-- Posted 18 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1352.90 | +$16.10 |
Silver | $26.88 | +$1.36 |
XAU | 210.79 | +1.74% |
HUI | 542.51 | +1.68% |
GDM | 1624.92 | +1.60% |
JSE Gold | 2713.38 | +15.89 |
USD | 78.61 | -0.50 |
Euro | 136.40 | +1.12 |
Yen | 119.74 | -0.43 |
Oil | $81.85 | +$1.41 |
10-Year | 2.902% | +0.038 |
T-Bond | 126.53125 | -0.53125 |
Dow | 11181.23 | +1.57% |
Nasdaq | 2514.40 | +1.55% |
S&P | 1196.69 | +1.54% |
The Metals:
Gold climbed to as high as $1358.70 in Asia before it fell back to $1346.83 a little after 10AM EST, but it then rose to a new session high of $1359.38 by midday and ended with a gain of 1.2%. Silver climbed to as high as $26.683 by a little before 8AM EST before it also pared its gains in early New York trade, but it then rallied to a new session high of $27.04 by about noon EST and ended with a gain of 5.33%.
Euro gold climbed near €993, platinum gained $25.50 to $1662.00, and copper gained 10 cents to about $3.83.
Gold and silver equities rose about 2% at the open and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/13 | 439K | 442K | 437K |
Philadelphia Fed | Nov | 22.5 | 5.0 | 1.0 |
Leading Indicators | Oct | 0.5% | 0.6% | 0.5% |
Bernanke Defends Asset Purchases as Republican Lawmakers Step Up Criticism Bloomberg
OECD backs much-criticized Fed easing steps Reuters
Foreclosure class actions pile up against banks Yahoo
Fed Issues Guidelines for Bank Dividends, Buybacks After Comerica's Payout Bloomberg
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index fell on easing worries over Ireland’s debt crisis.
Treasuries fell as the Dow, Nasdaq, and S&P climbed over 1% higher on GM’s IPO and Europe’s likely resolution for Ireland.
Among the big names making news in the market today were Dollar Tree, GM, Humana, Sprint, JPMorgan and Lehman Brothers, Staples, Sears, Citigroup, RIM, and Walter Energy and Western Coal.
The Commentary:
“Dear CIGAs,
What a difference an evening makes – once word began circulating that Ireland was going to be bailed out by the ECB suddenly the hedge funds fell back in love with risk after seeking a divorce from her just the other day. The result – where some markets were limit down yesterday (cotton), today there were limit up. Such is the fickle nature of global capital flows or more appropriately, hot money flows. Do some of you out there find it as amusing as I do watching these hedge funds panicking over Chinese talk about rate hikes to tame inflation only to then run right back into every single market that they threw away the previous few days once they see more QE this time coming from the ECB.
Make no mistake about it, the ECB is engaging in its own version of QE, just as Jim has repeatedly said they would. And if anyone is under any illusions that this was about Ireland, please let me dispel that notion here and now. It is about bailing out the BANKS who are on the hook for the money loaned to Ireland. It is always about the big banks ( I think that there is a special place in hell reserved for that crowd of international thieves). Now that Ireland has apparently received the same treatment as Greece, I suppose Portugal and Spain are next in line.
I wonder what Germany must be thinking about all this.
Regardless, the European Monetary Union is a joke – everyone knows it – there is no one size fits all policy that can ever make this forced union which resembles a patchwork quilt function properly. That did not stop the hedgies from bidding up the Euro once again with the result that down went the Dollar and up went the entirety of the commodity world. Fundamentals be damned; it is off to the races again as inflation is now back in vogue whereas yesterday it was deflation that the hedge fund world was enamored with.
I still have my eyes on the bond market as it could not take out this week’s high and is sharply lower today as I type these comments. That market more than any other is what I am watching to tell me what the investor sentiment is towards inflation or deflation. Based on what I am seeing of the price action, inflation is winning out unless the bonds can pull off a major reversal and climb back above 129 by tomorrow afternoon. That looks remote right now. Failure to do so will have cemented a major top on the weekly charts with the bond market failing to climb much above 135 back in early October thus creating a double top that was confirmed with last week’s breach of the 129 level. The implications for gold are obvious – it is going to move considerably higher once the market becomes totally convinced that the gazillions of dollar and now Euros floating around the planet are going to result in a strong surge in inflation. China is already struggling with inflationary pressures, thanks in part to their refusal to let their currency float higher in combination with the Fed’s QE which is pushing investment capital into China and causing enormous problems for their managers.
The bounce higher in gold is friendly as it is working to confirm technical chart support centered near $1,330. Bulls are not out of the woods yet as they must get the price back at least as high as $1,365 to give themselves some breathing room and unnerve some of the new shorts in the market. As long as the ten day moving average is headed lower, some technicians will look to sell rallies so the first order of business to revive the gold bull will be to get this moving average headed up, or at least no longer moving down. Maybe some more consolidation is the order of the day. I would much prefer to see that sideways trade that holds above support and cements a new and higher price level.
Silver looks better on the charts than does gold as it is back above the 10 day moving average which never turned lower although price did sink down below this level. The 20 day MA however has been thus far serving as downside support. Bulls will need to push it back through and close it above $27.80 or so to snatch back the initiative from the shorts and force some of them to cover.
The Dollar had pushed through all of its major moving averages (10 – 50 day) on its chart and looked as if it was making an upside run towards 80 but it has retreated on news about Ireland. We will have to keep a close watch on its chart to see if we can spot any clues as to what is coming next. As long as market participants are convinced that the ECB will be successful at containing any spread of financial contagion, the Dollar will encounter selling pressure. Any shift of focus back onto China and rate hike talk will spur Dollar buying and commodity selling. Take your pick as to what the funds are going to be looking at on any given day. You might as well attempt to count the grains of sand on a beach as to decipher what this crowd is going to be gazing at in tomorrow’s trade. That is why it is still best to use the longer term charts such as the weekly to get the main trend of these markets and try not to let the day to day gyrations captivate your attention too much. Too short sighted of a focus will end up only giving you a case of severe whiplash. Suffice it to say that any crowd of traders who throw away most of their positions one day only to put them all back on the next are not making informed calm decisions but are trading emotional swings. Using the word, “Schizophrenic” to describe this crowd is an insult to those who truly have to contend with that malady. Learn the fundamentals of the markets you trade and let these bozos set up opportunity for you from which you can profit. Very few of them are going to survive the mess that they have made of our markets.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Murray Pollitt: The saturated sponge
James Turk: Another domino ready to fall
Michael J. Kosares: Black swans, yellow gold
Seth Lipsky: Ron Paul's golden opportunity
The Statistics:
Activity from: 11//2010
Gold Warehouse Stocks: | 11,380,189 | +94,237 |
Silver Warehouse Stocks: | 107,294,749 | -409,240 |
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$56,027m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.22 | 3,897,194 | US$5,283m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.72 | 4,202,865 | US$5,703m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,202 | US$619m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 51.01 | 1,640,129 | US$2,194m |
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 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,773.56 - No change from yesterday’s data.
The Miners:
A free, new stock report on NovaGold was posted at Goldreview.com today. View it here. Centerra’s (CG.TO) clarified license status, US Gold’s (UXG) resource estimate update, Gold Fields’ (GFI) strike update, South American Silver’s (SAC.TO) president’s message and project update, and Esperanza’s (EPZ.TO) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +9.30% $4.70 |
2. Alexco | AXU +6.90% $6.51 |
3. Minco | MGH+6.80% $1.57 |
LOSERS
1. Claude | CGR-3.70% $1.56 |
2. Seabridge | SA -1.83% $28.50 |
3. Jaguar | JAG -0.62% $6.37 |
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:
Harmony and Full Metal Announce the Termination of the Lucky Shot Agreement - More
- November 18, 2010 | Item | ShareThis
Sea Green Capital Corp. Appoints New President and Engages Marketing Consultants - More
- November 18, 2010 | Item | ShareThis
Renaissance BioEnergy Inc. Announces Initial Acquisition of Gold Interests - More
- November 18, 2010 | Item | ShareThis
VMS Reports 2.93% Copper Over 63.70 Metres in Drill Hole RLD006 From In-Fill Drilling at the Reed Lake Joint Venture - More
- November 18, 2010 | Item | ShareThis
Platinex Updates Shining Tree Drilling - More
- November 18, 2010 | Item | ShareThis
Balmoral Grants Initial Stock Options - More
- November 18, 2010 | Item | ShareThis
Anglo Swiss Resources Appoints Mine Manager – Kenville Gold Mine - More
- November 18, 2010 | Item | ShareThis
Positioning of Matamec's Heavy Rare Earths Kipawa Deposit - More
- November 18, 2010 | Item | ShareThis
Orex & Osisko: Reverse Circulation Drilling Results on Goldboro Gold Property - More
- November 18, 2010 | Item | ShareThis
Romarco Shares to be Listed on Tsx - More
- November 18, 2010 | Item | ShareThis
South American Silver Third Quarter President's Message and Project Update - "This past quarter has been a remarkable period for South American Silver. The Company moves into the end of the year in a very strong financial position, having recently announced a proposed financing of up to $32 million, which will provide funding to advance the Malku Khota, silver-indium project into feasibility, while also accelerating the advancement of the Escalones, copper-gold project in Chile." More
- November 18, 2010 | Item | ShareThis
Evolving Gold Discovers Gold Mineralization at Jake Creek in Nevada - 45.7 Meters at 0.97 gpt Au, Including 28.9 Meters at 1.33 gpt Au - Increases Land Position - More
- November 18, 2010 | Item | ShareThis
Estrella Gold Closes Private Placement Financing - More
- November 18, 2010 | Item | ShareThis
Bravada and Fortune River Project Update, Manager of Development Hired for Wind Mountain - More
- November 18, 2010 | Item | ShareThis
Apogee to Attend San Francisco Hard Assets Conference; November 21-22, 2010 - More
- November 18, 2010 | Item | ShareThis
VMS Ventures to Be Featured on BTV This Weekend - More
- November 18, 2010 | Item | ShareThis
Dynacor Gold Announces a $5.45 Million Drilling Campaign, on Its Tumipampa Property - More
- November 18, 2010 | Item | ShareThis
Gas Hills Uranium District, Wyoming: Strathmore Updates 2010 Permitting Activities Including Monitor Well Installation, Core Drilling, Geotechnical Drilling... - More
- November 18, 2010 | Item | ShareThis
Pure Nickel's Soil Sampling on Rainbow Gold Property Reveals New Geochemical Anomalies - More
- November 18, 2010 | Item | ShareThis
MURGOR STARTS DRILLING AT THE GOLDEN ARROW GOLD MINE, TIMMINS, ONTARIO - More
- November 18, 2010 | Item | ShareThis
Nanika to Start Drilling on Indi Property - More
- November 18, 2010 | Item | ShareThis
Stellar Pacific Ventures Starts Drilling at Chibougamau Monster Lake - More
- November 18, 2010 | Item | ShareThis
Pediment Drills 39.9 Meters Grading 2.37 g/t Gold in Intermediate Zone - More
- November 18, 2010 | Item | ShareThis
Sandspring Appoints New CFO - More
- November 18, 2010 | Item | ShareThis
Cayden Resources Commences Drilling at Morelos Sur Gold Project - More
- November 18, 2010 | Item | ShareThis
Uranium Energy Corp to Ring NYSE Closing Bell to Celebrate the Transition to Uranium Producer - More
- November 18, 2010 | Item | ShareThis
Mercer Gold Corp Begins Toronto Stock Exchange Venture Listing Application - More
- November 18, 2010 | Item | ShareThis
Pershimco Intersects 128 Meters Grading 1.41 g/t Gold at the Cerro Quema Project in Panama and Also Confirms the Presence of Copper at Depth - More
- November 18, 2010 | Item | ShareThis
Western Lithium Upgrades Stage I Lithium Resource to Potentially Support Higher Grade Mining - More
- November 18, 2010 | Item | ShareThis
Oromin Announces Positive Drilling Results From Several Aspects of Ongoing Resource Expansion Program - More
- November 18, 2010 | Item | ShareThis
Alto Ventures Ltd.: Continuity of Gold Mineralization Expanded to 285 m Depth, Two Wide Gold Zones Intersected at Coldstream, Ontario - More
- November 18, 2010 | Item | ShareThis
Drilling Commences at Miranda Gold%u2019s Red Hill Project - More
- November 18, 2010 | Item | ShareThis
Bolero Acquires Second Major Land Package Prospective For Rare Earth Elements - More
- November 18, 2010 | Item | ShareThis
Sutter Gold Moves Closer to Production - More
- November 18, 2010 | Item | ShareThis
Paget Minerals Options Mt. Bisson and Xeno Rare Earth Properties - More
- November 18, 2010 | Item | ShareThis
Big Bear Mining Corp Raises Half A Million Dollars in Private Placements - More
- November 18, 2010 | Item | ShareThis
Silver Falcon Mining, Inc. (SFMI) Increases Diamond Creek Mill Operations - More
- November 18, 2010 | Item | ShareThis
Hana Identifies New Zones of Copper Silver Mineralization at the Ghanzi Project, Botswana - More
- November 18, 2010 | Item | ShareThis
Corvus Gold Inc. Announces First Drill Results from North Bullfrog Project, Nevada - More
- November 18, 2010 | Item | ShareThis
Tarsis Prepares to Drill Gold Targets at Erika, Mexico - More
- November 18, 2010 | Item | ShareThis
Garrison Announces Results of Geophysics Survey at Tuvshir, Results of Shareholders' Meeting, Issuance of Shares for Debt and Loan Details - More
- November 18, 2010 | Item | ShareThis
AuRo Resources Appoints Bert Jeffries as Technical Advisor - More
- November 18, 2010 | Item | ShareThis
Everton Appoints New Vice President of Exploration - More
- November 18, 2010 | Item | ShareThis
Expedition Options Joy Gold Property Bordering ATAC'S Rau Project - More
- November 18, 2010 | Item | ShareThis
West Kirkland Mining Drills 19.79 g/t Au Over 7.9 Meters on Cunningham Property - More
- November 18, 2010 | Item | ShareThis
Star Gold Corp. Secures $120,000 in Private Placement Financing - More
- November 18, 2010 | Item | ShareThis
Paladin Energy-Takeover Bid for NGM Resources Limited - More
- November 18, 2010 | Item | ShareThis
NEVADO Assays up to 67.6% Iron and 21.4% Titanium in Grab Samples of the Massive Magnetite-Ilmenite at the Hervieux East Extension Occurrence - More
- November 18, 2010 | Item | ShareThis
Gold World Resources Advances Gold Exploration and Development Plan on the JYD Project - More
- November 18, 2010 | Item | ShareThis
Centerra Gold Clarifies Status of Mongolian Licenses - "Centerra Gold Inc. (TSX:CG - News) today wishes to clarify the status of its Mongolian Licenses, in particular, the Company's principal Gatsuurt hardrock mining license which is not on a list of alluvial licenses to be revoked." More
- November 18, 2010 | Item | ShareThis
TASMAN CLOSES $5 MILLION FINANCING - More
- November 18, 2010 | Item | ShareThis
Photo Release -- Mexus Gold U.S. Announces Successful Alaska Cable Pulling Operations - More
- November 18, 2010 | Item | ShareThis
TintinaGold Reports Completion of Verification Drill Program on Its Sheep Creek Property, Montana, USA - More
- November 18, 2010 | Item | ShareThis
Kaminak Drilling at Americano Yields New Gold Discovery of 2.36 g/t Au Over 18m and Step-Out Hole Successfully Intersects Latte Gold Zone 900m Along Trend - More
- November 18, 2010 | Item | ShareThis
Cadillac Ventures Inc.: Second San Platon Hole Assays 7.38% Zn Over 2.6 Metres - More
- November 18, 2010 | Item | ShareThis
US Gold Corporation: El Gallo District Resource Estimate Update - "US GOLD CORPORATION (NYSE:UXG - News)(TSX:UXG - News) is pleased to announce details of an updated resource estimate for the El Gallo District (100% owned) in Sinaloa State, Mexico. The resource estimates were prepared by Pincock, Allen and Holt (PAH) of Denver, Colorado in accordance with Canadian National Instrument 43-101 standards (NI 43-101) and updates the previous estimates released on July 6, 2010." More
- November 18, 2010 | Item | ShareThis
General Moly Announces Hanlong's Signing of Memo of Cooperation with EXIM Bank of China - More
- November 18, 2010 | Item | ShareThis
Mercator Minerals Ltd. - Correction to Third Quarter Financial Results - More
- November 18, 2010 | Item | ShareThis
Coastal Pacific Mining Corp. Engages Firm to Oversee Santa Rita Work Program - More
- November 18, 2010 | Item | ShareThis
Nature%u2019s Call Brands Inc. Announces That Lenders Have Agreed to Convert Their Debt to Common Shares - More
- November 18, 2010 | Item | ShareThis
Foundation Resources Inc.: Continuity of Gold Mineralization Expanded to 285 m Depth/Two Wide Zones Intersected at Coldstream, Ontario - More
- November 18, 2010 | Item | ShareThis
Denison Mines Corp. Announces C$65,450,000 Private Placement - More
- November 18, 2010 | Item | ShareThis
Titan Resources International Corp. Signs LOI for Silver Property in British Columbia, Canada - More
- November 18, 2010 | Item | ShareThis
Nemaska Exploration Provides Exploration Update on Non-Lithium Assets - More
- November 18, 2010 | Item | ShareThis
Lithium One Reports Indicated and Inferred NI 43-101 Resource for James Bay Lithium Project, Quebec - More
- November 18, 2010 | Item | ShareThis
Latin American Minerals Consolidates 100 Square km Epithermal Gold System by Acquiring 70% Interest in Minera Guaira Trend - More
- November 18, 2010 | Item | ShareThis
Romios Announces Start of New Drilling at its La Corne Molybdenum Property in Northwestern Quebec - More
- November 18, 2010 | Item | ShareThis
Astral Acquires 100% of Honeymoon Exploration Project, Southern British Columbia - More
- November 18, 2010 | Item | ShareThis
NSGOLD RECEIVES INITIAL GOLD ASSAYS FOR THE MOOSELAND DRILLING PROGRAM - More
- November 18, 2010 | Item | ShareThis
Serengeti Stakes Additional Ground-Completes Initial Field Program on Mexican Gold-Silver Properties - More
- November 18, 2010 | Item | ShareThis
Northern Gold Hits 220 Meters of 0.69 g/t Gold Including 59 Meters of 1.5 g/t and 1 Meter of 50.7 g/t Gold - More
- November 18, 2010 | Item | ShareThis
Esperanza Rejects Silver Standard Proposal on San Luis Property - "Esperanza Resources Corp. (TSX-V:EPZ - News) announces that it has received a proposal from Silver Standard Resources Inc. to purchase Esperanza's share of the companies' San Luis Joint Venture in Peru. Silver Standard proposed to acquire Esperanza's interest for US$20 million and a 1.5% net smelter royalty. After due consideration, Esperanza has rejected the proposal and looks forward to working with Silver Standard realizing the full value of this high-grade gold and silver deposit." More
- November 18, 2010 | Item | ShareThis
Willow Creek Completes Acquisition of Gold Property in Prestigious Walker Lane, Nevada - More
- November 18, 2010 | Item | ShareThis
Gold Fields Limited: Update on South Deep Strike - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) notes with concern incidents of intimidation and violence linked to the ongoing strike action by the National Union of Mineworkers (NUM) at its South Deep gold mine in South Africa.
A small group of NUM members damaged property and intimidated non-striking staff both at work and at their near-by homes. Several employees have been assaulted and injured." More
- November 18, 2010 | Item | ShareThis
Candente Gold Acquires Silver Prospect in Southern Peru - More
- November 18, 2010 | Item | ShareThis
GGG Resources plc: Bullabulling Gold Project-Resource Drilling Commences - More
- November 18, 2010 | Item | ShareThis
Minera IRL-Grant of Options - More
- November 18, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 18 November, 2010 | |