-- Posted 1 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1351.10 | -$5.40 |
Silver | $24.57 | +$0.03 |
XAU | 204.86 | +0.27% |
HUI | 523.07 | +0.16% |
GDM | 1379.58 | +0.05% |
JSE Gold | 2582.39 | -6.24 |
USD | 77.30 | +0.12 |
Euro | 138.84 | -0.32 |
Yen | 124.09 | -0.18 |
Oil | $82.95 | +$1.52 |
10-Year | 2.628% | +0.016 |
T-Bond | 130.625 | -0.3125 |
Dow | 11124.62 | +0.06% |
Nasdaq | 2504.84 | -0.10% |
S&P | 1184.38 | +0.09% |
The Metals:
Gold rose as much as $8.90 to as high as $1365.40 in early London trade, but it then fell back off for most of the rest of the day and ended near its late morning low of $1348.70 with a loss of 0.4%. Silver climbed to as high as $25.04 in Asia before it also fell back off for most of trade in New York, but it still ended with a gain of 0.12% and made a new 30-year closing high.
Euro gold fell to under €973, platinum gained $6.50 to $1704.50, and copper gained 5 cents to about $3.78.
Gold and silver equities waffled near unchanged and ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Sep | -0.1% | 0.2% | 0.4% |
Personal Spending | Sep | 0.2% | 0.4% | 0.5% |
PCE Prices - Core | Sep | 0.0% | 0.0% | 0.1% |
ISM Index | Oct | 56.9 | 54.0 | 54.4 |
Construction Spending | Sep | 0.5% | -0.7% | -0.2% |
How Much Will the Fed Decide to Ease on Wednesday? Yahoo
After the Fed and Election: What's Next for Wall Street? Yahoo
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on stronger than expected economic data in China and the US that raised demand expectations.
The U.S. dollar index, treasuries, and the Dow, Nasdaq, and S&P all waffled near unchanged and ended mixed as traders await tomorrow’s elections results, Wednesday’s fed announcement, and Friday’s jobs data.
Among the big names making news in the market today were AIG, Ambac, Goldman Sachs, and MT&T and Wilmington Trust.
The Commentary:
“My Dear Friends,
Tomes have been written this week about quantitative easing, many written by those who didn’t know what QE meant twelve months ago. Tomes are silly as very few actually read them. Those that do read are comatose by the end. We do not do tomes here. We present conclusions.
QE to infinity means the economic can gets kicked down the road again at the cost of the dollar’s value and therefore sparks the event of accelerated currency induced cost push inflation.
No QE means a violent collapse of general business within 90 days. That takes the camouflage off of the following:
1. False balance sheets of financial entities, thanks to the sale of the FASB’s soul to political pressure, are exposed.
2. Further collapse of tax revenue to states brings about a financial crisis much larger than anyone presently anticipates.
3. The malaise in the US destroys what little is left of general confidence in the austere Euro region.
4. The rape of pension funds is exposed.
Gold will go to a figure equal to all foreign debt of the USA divided by the number of ounces that the US is assumed to have. This is how you can calculate the potential price.
If moderate levels of QE are utilized, that means the can gets kicked down the road once again at the cost of the dollar and therefore the event of accelerated currency induced cost push inflation. It might in this case take a few days before the markets figure it out. If moderate QE is announced that means QE to infinity but only revealed a little at a time or not revealed at all. To do QE to infinity without revealing it violates the tool of communication recently discuss by the Fed which means MOPE. It will be revealed.”- Jim Sinclair, JSMineset.com
“Dear CIGAs,
Last Friday’s action in the metals was a surprise to me considering it was the end of the trading month and the fact that it was only three business days ahead of a major announcement by the Fed in regards to the upcoming QE. I would not expect to see traders getting so aggressive due to the timing of that FOMC meeting not to mention the fact that a major US election is tomorrow. Today seems to be a case of some guys have a few second thoughts about getting too overextended. If you have money on the table, it is wise to take some of it off at times. There is nothing worse than watching a profitable trade turn into a losing trade; nothing!
Personally I am always suspect of traders who make the mistake of getting a dose of bravado in front of a major expected development. They end up either being “heroes” or “zeroes”. I have been burned way too often to get reckless and now leave that to others who are more careless of their trading accounts. QE is coming – there is no doubt about that; the only thing that matters right now to the trading world is how much and how long? That will move the markets for the SHORT TERM (the long term is lots more QE) and such movements could be extremely violent so once again, be careful.
The Fed has embarked on a course of backstopping nearly everything that moves (or more properly – that looks like it might stop moving!) and that is the main feature to keep in mind when surveying the fate of the Dollar and the fate of gold (and silver for that matter). The Commercial real estate market is another disaster in waiting. Don’t forget also that Fannie and Freddie debt is getting unloaded by Foreign Central Banks. Bernanke is not going to want to preside over a deflationary downward spiral and therefore will do whatever is necessary in his view to stave off such an event and work diligently to let the inflation genie out of its bottle. That guarantees more QE; however, short term moves have become purely functions of the hedge fund trading algorithms and those things can produce violent swings so be forewarned.
Technically, gold managed another consecutive close over $1,350 but I do not like the manner in which it did so. I would prefer to see an up day. What today tells me is that some hesitancy is creeping back in and some caution in front of the FOMC. Same goes for silver. It is also evidenced in the HUI and in the rebound of the Dollar off its worst overnight levels. Same thing goes for the bonds – Up in front of the FOMC and then fading back as short term traders snatch profits before they stand the possibility of losing them. I would think that this is the norm until Wednesday. WE’ll see. In the long run, it is just noise particularly when everyone and their dog have figured out that the US wants a lower Dollar.
Guys banking on a collapse in the US equity market had also best be careful. If the Fed comes out with a real gullywasher of a QE announcement, the shorts in equities are going to feel some pain. The stock market is moving higher solely on liquidity issues in my view ( it certainly is not at current levels based on the current status of the US economy) and more liquidity is going to make it difficult for bears to push it substantially lower for the time being.
Keep some of your powder dry until Wednesday afternoon. Existing longs in the precious metals will make more profits for you if the Fed announcement engenders strong buying in that sector. If it is a temporary disappointment, you will have some cash around for buying opportunities once they present themselves.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Iran's holdings are likely another big omission in official gold data
Murray Pollitt: Lessons from the 1970s for mining company investors
Gene Arensberg: Lust for silver returning
Bond and Phillips note GATA, Butler in commentary on silver litigation
The Statistics:
Activity from: 10/29/2010
Gold Warehouse Stocks: | 11,090,992 | -31,134 |
Silver Warehouse Stocks: | 110,732,743 | -66,325 |
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 | 1293.101 | 41,574,486 | US$56,293m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 123.05 | 3,956,150 | US$5,349m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.47 | 4,194,612 | US$5,672m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,288 | US$617m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.57 | 1,593,611 | US$2,146m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,967 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 1.33 tonnes and the LSE ETFS subtracted 0.36 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.67 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,141.92: -39.54 change from yesterday’s data.
The Miners:
Claude’s (CGR) project update, Bear Creek’s (BCM.V) listing on the Lima Stock Exchange, Impact’s (IPT.V) project update, and Alexco’s (AXU) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mag Silver | MVG +6.85% $8.89 |
2. Golden Minerals | AUMN +6.06% $27.84 |
3. Eldorado | EGO +3.66% $17.55 |
LOSERS
1. Tanzanian Royalty | TRE -3.58% $6.73 |
2. Paramount | PZG -2.96% $1.64 |
3. Golden Star | GSS -2.87% $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:
Terraco Gold to Acquire Western Standard Metals - More
- November 01, 2010 | Item | ShareThis
ATAC Resources Ltd. Appoints Vanessa Pickering as Manager of Corporate Communications - More
- November 01, 2010 | Item | ShareThis
Decade Increases Flow Through Portion of Private Placement to Up to $3,000,000 - More
- November 01, 2010 | Item | ShareThis
Swift Announces Private Placement - More
- November 01, 2010 | Item | ShareThis
Bonterra Rushes Mineralized Drill Hole on the Eastern Extension Property for Assay, Quebec. - More
- November 01, 2010 | Item | ShareThis
Z-Gold Increases Abitibi Gold Property - More
- November 01, 2010 | Item | ShareThis
Monument's Selinsing Gold Mine Opening Ceremony in Malaysia - More
- November 01, 2010 | Item | ShareThis
Actus Minerals Corp.-Change of Officer - More
- November 01, 2010 | Item | ShareThis
G4G Resources and Iron Sands Americas Advance Guatemala Iron Sands Project With Targetted Off-Shore Sampling Program - More
- November 01, 2010 | Item | ShareThis
BCGold Corp. Closes $1.2 Million Private Placement - More
- November 01, 2010 | Item | ShareThis
Cortez Enters Into Agreement to Acquire Real de Guadalupe Gold-Silver Project in Guerrero, Mexico - More
- November 01, 2010 | Item | ShareThis
Hard Creek Nickel Corporation: New Preliminary Metallurgical Test Results for Turnagain Project - More
- November 01, 2010 | Item | ShareThis
Kodiak Drills 2.6m Grading 13.4 gpt Au at Hercules, Samples Up to 163 gpt Au Over 0.25m at Brenbar - More
- November 01, 2010 | Item | ShareThis
Energizer Resources Retains the Balloch Group to Find Strategic Chinese Partner - More
- November 01, 2010 | Item | ShareThis
IMPACT Silver Provides Update On Capire Mine Development Project In The Mamatla Mineral District - "IMPACT Silver Corp. (“IMPACT” or “the Company”) is pleased to provide an update on the Capire Mine Development Project at Mamatla. The project is located 16 kilometers southwest of the Company’s current mining and processing operations in the 423-square-kilometer Royal Mines of Zacualpan Silver District, Mexico." More
- November 01, 2010 | Item | ShareThis
Bear Creek Mining Shares Listed on the Lima Stock Exchange - "Bear Creek Mining Corporation (TSX Venture:BCM.v - News) ("Bear Creek" or the "Company") is very pleased to announce that its common shares have been listed for trading on the Bolsa de Valores de Lima ("BVL"). Trading will be conducted under the ticker symbol 'BCM'. Kallpa Securities S.A.B. in Lima, Peru acted as the Bear Creek's sponsoring broker for the listing. The history of the BVL dates from December 31, 1860 and today it is one of the most important markets in South America. A new initiative by the BVL to join markets with the stock exchanges of Chile and Colombia is expected to enter its first stage in November 2010. This step is aimed to create the third largest stock exchange in Latin America with a combined capitalization of nearly US$500 billion, which will add excellent exposure to investors from many countries for companies listed on the BVL." More
- November 01, 2010 | Item | ShareThis
McArthur River and Key Lake Workers Accept Contract Offer - More
- November 01, 2010 | Item | ShareThis
Nanika Resources Inc. - Bulldog Creek Results - More
- November 01, 2010 | Item | ShareThis
Orex Exploration Inc.: Update on the Goldboro Exploration Program - More
- November 01, 2010 | Item | ShareThis
Petaquilla Minerals Ltd.: 97.02% Gold Recovery from Metallurgical Leach Tests - More
- November 01, 2010 | Item | ShareThis
First Point Receives Commitment from Cliffs Natural Resources for Continued Work on the Decar Nickel-Iron Alloy Property - More
- November 01, 2010 | Item | ShareThis
Stina Announces Completion of Trenching Program and Results From 2010 Soil Survey on Kodiak Property, White Gold District, YT - More
- November 01, 2010 | Item | ShareThis
Olympus Completes Tranche Two of the Bau Acquisition - More
- November 01, 2010 | Item | ShareThis
Alto Appoints New CFO - More
- November 01, 2010 | Item | ShareThis
Inspiration Mining Requests Special Meeting of Shareholders of URSA Major Minerals Incorporated - More
- November 01, 2010 | Item | ShareThis
Prospero Drills 2.83 Meters of 7.24 g/t Au, 103 g/t Ag at El Dorado Project, Nayarit - More
- November 01, 2010 | Item | ShareThis
Vantex Adopts a Shareholder Rights Plan - More
- November 01, 2010 | Item | ShareThis
Great Western Minerals Group Appoints Jim Hedrick to Advisory Board - More
- November 01, 2010 | Item | ShareThis
Golden Reign Resources Ltd.: Drill Hole SA10-06 Intersects High Grade Gold, Three New Gold Zones Discovered - More
- November 01, 2010 | Item | ShareThis
Strathmore to Sell Juniper Ridge, Wyoming, Uranium Development Project to Crosshair Exploration - More
- November 01, 2010 | Item | ShareThis
Globex Acquires Two Former Copper-Gold Mines in Chibougamau Area - More
- November 01, 2010 | Item | ShareThis
Panoro Closes Third and Final Tranche of $6.5 Million Financing - More
- November 01, 2010 | Item | ShareThis
Hana Mining Ltd.: Drilling Expands Copper Mineralization at the Chalcocite Zone by 700 Metres - More
- November 01, 2010 | Item | ShareThis
Canariaco Norte Copper Resource Increases Significantly - More
- November 01, 2010 | Item | ShareThis
First Liberty Power Corp. Announces Second Phase of Exploration Program for Lida Valley Nevada Lithium Prospect - More
- November 01, 2010 | Item | ShareThis
Gold American Mining Corp. Samples High Grade Silver at La Escondida, Including 1,175 g/t - More
- November 01, 2010 | Item | ShareThis
Indicator Minerals Acquires Arizona Copper Porphyry Project - More
- November 01, 2010 | Item | ShareThis
Indicator Minerals Closes Private Placement - More
- November 01, 2010 | Item | ShareThis
Williams Creek Announces the Acquisition of 10,000,000 shares in the Tyhee Development Corporation - More
- November 01, 2010 | Item | ShareThis
Midlands Minerals Corporation: Changes to the Board of Directors - More
- November 01, 2010 | Item | ShareThis
Crosshair Announces Property Acquisition, Financing and Share Consolidation - More
- November 01, 2010 | Item | ShareThis
Rockhaven Resources Ltd. Intersects 2.29 g/t Gold and 36.1 g/t Silver Over 19.75 m in Klaza Zone Drill Hole - More
- November 01, 2010 | Item | ShareThis
Radius Exercises Option on Sixty Mile Claims, Yukon - More
- November 01, 2010 | Item | ShareThis
Nautilus Commences 2010 Drilling Program - More
- November 01, 2010 | Item | ShareThis
Western Copper Announces Significant Resource Increase at Casino - More
- November 01, 2010 | Item | ShareThis
Alto Group Holdings Announces the Company Has Signed LOI to Acquire Gold Rights of the La Cienega Gold Project in Golden Triangle District - More
- November 01, 2010 | Item | ShareThis
Terra Nova Announces Shareholder Approval of Issuance of Shares in Connection With Its Proposed Acquisition of Mass Financial Corp. - More
- November 01, 2010 | Item | ShareThis
Avion to Release 2010 Third Quarter Financials and MD&A on November 24, 2010 - More
- November 01, 2010 | Item | ShareThis
Rusoro Receives Final Permits to Commence Offshore Gold Sales and Begin Mining Activities at the 100% Owned Increible 6 Project - More
- November 01, 2010 | Item | ShareThis
Nevada Copper Announces Decision to Proceed Directly to Definitive Feasibility - More
- November 01, 2010 | Item | ShareThis
Alamos Provides Exploration Update on Turkish Projects - More
- November 01, 2010 | Item | ShareThis
Lithium Americas Corp. Announces Mr. Ian Fodie as Chief Financial Officer - More
- November 01, 2010 | Item | ShareThis
U.S. Antimony Reports Delay of Mexican Antimony Mill - More
- November 01, 2010 | Item | ShareThis
Lydian Drills 40m at 5.6g/t Gold (Open at Depth) in New Higher Grade Zone Southeast of Artavasdes; Amulsar Armenia - More
- November 01, 2010 | Item | ShareThis
Pancon Reports Rare Earth Heavy Mineral Concentrate Results From Charley Creek, Northern Territory - More
- November 01, 2010 | Item | ShareThis
Aquila Acquires Michigan Gold Properties and Drilling Has Begun - More
- November 01, 2010 | Item | ShareThis
American Manganese Inc. Retains Wolfe Axelrod Weinberger Associates LLC as Its Investor Relations Agency - More
- November 01, 2010 | Item | ShareThis
Coastal Pacific Announces Signing of Definitive Option Agreement for Santa Rita Property - More
- November 01, 2010 | Item | ShareThis
Medusa Mining Limited: Investor Presentation November 2010 - More
- November 01, 2010 | Item | ShareThis
Black Hawk Exploration Schedules Additional 37 Hole Auger Drill Program - More
- November 01, 2010 | Item | ShareThis
Rockland Minerals Corporation (V.RL) Retains Ethos Consulting Ltd. for Investor Relations - More
- November 01, 2010 | Item | ShareThis
Goldcorp Declares Eleventh Monthly Dividend Payment for 2010 - "GOLDCORP INC. (GG: NYSE; G: TSX) is pleased to declare its eleventh monthly dividend payment for 2010 of $0.03 per share, which reflects the Company's announcement to double the dividend on October 27, 2010. Shareholders of record at the close of business on Friday, November 12, 2010 will be entitled to receive payment of this dividend on Friday, November 19, 2010." More
- November 01, 2010 | Item | ShareThis
Claude Resources Inc. Provides Madsen Gold Project Update - "Claude Resources Inc. ("Claude" or the "Company") today announced that it has successfully de-watered past the 16th level of the Madsen Mine shaft in Red Lake, Ontario. Rehabilitation of the 16th level has started and two drill chambers are expected to be developed by the end of the first quarter of 2011. De-watering past the 16th level is necessary for the Company to target and drill extensions to the high grade 8 Zone and to test associated sub-parallel systems." More
- November 01, 2010 | Item | ShareThis
Alexco Receives Balance of Assays from Onek Zinc-Silver Deposit; Indium Association Confirmed - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce the balance of results from its 2010 core drilling program in the Onek historical mine area, Keno Hill Silver District in Canada's Yukon Territory. Exploration and infill drilling in the area of the historical Onek underground and open pit mine continues to confirm that significant widths of indium-bearing zinc-silver and silver-zinc mineralization extends at least 400 meters along strike, 220 meters down dip, and remains open to the southwest and down plunge. Although not yet drilled off, the Onek deposit is emerging as a distinctly zoned body, with high silver grades in the upper portion of the deposit and zinc-indium rich mineralization at depth. A resource estimation for the Onek deposit is underway while drilling is ongoing." More
- November 01, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 1 November, 2010 | |
