-- Posted 16 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1338.30 | -$30.50 |
Silver | $25.37 | -$0.69 |
XAU | 206.73 | -2.87% |
HUI | 529.78 | -2.84% |
GDM | 1589.87 | -2.73% |
JSE Gold | 2720.48 | -57.82 |
USD | 79.23 | +0.54 |
Euro | 134.91 | -0.95 |
Yen | 120.06 | -0.26 |
Oil | $82.34 | -$2.52 |
10-Year | 2.847% | -0.064 |
T-Bond | 127.71875 | +1.50 |
Dow | 11023.50 | -1.59% |
Nasdaq | 2469.84 | -1.75% |
S&P | 1178.34 | -1.62% |
The Metals:
Gold saw only modest losses in Asia and London before it accelerated markedly lower in New York and ended not far from its noontime low of $1329.70 with a loss of 2.23%. Silver fell to as low as $24.991 before it bounced back higher in afternoon trade, but it still ended with a loss of 2.65%.
Euro gold fell to about €993, platinum lost $41.50 to $1639.50, and copper dropped 19 cents to about $3.73.
Gold and silver equities fell about 3% by late morning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Oct | 0.4% | 0.8% | 0.4% |
Core PPI | Oct | -0.6% | 0.1% | 0.1% |
Net Long-term TIC Flows | Sep | $81.0B | - | $128.7B |
Industrial Production | Oct | 0.0% | 0.3% | -0.2% |
Capacity Utilization | Oct | 74.8% | 74.9% | 74.8% |
NAHB Market Housing Index | Nov | 16.0 | 15.0 | 15.0 |
Tomorrow at 8:30AM EST brings CPI for October expected at 0.3%, Core CPI expected at 0.1%, Housing Starts for October expected at 600,000, and Building Permits expected at 570,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose on emerging details about Europe’s bailout of Ireland.
Treasuries rose as the Dow, Nasdaq, and S&P fell on worries over European debt problems.
Among the big names making news in the market today were Bank of America, Home Depot, Wal-Mart, and GM.
The Commentary:
“U.S. Stock Market – I feel most comfortable with my bear suit on. I never liked being in the same ballpark with the “Don’t Worry, Be Happy” crowd. Switzerland is a nice place to visit but being neutral is like kissing your sister. It’s too early to say yes with any certainty but I feel really good about my belief a top in the market ended up coinciding with Election Day and the “official” beginning of QE2.
The foundation to my bearish stance long term is the belief the U.S. is going to experience many of the similar problems Japan faced in the last 20 years. Like Japan, I don’t believe it’s straight down. Japan had 4 rallies of 40% or more within the 20-year period but managed to lose 75% of its stock market value.
QE2, IMHO, is set to fail as QE1 did. The last jobs report would have been much better in January since it was one of the biggest snow jobs in years. The fact is the economy is sliding again and we never saw any real recovery on the jobs front no matter what government “massage therapists” try to tell us.
Obama was basically a complete bust on his trip overseas and a hostile crowd awaits him in Washington. The best thing that happened for the Republicans was Reid and Pelosi returning to Washington as they will continue to be their poster children for everything that’s wrong with Washington.
Look for us to keep rolling over and for a possible significant downdraft as money managers rush to the exit in hopes of locking in gains before the 2010 fairytale turns into the nightmare of 2011.
U.S. Dollar – The little countertrend rally back towards 80 on the U.S. Dollar Index is playing out. I suspect before the year is out (keeping in mind markets thin out as we get later into December) we shall see a resumption to the downside and hit my first downside target of 74.
I’ve long said the U.S. Dollar is terminally ill. QE2 was financial heroin and whatever brief high it gives to the patient, it will wear off on the world’s biggest debt junkie. Make no mistake about it, the U.S. started a currency war and it can’t win it.
Precious Metals - I need to say something that’s not directed to the typical reader but people in general. I find it frustrating at times that people who have been right over and over again for nearly a decade like the likes of Jim Sinclair and GATA (and yes, myself too) have to constantly prove our points while people like Jon Nadler (Tokyo “Nitwit” Rose, Leonard Kaplan and other gold perma-bears) are never questioned once about their near-decade-long record of failed forecasts. Now don’t get me wrong, I know the answer to my own frustration as I’ve made it a critical point in my bullish argument for years: most on Wall Street and the media that follows it dislike gold and what it stands for. They live off of financial assets and consider gold the enemy of stocks and bonds.
With that in mind, we’re at another of those points in this “mother” of all precious metals bull markets where a pullback causes these “wrong way” characters to again fill the airwaves and print media with bubbles-bursting, tops and all their typical anti-gold rhetoric.
Me? I told you I was concerned the silver market in particular was starting to go parabolic and I would prefer to see it correct now versus later. I think both gold and silver are consolidating and key support areas should hold. They are:
Gold can trade down to key support around the 50-Day M.A. $1320-$1330 and fully remain in an uptrend;
Silver has solid support around $25 and key support around the 50-Day M.A. around $23;
U.S. Bonds – I’ve advocated avoidance of any bond/CD maturity past two years maturities. Bubble searchers should leave the precious metals where they are and go where Lawrence Welk would be proud – U.S. Bond Market.
Oil and Gas – There’s a ray of hope for natural gas. What’s that, Grandich? Did you say you may remove your bear suit when it comes to natural gas? While I see no reason to buy into it today, there are developments now that could be setting the ground work for a true bottom in prices. If and when this occurs, I’m not looking for prices to skyrocket but the light that what was once an oncoming bear train now appears to be a light at the end of the tunnel. Stay Tuned.”- Peter Grandich, Grandich Letter
“Dear Friends,
How many times have we gone through the standard operation for the international investment banks to profit on the short of the euro, as is occurring today?
The OTC derivative (credit default derivative prices moving higher) market turns against the Irish.
Media turns focus directly on both the OTC derivative action (credit default derivatives moving higher), and runs multiple stories of the dire circumstances.
The government in question opens negotiations on a form a rescue. Other euro states jump up and down saying why should we finance the country in question.
The media calls this a non-united euro zone. The euro declines into and during the event, consolidating rises thereafter.
The ECB camouflages a great deal of its Quantitative Easing in secretly being the buyer in the bond offering of the country in question. The media lauds the UNEXPECTED good buying in the euro. The euro moves back into the $1.40s where the international investment banks put out their short and do it all again against this time Spain and/or Portugal.
The bad news is that Europe is courting a business disaster by their actions on austerity while at the same time doing QE in the bailout and covert bond buying at auction.
Greece has 110 billion committed which is without any doubt covert QE.
The so called good news if that the perps continue to make a million per minute on the days of covering the euro short. How many times do you have to see this to know it is gold positive and deleterious to the entirety of the Western world’s finances.
Please review the illustration above that will in time be proven totally correct. We will have an outrageously volatile euro and the dollar lower on balance.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Gene Arensberg: Big commercial shorts still covering in silver
The Statistics:
Activity from: 11/15/2010
Gold Warehouse Stocks: | 11,313,800 | -161 |
Silver Warehouse Stocks: | 107,968,185 | +530,717 |
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 | 1290.855 | 41,502,280 | US$55,976m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.43 | 3,904,099 | US$5,198m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.97 | 4,210,844 | US$5,603m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,212 | US$611m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 51.01 | 1,640,165 | US$2,245m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,966 | US$7m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 105.90: +0.45 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,718.82 - No change from yesterday’s data.
The Miners:
Brigus Gold’s (BRD) third quarter production, Centerra’s (CG.TO) closed credit facility, Great Basin’s (GBG) third quarter results, ITH’s (THM) drill results, and Silvermex’s (SMR.V) closed business combination with Genco were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. Vista gold | VGZ +3.86% $2.96 |
LOSERS
1. Banro | BAA-8.19% $2.69 |
2. Claude | CGR-7.10% $1.57 |
3. Nevsun | NSU-6.84% $5.45 |
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:
Aurora Gold Corporation Is Pleased to Announce That the Company Has Received the First Analytical Results Back From the Recent Resource Definition Drilling - More
- November 16, 2010 | Item | ShareThis
Coro Announces Planned Drilling of Chacay Project - More
- November 16, 2010 | Item | ShareThis
Augusta Provides Rosemont Copper Permit Update - More
- November 16, 2010 | Item | ShareThis
Bison Gold Resources Inc. Raises an Additional $50,000 in Flow-Through Private Placement Financing - More
- November 16, 2010 | Item | ShareThis
Houston Confirms New Robertson Gold Zone from Phase I Drilling and Initial Prospecting Results of over 3 g/t Target Robertson Gold Zone Offset Extension - More
- November 16, 2010 | Item | ShareThis
Threegold Acquires the Right to Earn a 75% Interest in 53 Claims Near its South Bay Project in the Val-d'Or Camp - More
- November 16, 2010 | Item | ShareThis
Golden Goliath Resources Ltd.: Orito Zone Returns 42.10m of 1.81 g/t Gold Equivalent From Surface - More
- November 16, 2010 | Item | ShareThis
Christopher James Gold Corp. Changes Name To Gunpoint Exploration Ltd. and Implements Stock Consolidation - More
- November 16, 2010 | Item | ShareThis
Central Increases and Closes Financing - More
- November 16, 2010 | Item | ShareThis
Barkerville Closes Acquisition of Additional Gold Mill Facility in Central British Columbia - More
- November 16, 2010 | Item | ShareThis
Sunset Cove Announces Private Placement - More
- November 16, 2010 | Item | ShareThis
Energy Fuels Submits Final Regulatory Agency Responses for Pinon Ridge Mill License Application - More
- November 16, 2010 | Item | ShareThis
First Gold Exploration Inc.: Lithium Discovery Grading Up to 3.01% Li2O - More
- November 16, 2010 | Item | ShareThis
Timmins Gold Corp.: San Francisco Mine Gold Reserves Increased by 28% - More
- November 16, 2010 | Item | ShareThis
Yale Reports Results from First Two Holes at Guadalupe - More
- November 16, 2010 | Item | ShareThis
Fall of Ground at Ezulwini Gold Mine - More
- November 16, 2010 | Item | ShareThis
Geo Minerals Acquires 100% of Additional Claims in Quebec Along Southwest Trend of BonTerra Resources - More
- November 16, 2010 | Item | ShareThis
Pacific Ridge Exploration Ltd.: Mariposa's Skookum Jim Anomaly Extends Over 3.5 Kilometres, Trench Results, New Prospecting Discovery and Drill Targets Defined - More
- November 16, 2010 | Item | ShareThis
AM Gold Extends Mineralization 250 Meters to the Southeast of Red Mountain Resource Area - More
- November 16, 2010 | Item | ShareThis
Geologix Explorations Inc.: Share Price Triggers Warrants' Forced Exercise Provision - More
- November 16, 2010 | Item | ShareThis
Ucore Retains Collison for Mine Design - More
- November 16, 2010 | Item | ShareThis
Alto Group Holdings Announces Operations Manager Departs to Commence Preparation of Gold Production in Sonora, Mexico - More
- November 16, 2010 | Item | ShareThis
Ventana Announces Additional Drill Results-New Footwall Area of La Bodega Zone Intersects 12 Metres of 16.78 Grams Per Tonne Gold - More
- November 16, 2010 | Item | ShareThis
Tombstone Exploration Corporation Confirms Two Porphyry Targets With ZTEM, Additional Targets Being Assessed - More
- November 16, 2010 | Item | ShareThis
Liberty Star Raises Cash Through Non-Brokered Private Placements with US Investors - More
- November 16, 2010 | Item | ShareThis
New Guinea Gold Announces Letter of Intent to Convert Crater Mountain Interest to Equity in ASX-Listed Gold Anomaly - More
- November 16, 2010 | Item | ShareThis
Orezone Gold Corporation: Major Expansion Drill Program Commences at Bombore Project - More
- November 16, 2010 | Item | ShareThis
African Gold Group, Inc. Step-Out Holes Intercept 102 Meters of 1.00 g/t Au from Surface, Ending in Mineralization and 45 Meters of 1.57 g/t Au-Kobada, Mali - More
- November 16, 2010 | Item | ShareThis
Rare Element Reports First Quarter Financial Results - More
- November 16, 2010 | Item | ShareThis
Anglo Swiss Resources Commences Fall/Winter 2010 - 5,000 Meter Drilling Program on the Kenville Gold Mine Property - More
- November 16, 2010 | Item | ShareThis
Tanzania Minerals Corp. Acquires Two Additional Gold Properties - More
- November 16, 2010 | Item | ShareThis
Daulton Capital Corp. Confirms Exploration Potential of Their Hunker Property - More
- November 16, 2010 | Item | ShareThis
Dorato Receives Initial Results From 2010 Airborne Geophysical Survey for the Lucero Target, Cordillera del Condor, NW Peru - More
- November 16, 2010 | Item | ShareThis
Rockland Announces Results of Annual General Meeting - More
- November 16, 2010 | Item | ShareThis
Midland and JOGMEC Discovered More Rare Earth Enriched Zones on Ytterby 2 and 3 South of Strange Lake - More
- November 16, 2010 | Item | ShareThis
GoldQuest Announces an Initial Inferred Resource of 0.4 Million Ounces of Gold at La Escandalosa, in the Dominican Republic - More
- November 16, 2010 | Item | ShareThis
ANATOLIA PROVIDES COPLER UPDATE AND ANNOUNCES ARRANGEMENT OF CREDIT FACILITY - More
- November 16, 2010 | Item | ShareThis
Radius Announces Results From Sixty Mile Project, Yukon - More
- November 16, 2010 | Item | ShareThis
Eagle Plains/Providence Capital Provide Update on Drill Program at Iron Range Project, Southeastern BC - More
- November 16, 2010 | Item | ShareThis
Gold American Mining Corp. Announces Preliminary Drilling Results at Guadalupe - More
- November 16, 2010 | Item | ShareThis
MDN Demonstrates Continuity at Depth and Increasing Thickness to the West of the Ikungu Structure - More
- November 16, 2010 | Item | ShareThis
TASMAN INITIATES METALLURGICAL TESTING ON THE NORRA KARR HEAVY RARE EARTH ELEMENT PROJECT, SWEDEN - More
- November 16, 2010 | Item | ShareThis
BCGold Corp. Stakes More Porphyry Copper-Gold Properties in South Central British Columbia - More
- November 16, 2010 | Item | ShareThis
Step-out Drilling Discovers Substantial Extension to San Gold's 007 Zone - More
- November 16, 2010 | Item | ShareThis
Champion Minerals Increases Intersection Length in Drill Hole FL10-21 to 336.9m Grading 36.2% Total Iron on Fire Lake North - More
- November 16, 2010 | Item | ShareThis
Callinan Receives Q3 Net Profits Interest Payment from HudBay Minerals - More
- November 16, 2010 | Item | ShareThis
Southern Arc Minerals Inc.: Appointment of Senior Technical Advisor to Team - More
- November 16, 2010 | Item | ShareThis
Alderon Confirms Iron in New Zone With 30% Iron Over 207 Meters - More
- November 16, 2010 | Item | ShareThis
Lithium Corporation Begins Phase I Program - More
- November 16, 2010 | Item | ShareThis
YUKON-NEVADA GOLD CORP. SHOWS STRONG THIRD QUARTER RESULTS - More
- November 16, 2010 | Item | ShareThis
Luna Gold Significantly Increases Land Position at Aurizona After Identifying Multiple Geophysical Anomalies - More
- November 16, 2010 | Item | ShareThis
TintinaGold Intersects 8.72% Copper and 0.11% Cobalt Over 6.35 Meters on Its Sheep Creek Property, Montana, USA - More
- November 16, 2010 | Item | ShareThis
Fission J-Zone High Grade Mineralization Extended 15m to East Step-Out Hole Intersects 6m of 4.45% U308 Including 3m of 8.54% U308 - More
- November 16, 2010 | Item | ShareThis
CanAlaska Files 43-101 report for Carswell Project - More
- November 16, 2010 | Item | ShareThis
Laurentian Goldfields Ltd. Announces Drill Program for Goldpines North - More
- November 16, 2010 | Item | ShareThis
Trelawney Intersects 520.28 Metres of 1.44 g/t Gold at the Cote Lake Deposit - More
- November 16, 2010 | Item | ShareThis
Brigus Gold Reports 9% Higher Third Quarter Production over Previous Quarter and Operating Income of $7.1 Million - "Brigus Gold Corp. (“Brigus Gold” or the “Company”) (TSX:BRD.to - News) (NYSE Amex: BRD) sold 19,265 ounces of gold at total cash costs of $440 per ounce, and generated operating income of $7.1 million for the third quarter of 2010 (“Q3 2010”). This is the Company’s best quarter of overall operating performance since the start up of gold production at the Black Fox Mine in May 2009." More
- November 16, 2010 | Item | ShareThis
Elissa Makes Multi Zone Light and Heavy REE (to 10.6%) Discoveries at Its Thor REE Project, Nevada-Near Mountain Pass Mine - More
- November 16, 2010 | Item | ShareThis
Rainy River Announces Significant Infill Drilling Results - More
- November 16, 2010 | Item | ShareThis
New Dimension Receives Additional Title Confirmation at Cenepa Gold Project, Peru - More
- November 16, 2010 | Item | ShareThis
GEOPHYSICAL SURVEY INDICATES DEEP POTENTIAL AT SCHAFT CREEK, DRILLING PROGRAM CONTINUES, COMPLETION OF RESOURCE ESTIMATE EXTENDED TO Q1 2011 - More
- November 16, 2010 | Item | ShareThis
Lydian Drills 67m at 1.7g/t Gold at Artavasdes, Intersects New Gold 200m Northeast of Resource Envelope at Amulsar; Armenia - More
- November 16, 2010 | Item | ShareThis
Lydian Outlines Gold Mineralized Zone 3.6km Long, At-Least 3km Wide and Open to the Northeast in New Soil Geochemistry at Amulsar - More
- November 16, 2010 | Item | ShareThis
Crowflight Announces Third Quarter 2010 Financial Results - More
- November 16, 2010 | Item | ShareThis
Rio Novo Gold Intersects 3.88 g/t Au Over 28.0m Infill at Paiol and 2.56 g/t Au Over 17.1m Infill at Arroz Target, Almas Gold Project - More
- November 16, 2010 | Item | ShareThis
Oremex Resources Inc. Joins OTCQX - More
- November 16, 2010 | Item | ShareThis
Vaaldiam Reports 2010 Q3 Financial Results - More
- November 16, 2010 | Item | ShareThis
Andina Provides Fiscal 2010 Q3 Update - More
- November 16, 2010 | Item | ShareThis
Rockgate Names Bryan Hyde as Technical Director - More
- November 16, 2010 | Item | ShareThis
BonTerra Receives Assays From Hole BA-10-03 - More
- November 16, 2010 | Item | ShareThis
Alexis Minerals Reports Third Quarter Results - More
- November 16, 2010 | Item | ShareThis
Centerra Gold Closes US$150 Million Revolving Credit Facility - "Centerra Gold Inc. (TSX:CG - News) announced today it has entered into a US$150 million three-year revolving credit facility (the "Facility") with the European Bank for Reconstruction and Development ("EBRD") as sole lender. The interest rate payable on any outstanding borrowings is LIBOR plus 2.9%." More
- November 16, 2010 | Item | ShareThis
Silvermex and Genco Announce Closing of Business Combination Transaction - "Silvermex Resources Ltd. ("Silvermex") (TSX-V:SMR - News) and Genco Resources Ltd. ("Genco") (TSX:GGC - News) are pleased to announce the closing of the combination of their respective businesses, which was effected by way of a plan of arrangement (the "Arrangement") in accordance with the Business Corporations Act (British Columbia). The Arrangement and related transactions completed before market open on Tuesday, November 16, 2010." More
- November 16, 2010 | Item | ShareThis
Great Basin Reports Third Quarter Results - "Earnings for the quarter were negatively impacted by extraordinary charges that included a CDN$7 million fair value charge on the zero-cost-collar hedge program executed in August 2010, a stockpile adjustment of CDN$1.3 million and a negative adjustment of CDN$3 million to revenue following the completion of the milling campaigns. Excluding these charges results in an adjusted loss per share of CDN$0.03, which is a 67% improvement on the CDN$0.05 loss per share reported in the third quarter of 2009." More
- November 16, 2010 | Item | ShareThis
International Tower Hill Defines Significantly Higher Grade Near Surface Zones at Livengood Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") is pleased to announce the results from the latest 30 holes completed in its 55,000-metre Summer 2010 Livengood Exploration Program (Figure 1: http://media3.marketwire.com/docs/ith-map1.pdf). The Summer 2010 program is focused on the conversion of the existing NI 43-101 indicated and inferred resources to the measured and indicated categories through infill drilling, as well as step-out resource expansion and mine development-related engineering and environmental testing. The Company is currently operating seven drills at Livengood (three RC and four core rigs)." More
- November 16, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 16 November, 2010 | |