO.to - News) ("Taseko" or the "Company") announced today that it has filed a prospectus supplement to its final base shelf prospectus, dated October 12, 2010, with the British Columbia Securities Commission, and a supplement to its U.S. prospectus, dated October 18, 2010, forming part of its U.S. registration statement, with the United States Securities and Exchange Commission." More
- October 19, 2010 | Item | ShareThis
Currie Rose Resources Inc.: Drilling to Begin on Scadding Gold Property - More
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Cortez Intersects 40m of 1.45 g/t Gold-Equiv. Near-Surface at the Petlacala Gold-Silver Project, Mexico - More
- October 19, 2010 | Item | ShareThis
Strait Gold Starts Drilling at Alicia Copper-Gold Project - More
- October 19, 2010 | Item | ShareThis
Mishkeegogamang Ojibway Nation and Manicouagan Minerals Sign Exploration Memorandum of Understanding - More
- October 19, 2010 | Item | ShareThis
Kilo Drilling Intersects 83.70 Metres Grading 2.01 g/t Gold on the Adumbi Prospect, Somituri Project, DRC - More
- October 19, 2010 | Item | ShareThis
Trueclaim Announces Start of Drilling on East Wanapitei Property and Appointment of Investor Relations Consultant - More
- October 19, 2010 | Item | ShareThis
TRIVELLO ENERGY CORP. ANNOUNCES CHANGE OF NAME AND NEW STOCK TRADING SYMBOL - More
- October 19, 2010 | Item | ShareThis
AQM Copper Announces 82 Meters of 1.35% Cu and 112 Meters of 1% Cu; Mineralization Expands - More
- October 19, 2010 | Item | ShareThis
Benton Intersects Multiple Nickel-Copper-Cobalt Zones at Kingurutik Nickel Project and Commences Drilling in Timmins - More
- October 19, 2010 | Item | ShareThis
Pershimco Resources Inc.: Robert Bryce to Join Pershimco's Board of Directors - More
- October 19, 2010 | Item | ShareThis
Puma Increases its Strategic Holding at Turgeon Deposit, New Brunswick - More
- October 19, 2010 | Item | ShareThis
NioGold Appoints Simon Ridgway to Its Board of Directors - More
- October 19, 2010 | Item | ShareThis
Drilling Commences at Miranda Gold’s Angel Wing Property - More
- October 19, 2010 | Item | ShareThis
First Point Releases Drill Assay Results from Sidney Target, Decar Nickel-Iron Alloy Property - More
- October 19, 2010 | Item | ShareThis
Goldrich Reports Production Results - More
- October 19, 2010 | Item | ShareThis
Paget Minerals Announces Investment in Colombian Exploration Company - More
- October 19, 2010 | Item | ShareThis
Indico Appoints New CFO and Grants Options - More
- October 19, 2010 | Item | ShareThis
Wealth Retains Axon Communications Inc. to Provide Investor Relations Services - More
- October 19, 2010 | Item | ShareThis
Goldrich Announces Closing on Private Placement Financing - More
- October 19, 2010 | Item | ShareThis
Maya Gold & Silver Delivers Initial Resources Estimates of 340,000 Ounces of Gold on Its Amizmiz Project and Announces Financing of $1.5 Million - More
- October 19, 2010 | Item | ShareThis
Extorre Announces Results for Cerro Moro Preliminary Economic Assessment - More
- October 19, 2010 | Item | ShareThis
New Guinea Gold Corporation/NMC Mining Corp Joint Venture Reports Widespread Gold in Rock at Kela's Prospect, Northwest of Imwauna Project, Papua New Guinea - More
- October 19, 2010 | Item | ShareThis
Soltoro to Upgrade Highway Zone Mineralization Into Resource Category at the El Rayo Primary Silver Deposit - More
- October 19, 2010 | Item | ShareThis
Spur Ventures Confirms New Joint Venture Partner in Yichang Maple Leaf Chemicals and Updates Project Progress - More
- October 19, 2010 | Item | ShareThis
Avalon Strengthens Technical Team to Advance Nechalacho REE Deposit to Production - More
- October 19, 2010 | Item | ShareThis
Teryl Resources Receives Summary of Gold Assay Results on the Gil Joint Venture Property, in Alaska, for 2010R 2010 - More
- October 19, 2010 | Item | ShareThis
Galantas Reports Results of Mining of Kerr Vein - More
- October 19, 2010 | Item | ShareThis
Lake Victoria Updates Drill Progress at Singida Gold Project, Central Tanzania - More
- October 19, 2010 | Item | ShareThis
Arco Provides Summary of Taviche Drilling - More
- October 19, 2010 | Item | ShareThis
Sultan Minerals Confirms High Grade Gold Corridor at Kena Property, BC - More
- October 19, 2010 | Item | ShareThis
Castle Resources Acquires 100% Interest in Granduc Copper Project - More
- October 19, 2010 | Item | ShareThis
RX Exploration Share Purchase Warrants Accelerated - More
- October 19, 2010 | Item | ShareThis
Alexandria Intersects 121.00 g/t Au over 1.0 m at Akasaba, Val d'Or, Quebec - More
- October 19, 2010 | Item | ShareThis
Gold American Mining Corp. Guadalupe Drilling Update - More
- October 19, 2010 | Item | ShareThis
Everton and Aurizon Sign a Formal Option Agreement on Wildcat Property in Quebec and Close $250,000 Private Placement - More
- October 19, 2010 | Item | ShareThis
Newcastle Commences Pickle Lake Exploration Program - More
- October 19, 2010 | Item | ShareThis
Paladin Energy Ltd.: Quarterly Activities Report for Period Ending-30 September 2010 - More
- October 19, 2010 | Item | ShareThis
Queensland Minerals Ltd. Announces Closing of Debt Settlement - More
- October 19, 2010 | Item | ShareThis
Midlands: Indicated Resource Up 67% and Indicated Resource Tonnage Up 109% on Sian Gold Project, Ghana - More
- October 19, 2010 | Item | ShareThis
Rockhaven Resources Ltd. Announces Remaining Assays From Excavator Trenching at Its Klaza Property - More
- October 19, 2010 | Item | ShareThis
Rare Earth Metals Reports 1.71% TREO Over 27.0 Meters Within 1.04% TREO Over 70.5 Meters From Latest Drill Hole Results on Mann #1 - More
- October 19, 2010 | Item | ShareThis
Drilling Commences at Tower Copper-Gold Property - More
- October 19, 2010 | Item | ShareThis
Universal Gold Mining Corp. Releases Investor Update and Objectives Report - More
- October 19, 2010 | Item | ShareThis
Argonaut Gold Inc. and Pediment Gold Corp. Announce Friendly Business Combination - More
- October 19, 2010 | Item | ShareThis
Dios' Gold Conductor Showing Returned 8.1 G/T Gold and 22.6 G/T Silver Over One Meter - More
- October 19, 2010 | Item | ShareThis
Continental Nickel Continues to Intersect Sulphides at the "Sleeping Giant" Zone, Including 1.22% Nickel and 0.21% Copper Over 15.9 Metres - More
- October 19, 2010 | Item | ShareThis
Intrepid Mines Limited: Tujuh Bukit Indonesia Hole GTD-162 Intersects 522 Metres at 0.45 G/T Gold, 0.48% Copper & 127 PPM Molybdenum - More
- October 19, 2010 | Item | ShareThis
Exceptional Grades Continue at Avion's Dioulafoundou Zone - More
- October 19, 2010 | Item | ShareThis
MARATHON PGM CORPORATION FILES NOTICE OF MEETING AND PROXY CIRCULAR - More
- October 19, 2010 | Item | ShareThis
Rainy River Announces Infill Drill Results, Including 25.1 g/t Gold (0.73 oz/ton) Over 4.0 Metres in 433 Zone - More
- October 19, 2010 | Item | ShareThis
Taku Commences Drilling in White Gold Area of Yukon - More
- October 19, 2010 | Item | ShareThis
Augen Gold Intersects Significant Gold Trend at Opeepeesway Lake East of Jerome - More
- October 19, 2010 | Item | ShareThis
Primero Appoints Vice President of Corporate Development; to Release Third Quarter 2010 Results on November 10, 2010 - More
- October 19, 2010 | Item | ShareThis
Thundermin and Cornerstone Report Excellent Metallurgical Results from Scoping Level Test Work Undertaken on Core Samples from the Little Deer Copper Deposit - More
- October 19, 2010 | Item | ShareThis
San Gold Corporation Announces Final Toronto Stock Exchange Listing Approval - More
- October 19, 2010 | Item | ShareThis
Newstrike-Queenston Launch Drilling Program to Target the Morris Mine Sequence in Kirkland Lake - More
- October 19, 2010 | Item | ShareThis
Lydian Drills 24m at 7.4g/t Gold in Easterly Extension of the "Feeder" Zone & Exploratory Drilling Intersects New Gold to the Northeast, Northwest & Southeast - More
- October 19, 2010 | Item | ShareThis
Marathon Finishes 2010 Drilling at Leprechaun Gold Deposit on a high with 19 m (true width) at 6.94 g/t of Gold - More
- October 19, 2010 | Item | ShareThis
Centamin Egypt Limited-Sukari Underground Development Reaches High Grade Hapi Zone, Ore Drives Commence and Q3 Results Date - More
- October 19, 2010 | Item | ShareThis
Summer Drilling Proves Up Continuity in Gold Mineralization Over a Strike Length of 700 Metres at Mountain Lake%u2019s Leprechaun Deposit - More
- October 19, 2010 | Item | ShareThis
Brigus Gold Completes Previously Announced C$57.5 Million Financing - "Brigus Gold Corp. (“Brigus Gold” or the “Company”) (TSX:BRD.to - News) (NYSE Amex: BRD) is pleased to announce that it has completed its previously-announced offering (the “Offering”) of 34,500,000 units (“Units”) and 3,382,353 common shares designated as flow-through common shares for purposes of the Income Tax Act (Canada) (the “Flow-Through Shares”) (including 4,500,000 additional Units and 441,176 additional Flow-Through Shares which formed the Over-Allotment Option as defined below) at a price of C$1.50 per Unit (the “Unit Price”) and C$1.70 per Flow-Through Share, for gross proceeds to the Company of C$57,500,000. Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-quarter of one common share purchase warrant (each whole warrant, a “Warrant”), with each Warrant entitling the holder to acquire one Common Share at a price of C$2.19 per share on or before November 19, 2014." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 19 October, 2010 | |
