-- Posted 10 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1400.50 | -$9.90 |
Silver | $26.95 | -$1.69 |
XAU | 219.60 | +2.44% |
HUI | 565.05 | +2.67% |
GDM | 1693.29 | +2.68% |
JSE Gold | 2783.10 | -17.14 |
USD | 77.65 | -0.10 |
Euro | 137.80 | +0.05 |
Yen | 121.53 | -0.86 |
Oil | $87.81 | +$1.09 |
10-Year | 2.648% | -0.011 |
T-Bond | 129.0625 | +0.25 |
Dow | 11357.04 | +0.09% |
Nasdaq | 2578.78 | +0.62% |
S&P | 1218.71 | +0.44% |
The Metals:
Gold fell all the way to $1383.05 in afterhours access trade yesterday before it rebounded in Asia to as high as $1410.10 around 4AM EST and then fell all the way back to $1383.65 in late morning New York trade, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.7%. Silver dropped to $26.435 in afterhours access trade yesterday before it climbed back to $28.185 in Asia, but it then fell back off for most of the rest of trade and ended with a loss of 5.9%.
Euro gold fell to about €1017, platinum lost $48.25 to $1738.00, and copper fell over 7 cents to about $3.97.
Gold and silver equities rose roughly 2% by late morning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/06 | 435K | 450K | 459K |
Trade Balance | Sep | -$44.0B | -$44.8B | -$46.5B |
Import Prices | Oct | 0.9% | - | -0.1% |
Import Prices ex-oil | Oct | 0.3% | - | 0.3% |
Export Prices | Oct | 0.8% | - | 0.6% |
Export Prices ex-ag. | Oct | 0.7% | - | 0.3% |
Treasury Budget | Oct | -$140.4B | -$140.0B | -$176.4B |
There are no economic reports due out tomorrow in observance of Veterans’ Day. Stock markets will remain open. Bond markets, Federal Reserve Banks and many of the nation's banking institutions will be closed.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new 2-year high after the Energy Information Administration reported that crude inventories fell 3.3 million barrels, gasoline inventories fell 1.9 million barrels, and distillates fell 5.0 million barrels.
The U.S. dollar index reversed midday gains and ended lower in reaction to bond market movements both here in the US and overseas.
Treasuries extended early losses after today $16 billion 30-year note auction drew a high yield of 4.320% with a bid to cover of just 2.31, but they then reversed higher following the announcement that the fed “will purchase $105 billion of Treasuries over the next month as policy makers expand monetary stimulus measures to reduce unemployment and avert deflation.”
The Dow, Nasdaq, and S&P traded mixed and near unchanged on caution ahead of the G20 summit.
Among the big names making news in the market today were Google, Campbell, RIM, Merck, Halliburton, Macy’s, and GM.
The Commentary:
“Dear CIGAs,
Two significant developments occurred in today’s trading session which bear mentioning as both have important repercussions for the future.
The first is the clear breakout above $87 in the crude oil market which is heralding a further rise in the cost of crude and with it, all of the liquid energies including gasoline and heating oil. The catalyst was a report showing a drawdown in the amount of crude in storage. Needless to say, this is not welcome news to cash strapped US consumers who are already feeling the affects of higher food costs. Now into this sordid mix comes higher energy costs. Food and energy – what are more essential than these? Nothing!
The second is further downside follow through in the long bond after it breached an important chart support level in yesterday’s trading session. There are so many false breakouts and breakdowns in today’s markets on account of the algos that I am becoming a bit more conservative when reading the price charts but the lack of additional buying in the bonds even in the face of a weaker equity market is ominous. It seems to me that this market, which had been supported only by the Fed’s QE buys is now discounting those buys and has shifted its focus to the sheer volume of supply which is hitting the market. In other words, bond traders are discounting the price of bonds to reflect the fact that demand is not going to keep up with supply at current levels of interest rates. Bond traders are in effect signaling a return to inflation on the long end of the curve as the effect of the QE impacts the economy at large. So far the decline has been rather orderly so we are not looking at a rout or a sharp spike in long term rates, but it could very well be that the days of low long term interest rates are behind us. I still want to see how this market closes out the week however before becoming too dogmatic on things. I have been tripped up too often with these things to get overconfident.
Gold and silver are today feeling the after affects of the margin rate hike in silver. Combine that with a pop in the Dollar and a general wave of commodity selling, and the hit to silver in particular has been quite dramatic. It is currently down over 6%. Oddly enough, even with a downdraft of this extent, its chart does not look all that bad as the uptrend is still intact. If it can close out the week this Friday above 26.75, it will have dodged a bullet. If not, look for further downside with a move down towards $25 very possible, where it should garner buying support if the uptrend is to stay healthy.
Gold’s ability to recapture $1,400 in the face of the rout in silver is very impressive. It seems to me that a goodly number of long silver/short gold spreads are being lifted today. That is part of the reason gold is holding up so much better than silver. Silver had been leading to the upside and now it is leading to the downside. Gold is also responding to woes in Ireland as investors in Europe are driving the price of gold above the €1010 level priced in Euros. In short, although the yellow metal is weaker, it is holding together quite well thus far.
Incidentally, gold just missed setting a new all time high when priced in terms of the Japanese Yen at today’s London PM fix.
Downside chart support in gold was touched earlier in the session where buyers came in and brought it off that level. That serves to validate the levels shown on the chart which are marked in red. The ideal price action would now be not a sharp spike back up in price but rather a sideways period of consolidation to allow end users to become acclimated to the higher cost. Sharp run ups in price tend to put the damper on the physical market overseas whereas a climb, followed by a drop in the level of excitement and some price stability gives buyers the courage to step in once they see that prices are now at a new and higher sustainable level and not just the result of a wave of speculative hot money flows which can dissipate all too quickly.
The Dollar is reaping the rewards of the crisis involving Ireland’s debt. That brought some rather intense selling into the Euro but I find it telling that once the Dollar pushed towards the chart resistance levels near 78.50 on the USDX, it could not hold its gains. The fact is all of the paper currencies are under stress and that is why gold will continue to perform well and will be supported on price dips.
The HUI is showing remarkable strength which is interesting. I think some of what we are seeing there is those ratio spread trades being unwound. That involves buying the shares and selling the bullion. I view that as a good herald as if this is the case, it indicates that the hedge fund crowd is throwing in the towel and abandoning that strategy. We’ll see. Either way, it is difficult to see much more in the way of enduring selling pressure in the metals themselves if the HUI stays strong. Silver is a money game right now so try not to read too much into the chart action as it will take some time for the margin hikes to weed out the weak-handed long side specs.
Cotton has been all over the place today nearly hitting limit up in overnight trade in Asia, then getting whacked and moving almost limit down, then rebounding over $10 and then dropping almost limit down again. Right now it is down but above any limit move. I keep seeing signs in the department stores being changed every 30 minutes to reflect the change in the cost of a pair of cotton socks or T-shirts. Pity the poor clerk who has to keep running in and out of the storage section! Seriously, cotton is evidencing the same kind of wild volatility that silver is experiencing. Ditto goes for sugar which has been all over the place today. The fact is hot money is sloshing all over the globe and moving in and out of markets in huge quantities making trading extremely dangerous for all but the most fleet of foot or the most experienced. Be careful; be very careful out there if you are trading. Scaling down in size is not a bad option as you can still make a great deal of money if you are right in your trades with a small position but at least you can survive if some of them go bad. A large number of hedge funds are not going to survive this period in the markets as these types of extreme ranges in price are going to claim a significant number of them. You can carve that in stone. It is not a zero sum game for no reason.
The grains are seeing weakness today but the fundamentals in there are so strong that it is difficult to see them staying down for any length of time. Food is not going to get cheaper, even if we get a few down days in the commodity markets. The genie is out of the inflation bottle and it is too late to put him back in.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Gene Arensberg: Big commercial shorts retreating on silver
World Bank chief elaborates: Gold is the 'elephant in the room'
Money Talks precious metals conference video includes Grandich speech
James Turk: Gold mining stocks are still cheap
The Statistics:
Activity from: 11/09/2010
Gold Warehouse Stocks: | 11,305,253 | +96,304 |
Silver Warehouse Stocks: | 107,901,608 | -159,419 |
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 | 1292.981 | 41,570,644 | US$57,797m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.67 | 3,911,668 | US$5,465m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.73 | 4,203,028 | US$5,871m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,243 | US$641m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.56 | 1,593,418 | US$2,264m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,966 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.215 tonnes and the LSE ETFS added 0.47 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 104.41 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,366.03: +112.53 change from yesterday’s data.
The Miners:
Banro’s (BAA) progress update, ITH’s (THM) closed financings, Nevsun’s project update and third quarter results, Northgate’s (NXG) drill results and third quarter results, Jaguar’s (JAG) third quarter results, U.S. Silver’s (USA.TO) hedging transaction, Pan American’s (PAAS) board changes, Endeavour’s (EXK) third quarter results, and Silver Quest’s (SQI.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Endeavour | EXK+16.75% $6.76 |
2. Minco Gold | MGH +9.14% $1.66 |
3. Claude | CGR +8.33% $1.82 |
LOSERS
1. Kimber | KBX -6.19% $1.06 |
2. Jaguar | JAG -3.80% $6.83 |
3. Golden Star | GSS -3.46% $4.74 |
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:
U.S. Silver Announces Hedging Transaction - "U.S. Silver Corporation (TSX:USA.to - News) “U.S. Silver” or “the Company” is pleased to announce that it has concluded a Silver Price Protection Program with Auramet Trading LLC. U.S. Silver has secured a minimum price of silver at US$27.50 per ounce on 500,000 troy ounces. The 500,000 ounce program covers equal quantities of silver for each calendar month during 2011. As security, U.S. Silver has provided an interest earning cash collateral deposit of US$3,000,000 and has been granted a margin credit facility. This margin requirement will decrease as silver volumes are delivered throughout the 2011 year." More
- November 10, 2010 | Item | ShareThis
Soldi Ventures Inc. Adds Significant Acreage to Its Rainy River Block "B" Property Along the Rainy River Gold Belt - More
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Force Energy Corp.-Prime Equity Research Initiates Coverage on Force Energy Corp. With Speculative Buy Rating, $1.17 Price Target - More
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Pan American Silver Announces Changes to Its Board of Directors - "Michael Larson has been a great supporter of Pan American and a long-standing member of our Board of Directors. During his tenure with us, Michael's numerous contributions helped us shape and execute on the growth strategy that made us the world's second-largest primary silver mining company today." More
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LKA Announces Exploration Progress From Golden Wonder North Raise - More
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Pure Nickel's Tower Property Under Option With Rockcliff Resources Inc. Hits High Grade Copper-Gold Mineralization in the First Two Holes - More
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Nebu Resources Inc. Commences Drilling at Its Beehive Property in the Timmins Gold Camp, Ontario - More
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Wolverine Exploration Announces Approval of Permit and Commencement of IP Survey at Cache River - More
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AMSECO Exploration Completes the Initial Phase of Induced Polarisation and Ground Magnetics Surveys on Their Malartic Property, Malartic, Quebec - More
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Rare Earth Metals Inc. Announces: Closes First Tranche of Flow-Through Financing; Options REE Property in Western Newfoundland - More
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Christopher James Gold Corp.'s Shareholders Approve the Transaction With Chesapeake Gold Corp.; Christopher James Announces Private Placement - More
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Adanac Molybdenum Corporation: Creditors Approve Plan of Arrangement, Company to Apply to Court for Sanction Order - More
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Lithium One Reports High Grade Lithium and Potassium in Brine Over More Than 150 km2 from First Core Holes at Sal de Vida Project, Argentina - More
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Apella Resources Inc.: 250 km Iron-T Mag Survey Complete and Topo Mapping Underway - More
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Pro Minerals Appoints Christian G. Derosier Vice-President of Exploration - More
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Key Gold Holding Inc.: Modifications to the Terms and Conditions of the Private Placement Announced on September 1st, 2010 - More
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Southern Hemisphere Reports Positive Sampling Results From Key Copper/Gold Projects in Chile - More
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Avala Resources Makes Significant New Discovery: Intersects 52 Meters of 4.30g/t Gold From a Depth of 17 Meters at Korkan in Serbia - More
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Augen Gold Begins Trenching at Claims West of Cote Lake - More
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Hudson Discovers New High Grade Rare Earth Zone-Drill Hole SAR10-23 Hits 24m of 3.6%, Including 14m of 4.9% TREO at ST19 Target - More
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Crocodile Gold Announces New Uranium, Platinum, Palladium and Gold Discoveries From JV Partner Thundelarra On Two Previously Untested Targets - More
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North Country Gold Corp. Closes $6.0 Million Private Placement Financing - More
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Typhoon Exploration Completes a Geochemical and an Airborne Geophysical Survey on the Faille 1 Property - More
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Nuinsco Begins Drilling at Diabase Peninsula Uranium Project - More
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Alexandria Expands Akasaba with 11.65 g/t Au and 60.11 g/t Au Drill Intersections - More
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Selwyn Resources Announces Changes to Its Board - More
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Petaquilla Reaches Annual Production Rate of 100,000 Ounces and Increases Working Capital - More
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Golden Share Obtains Grades of 2.53% TREE on Lutetium in Quebec, Canada - More
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American Bonanza Completes Property Sale - More
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Medoro Announces 2010 Third Quarter Financial Results - More
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Glen Eagle Intersects 1.44% Li2O Over 45.7 Meters - More
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Malbex Featured on CEO Clips on the Biography Channel - More
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Gold American Mining Corp. Guadalupe Drilling Update - More
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Lake Victoria Commences Drilling Program at Kinyambwiga Gold Project, Tanzania - More
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African Gold Group, Inc. Intercepts 53 Meters of 2.08 g/t Au-Hole Ends in Mineralization-and 90 Meters of 0.91 g/t Au from Surface, at Kobada, Mali - More
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TintinaGold Expands Land Position at Its Sheep Creek Property, Montana, USA - More
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Sandspring Drill Results From Holes TPD94-TPD104 Includes Deposit Grade Values 350m Along Strike on Stepout From Toroparu Gold-Copper Deposit - More
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Romarco Appoints Chief Financial Officer - More
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Sultan Minerals Expands Copper King Zone 0.24% Copper Equivalent Over 210.55 Metres - More
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Rockland Stakes Additional Claims in the Schefferville Gold Area - More
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Ironwood Gold Completes Mobile Metal Ion Survey at Rock Creek Project, Nevada - More
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Paladin Energy Ltd: September Quarter 2010 Conference Call and Investor Update-16th November 2010 (AUS.) - More
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Indigo Signs Drill Contract for Moule Gold Permit in Burkina Faso - More
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Underground Drilling Continues to Expand and Upgrade Precious Metals-Enriched VMS Mineralization at Niblack - More
- November 10, 2010 | Item | ShareThis
Adventure Gold Discovers 12 Gold Bearing Zones on the Granada Extension Property - More
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Assay Results Confirm Thierry Mineralized Zone Extends at Depth - More
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NEVADO Discovers Four New Massive Magnetite-Ilmenite Occurrences During Regional Reconnaissance Program, One More Than 450 Metres in Length - More
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Loeb Aron Issues Research Note on Yorbeau's Rouyn Property - More
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Midlands Minerals Corporation: Recent Drill Results Indicate Possible Extension of the Strike Length to 1.2 km at Sian, Ghana - More
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Uranium Energy Corp Commences Major Drilling Program at Salvo Project in South Texas - More
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Kiska Adds $2.3 million to Treasury through Clancy Sale - More
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Orosur Mining Inc. Chief Operating Officer's Dealing - More
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Mercer Gold to Conduct Geophysics at Guayabales Gold Project, Colombia - More
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Radisson Announces JV on Its Massicotte (Detour East) Property - More
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Mega Provides Update on Exploration in Cameroon - More
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Harte Drilling Confirms New Gold Discovery at Sugar Zone Property - More
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Taku Stakes Bishop Property and Provides Update on Exploration Activity in White Gold District of Yukon - More
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Luiri Gold Appoints New Chairman and Director - More
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Quadra FNX Mining Ltd. Announces Record Revenue of $260 Million for the 2010 Third Quarter - More
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NunaMinerals Identifies High Grade Gold Zone in South Greenland - More
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BANRO UPDATES MINE CONSTRUCTION PROGRESS AT ITS WHOLLY-OWNED TWANGIZA GOLD PROJECT - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") reports that construction of its wholly-owned Twangiza "Phase I" gold mine in South Kivu Province, Democratic Republic of the Congo (the "DRC"), is proceeding quickly and that the Company remains on schedule to begin commercial production in the fourth quarter of 2011." More
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International Tower Hill Mines Ltd. Announces Closing of CAD 105,375,000 in Equity Financings - "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 has closed the bought deal short form prospectus financing announced September 28, 2010 (the "Offering"). The Company issued 10,400,000 common shares at a price of CAD 6.25 per common share for gross proceeds of CAD 65,000,000. The syndicate of underwriters (the "Underwriters") also exercised their over-allotment option to acquire an additional 1,560,000 common shares for additional gross proceeds of CAD 9,750,000. Including the proceeds from the exercise of the over-allotment option, the total gross proceeds of the Offering were CAD 74,750,000." More
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Bisha Project Update and Q3 2010 Results - "The Company's end of quarter financial position includes a healthy $74.8 million cash position that, together with the financial contribution by the State of Eritrea, should carry the project through to positive cash flow in Q1 2011. The estimated Bisha Project cash flow under various metals price assumptions are included in the annual MD&A and posted on the Nevsun web site. The Company's third quarter loss of $1,299,876 increased by $285,887 from Q3 2009's IFRS adjusted loss of $1,013,989." More
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Bisha Project Update and Q3 2010 Results - "The Company's end of quarter financial position includes a healthy $74.8 million cash position that, together with the financial contribution by the State of Eritrea, should carry the project through to positive cash flow in Q1 2011. The estimated Bisha Project cash flow under various metals price assumptions are included in the annual MD&A and posted on the Nevsun web site. The Company's third quarter loss of $1,299,876 increased by $285,887 from Q3 2009's IFRS adjusted loss of $1,013,989." More
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Endeavour Silver Reports Record EBITDA, Cash-Flow, Revenues in Q3, 2010; Silver Production of 797,000 oz Up 20% Compared to Q3, 2009 - "Endeavour Silver's record financial performance in Q3, 2010 can be attributed to our growing silver-gold production, improving cash costs and higher metal prices. Once again, our operating team did an excellent job, as Endeavour remains ahead of schedule on our 2010 production targets and our capital expansion projects for 2010 are now substantially complete." More
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Silver Quest Intersects Gold & Silver on Capoose Project, BC - "Silver Quest Resources Ltd. (TSX VENTURE:SQI - News; the "Company") is pleased to report assay results for diamond drill holes D-10-126 and D-10-129 recently completed on the Capoose Project ("Capoose") located in north central British Columbia, 185 km southwest of Prince George. The assay results confirm that precious and base metal mineralization extends at depth on the eastern side of the west arm of the Capoose Deposit. Mineralization remains open in all directions and at depth." More
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Northgate Minerals Reports Significant Gold Intersections at its Fosterville and Stawell Gold Mines - "The excellent results received to date represent a significant step towards achieving our goal of reserve and resource expansion at our Australian mines. Drilling within the Phoenix Footwall and Extension down dip from the existing reserves is testing for the large scale continuity of the Phoenix Deposit, which has been the most productive orebody identified on the property to date, and while in its early stages, we are encouraged by the excellent results and the potential to add to reserves. We also continue to be very excited on the progress that is being made at Stawell in identifying new areas on our mining lease, including two new gold bearing basalt domes and a potentially significant waterloo zone, as we look to make further extensions to the mine life." More
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Northgate Minerals Reports Third Quarter Results - "Adjusted net earnings for the third quarter of 2010 were $1.7 million or $0.01 per share, compared with adjusted net earnings of $7.7 million or $0.03 per share in the third quarter of 2009. The net loss for the third quarter of 2010 was $8.9 million, which included an unrealized loss of $14.8 million relating to the change in fair value of Northgate's copper forward sales contracts. These contracts are priced at Cdn$3.31 per pound and were put in place in order to secure a significant portion of cash inflow over Kemess South's remaining mine-life." More
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Silvercorp Announces Q2 Dividend of CAD$0.02 - "Silvercorp Metals Inc. (TSX:SVM - News)(NYSE:SVM - News) ("Silvercorp" or the "Company") today announced that its Board of Directors has declared its second quarter dividend of CAD$0.02 per share, to be paid on or before January 21, 2011 to shareholders of record at the close of business on December 31, 2010." More
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Jaguar Mining Reports Q3 2010 and YTD 2010 Earnings - "Q3 2010 net loss of $3.8 million or $0.05 per basic and fully diluted share compared to net income of $6.9 million or $0.09 per basic and fully diluted share in Q3 2009. Net income for Q3 2010 was adversely impacted by higher cash operating costs caused by abnormally high dilution at the Company's Turmalina Mine." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 10 November, 2010 | |
