-- Posted 1 February, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1339.50 | +$5.70 |
Silver | $28.49 | +$0.33 |
XAU | 206.29 | +3.19% |
HUI | 520.00 | +2.73% |
GDM | 1540.04 | +2.86% |
JSE Gold | 2546.93 | +24.78 |
USD | 76.99 | -0.79 |
Euro | 138.34 | +1.37 |
Yen | 122.90 | +1.02 |
Oil | $90.77 | -$1.42 |
10-Year | 3.443% | +0.065 |
T-Bond | 119.9375 | -0.6875 |
Dow | 12040.16 | +1.25% |
Nasdaq | 2751.19 | +1.89% |
S&P | 1307.59 | +1.67% |
The Metals:
Gold climbed $7.45 to $1341.25 by about 8:30AM EST before it fell all the way back to $1325.54 by about 10AM, but it then spiked to a new session high of $1343.25 in the last few hours of trade and ended with a gain of 0.43%. Silver climbed 32 cents to $28.48 before it fell back to $27.858 by late morning in New York, but it also surged back higher in late trade and ended near its late session high of $28.655 with a gain of 1.17%.
Euro gold fell to about €968, platinum gained $29.25 to $1817.75, and copper gained another 9 cents to a new all-time high at $4.54.
Gold and silver equities opened up roughly 1% higher before the fell back near unchanged about an hour into trade, but they then climbed to see about 3% gains by early afternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Jan | 60.8 | 58.4 | 58.5 |
Construction Spending | Dec | -2.5% | -0.4% | -0.2% |
Tomorrow at 8:15AM EST brings ADP Employment for January expected at 145,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on easing geopolitical worries and expectations for rising supplies in tomorrow’s inventory report.
The U.S. dollar index fell as the euro rose again on strong economic data out of Germany.
Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on decent economic data, better than expected earnings reports, and easing geopolitical worries.
Among the big names making news in the market today were GM, Orexigen, UPS, BP, Pfizer, and ADM.
The Commentary:
“Dear CIGAs,
It looks as if the Dollar’s implosion was just too much for the gold market to ignore today. Earlier in the session, it came under selling pressure as the growth trades were jammed on and gold was once again jettisoned in favor of an now almost panic type of buying occurring in the equity markets. However, with the HUI refusing to break down and moving up alongside the rest of the equity world, once the Dollar began increasing its downward speed, buying began to surface in gold that took it through $1336 where it then gained further upside traction moving up towards $1345 and yesterday’s session high.
The metal continues to have trouble clearing the downtrending 10 day moving average, which is the bare minimum required before the bulls can feel a bit more confident that the bottom in this latest reaction has been forged, but the longer it can stabilize in this general region, the faster it will be able to manage this simply because of the manner in which that average is calculated. Shortly after the close of pit session trading, the usual attack on the metal occurred which took it down below $1340.
I am watching Euro gold as the last few days have seen it stabilizing near the €962 level. Yen priced gold has also been stabilizing near the 1090 level the last few days. Yen priced gold has me interested because of last week’s downgrade of Japanese debt by the rating agency S&P.
I should note here that the fund long side liquidation continues apparently unabated as we witnessed another big drop in the total number of contracts outstanding in gold during yesterday’s price retreat. The total open interest remaining in gold is now down to 463,700 contracts. To put things into a bit of perspective, the peak in open interest was 650,764 back in November of last year. Interest is down nearly 190,000 contracts in the last 9 weeks! That gold has only fallen some 6% in the face of this huge exodus of speculative money is remarkable. It tells me that the short side of the market (the bullion banks and the swap dealers) has been aggressively covering shorts at a rapid rate. As said yesterday and at the risk of beating a dead horse – the speculative long side must stop liquidating longs before this market can begin moving higher in earnest. As long as they view rallies as selling opportunities, the open interest will bleed down further.
That brings me to the non-stop party that has been occurring in the US equity markets. The S&P put in a top near 1574 at the height of the stock market bubble back in March of 2000. It then collapsed nearly 50% before recovering in late 2002 when it embarked on another run to above 1500 before it peaked near 1586 in October 2007.
From that point it then forged a double top on the long term charts as it fell through chart support centered near 1255 as the credit crisis erupted in full force upon the implosion of Lehman Brothers in the summer of 2008. Price continued falling down towards the 750 level which forced a panic in the ranks of the Federal Reserve which then announced its first QE program back in March 2009. From that point on, the index has now gone up 19 months out of the last 24 months to the point where it is now trading ABOVE the level it was last at all the way back in June 2008, just prior to its collapse due to the advent of the credit crisis.
I am not sure exactly what supposedly got “fixed” with all this money printing to so improve the economy as to justify a move in the stock market to a level higher than it was at before the inception of the credit crisis, especially with the woes remaining the housing sector and on the employment front. Another way to look at this, based just on the level of the S&P 500, is that the entire credit crisis fallout has been solved and it now has never happened! This madness just goes to prove the old adage:” You cannot fight the Fed”, especially when its primary dealers are in there using free money jamming the stock indices higher with the passing of each day.
At some point, once the panic among the more prudent money managers and the general public which has been sitting the rally out and watching from the sidelines, begins to take hold and they begin rushing into equities at full speed, Goldman and Morgan will then begin unloading all those longs that they shoved on into the hands of these latecomers to the party. That will keep the champagne corks popping and the toasts flowing as they once again pass out huge bonuses to their “skilled traders” who are only skilled because they got their hands on billions of dollars in free money courtesy of the US taxpayers, their children, and their children’s children. Isn’t America great!
In what is becoming more the norm rather than the unusual occurrence, the CCI (Continuous Commodity Index) made yet another record all time high today as the relentless rise in commodities continues. The Australian Dollar, a key commodity currency, soared back above the par level with the US Dollar today and looks like it wants to take another shot at the peak it put in at the end of last year near the 102 level. Should this currency take out its record high, it would portend further rises in the commodity sector especially in the base metals. Along that line copper finally took out that stubborn overhead resistance near the upper $4.40’s and has now gone on to make an all time record high. The cost of plumbing and electrical wire continues to soar. Say Ben, are you seeing this?
In a rather ominous development, the Dollar crashed through a strong floor of chart support near the 78 level on the USDX in today’s session plunging all the way down towards 77 before it encountered some buying. There is some support on the chart near the 76.50 level which if it cannot hold should see it move down to challenge a major chart inflection point near the 75 level. Ben and company have gotten their wish – they have succeeded in jamming the Dow and the rest of the equities markets higher but they have destroyed our birthright in the process. What makes this so dastardly is that this has been their plan all along – knock the Dollar lower but try to do in a manner that is more of a controlled descent rather than an utter collapse.
Paper asset inflation is now moving at full speed ahead and that has the less informed “analysts” praising the Fed’s actions but the fact is that if one compares the current equity market ratio to the price of gold, the market has not gone anywhere in real terms when measured against some sort of objective standard of value. Translation – the rally in the equity markets is nothing else but paper asset inflation courtesy of the Federal Reserve.
Bonds did pop higher overnight upon their initial reopening of trade but then moved lower as the equities moved higher. Once again, at the very moment of their worst levels of the trading session, even with the CCI moving higher into record territory and the equities partying like the good times are ready to roll, the bonds magically levitated off their worst levels turning what was a full point plus move lower into a modest loss for the day. The Fed’s dealers are alive and well.
What makes this such a mockery of any semblance of a free market is that at the same time the sharks are front running any Fed action on the next QE bond buy, the talking heads are telling us how wonderful the US economic improvement is becoming. The whole thing is a massive display of senselessness. If the economy was as good as the stock rally is telling us it is, then there would be NO NEED OF ANY FURTHER QE and the bond market would promptly collapse. I am afraid that those who cannot see the utter illogic of it all, are beyond hope.
Such things are lost on the trading world however as the only thing that matters in the short term is the technicals and the need to follow the momentum wherever it leads. It will stop when it just stops and until it does, the trading systems will do their thing. Still, I wonder what it must feel like to be able to turn the entire investment world into a group of lemmings or to play the part of the Pied Piper of Hamelin.
The HUI is trying to muster a close over the 517 level but thus far has not quite been able to pull it off. The majority of technical indicators are now issuing buy signals from down deeply in oversold territory. That plus the fact that the index has now managed to put in a close above the 10 day moving average which continues to flatten out should begin to attract further buying into the sector. It will now take a solid push down through the 500 level to put the recent low in danger. Good traders will have some money management levels to now work with.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Hugo Salinas Price: Monetizing silver in British pounds
Policy makers at Davos see dollar losing reserve dominance
The Statistics:
Activity from: 1/31/2011
Gold Warehouse Stocks: | 11,404,748 | -91,529 |
Silver Warehouse Stocks: | 103,416,454 | -1,164,019 |
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 | 1227.153 | 39,454,198 | US$52,514m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.34 | 3,901,253 | US$5,201m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 134.41 | 4,321,452 | US$5,761m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,820 | US$611m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 51.10 | 1,642,770 | US$2,182m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,962 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.035 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 111.17: -4.65 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,426.43 - No change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRE) completed private placement, Fronteer’s (FRG) completed sale, SEMAFO’s (SMF.TO) drill results, Jaguar’s (JAG) completed feasibility study, Bear Creek’s (BCM.V) new CFO, Paramount’s (PZG) drilling, Endeavour’s (EXK) exploration review, and Silver Standard’s (SSRI) note conversion were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Buenaventura | BVN +7.24% $43.97 |
2. Golden Minerals | AUMN+6.89% $20.95 |
3. Claude | CGR +6.88% $2.02 |
LOSERS
1. Almaden | AAU -2.36% $3.73 |
2. Metalline | MMG-0.88% $1.14 |
3. Paramount | PZG -0.60% $3.33 |
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:
Darnley Bay Resources Prepares for 2011 Base Metals Drill Program and Updates Diamond Project - More
- February 01, 2011 | Item | ShareThis
Quaterra Grants Stock Options - More
- February 01, 2011 | Item | ShareThis
Soho Resources Corp. Closes Non-Brokered Private Placement and Grant of Stock Options - More
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Pinestar Gold Inc.: Press Release - More
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Hana Mining Grants Incentive Stock Option - More
- February 01, 2011 | Item | ShareThis
NSGOLD CORPORATION PROCEEDS WITH OPTIONING MOOSEHEAD AND ECUM SECUM GOLD PROPERTIES - More
- February 01, 2011 | Item | ShareThis
Jiulian and Gunpoint Enter Into Agreement for Purchase and Option of Gunpoint's B.C. Properties - More
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QRS ANNOUNCES FURTHER INCREASE IN FINANCING TO RAISE UP TO $1,100,000 - More
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Tanzanian Royalty Completes Private Placement - "Tanzanian Royalty Exploration Corporation announces it has completed a $4,049,110 arm’s length private placement. The private placement consisted of 690,150 common shares at a price of $5.867 per share, representing the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended December 21, 2010 less a 15% discount, and 172,538 common share purchase warrants exercisable at a price of $6.903 per share. The Company has paid a finder’s fee payable in 58,663 common shares at the subscription price of $5.867 per share." More
- February 01, 2011 | Item | ShareThis
Caledonia Mining Corporation: Grant of Incentive Options - More
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Zazu Announces Proposed Non-Brokered Private Placement - More
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Hudson Commences Metallurgical Testwork on the Sarfartoq Rare Earth Project in Greenland - More
- February 01, 2011 | Item | ShareThis
Amseco to Start its 2011 Diamond Drill Program at Flagship Malartic Property, Quebec - More
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Western Lithium Graduates to TSX - More
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Diadem Announces Preliminary Results of Drill Program-Parry Peninsula, Northwest Territories and Updates African Transaction - More
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Fronteer Gold Completes Sale of Uranium Assets to Paladin Energy - "Fronteer Gold Inc. (TSX:FRG - News)(AMEX:FRG - News) announces today that it has completed the sale of 100% of the uranium assets of Aurora Energy Resources Inc., a wholly owned subsidiary of Fronteer Gold, to Paladin Energy Ltd. (TSX:PDN - News)(ASX:PDN - News) pursuant to an Asset Sale Agreement which was entered into on December 17, 2010." More
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Ucore Comments on Letter of Requisition to U.S. Department of Defense - More
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Paladin Energy Ltd Completes Acquisition of Aurora Uranium Assets - More
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QRS ANNOUNCES INCREASE IN FINANCING TO RAISE UP TO $1,000,000 - More
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Sunset Cove Reports Results of Samples From a New Breccia Found on The Carolay Property - More
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Northern Gold Hits 187 Meters of 0.72 g/t Gold Plus 1 Meter of 20.9 g/t, 5 Meters of 5.4 g/t, 2.5 Meters of 3.5 g/t and 10 Meters of 1.6 g/t - More
- February 01, 2011 | Item | ShareThis
Barkerville Releases Q3 Financials - More
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Petaquilla Minerals Ltd.: Shareholders Approve Private Placement to Pay Out Notes - More
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Stellar Pacific Ventures Drill 11.3 g Au/t at Monster Lake, Chibougamau - More
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AURYX GOLD SURFACE RIGHTS ACQUISITION AND DRILLING UPDATE FOR THE OTJIKOTO GOLD PROJECT IN NAMIBIA - More
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Golden Reign Resources Ltd.: Minas Perico Returns 1.1 Metres of 52.43 g/t Gold in Schist - More
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Brixton Metals Appoints Its Chairman as CEO and President - More
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American Bonanza Posts Bond for the Copperstone Gold Mine - More
- February 01, 2011 | Item | ShareThis
SearchGold Signs Joint Venture Agreement With Swala Resources plc on Gueguere Property in Burkina Faso - More
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Amarillo Gold Drills 35.7 m (True Width) of 2.67 g/t Au in First Results from Infill Drill Program at Mara Rosa Project, Brazil - More
- February 01, 2011 | Item | ShareThis
Redzone Resources Intercepts 0.57% Copper and 0.04% Molybdenum (0.81% CuEq) Over 218 Metres, Including 0.88% Copper and 0.05% Molybdenum (1.19% CuEq) - More
- February 01, 2011 | Item | ShareThis
Corvus Gold Intersects 6.1 Metres of 11.9 g/t Gold at the North Bullfrog Project, Nevada - More
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Far West Confirms Excellent Copper Recovery at Santo Domingo - More
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Gold Standard Announces Further Drill Results - More
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ValGold Reports Further Drill Results of Garrison Gold Project - More
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Solitaire's Partner Terra Ventures Inc. Receives Permits to Drill Uranium Properties Adjoining Denison's Phoenix High-Grade Uranium Discovery, Athabasca Basin - More
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Eastern Platinum Limited: Final Credit Approval Received for US$100 Million Debt Finance - More
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Earth Dragon Resources Appoints Former Olympian and Top Team Coach Jiichiro Date to Board - More
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Otis Drills 30.5 Metres of 2.81 g/t Au and 51.8 Metres of 1.30 g/t Au at Kilgore - More
- February 01, 2011 | Item | ShareThis
2011 Paso Yobai Gold Exploration Underway in Paraguay - More
- February 01, 2011 | Item | ShareThis
Fission Hits New Mineralization at the Unconformity 30m and 338m West of J-Zone - More
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Alderon Intersects 29% Iron Over 320 Meters - More
- February 01, 2011 | Item | ShareThis
Mountain Lake Resources Strengthens Team with New Exploration Manager - More
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Silver Dragon Reports ~10.2M oz. Silver, ~22.5M lbs. Copper and ~33.4M lbs. Tin at Its Laopandao Polymetallic Project in Northern China - More
- February 01, 2011 | Item | ShareThis
Purepoint Uranium Group Inc: Rio Tinto Commences Drilling at Red Willow Project - More
- February 01, 2011 | Item | ShareThis
Xtra-Gold Intersects 58 Metres of 2.46 g/t Gold - More
- February 01, 2011 | Item | ShareThis
Foundation Resources Inc.: 6,000 Metres of Diamond Drilling Commences at the Coldstream Property, Ontario - More
- February 01, 2011 | Item | ShareThis
Alto Ventures Ltd.: 6,000 Metres of Diamond Drilling Commences at the Coldstream Property, Ontario - More
- February 01, 2011 | Item | ShareThis
Melkior Reports Results of December Drilling on Carscallen Gold Project in West Timmins-Mineralized Intersections Based on Downhole IP Targets - More
- February 01, 2011 | Item | ShareThis
Gunpowder Gold Corp. Announces Phase 1 Exploration Program on Its Dome Rock Property in the Walker Lane Belt, Arizona - More
- February 01, 2011 | Item | ShareThis
Intrepid Mines Limited: Operations Report and Appendix 5B Released - More
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Pretivm Establishes Head Office and Converts Note - More
- February 01, 2011 | Item | ShareThis
Virgin Metals Inc.: Completes Interpretation of Airborne Survey at Cuatro Hermanos - More
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Paladin Energy Ltd Second Quarter/Half Year Conference Call & Investor Update 17 February 2011 - More
- February 01, 2011 | Item | ShareThis
Lara Reports Copper-Molybdenum Intercepts From the Lara Project in Peru - More
- February 01, 2011 | Item | ShareThis
Pelangio Exploration Provides 2011 Exploration Outlook for the Manfo and Obuasi Properties - More
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Sacre-Coeur Grants Severstal Two Week Extension - More
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Majescor Sends Notice of Claim - More
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PBX Announces Grant of Options - More
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Detour Gold Updates Reserves to 14.9 Million Ounces at Detour Lake - More
- February 01, 2011 | Item | ShareThis
Lake Shore Gold Increases Interest in Northern Superior Resources Inc. - More
- February 01, 2011 | Item | ShareThis
Explor Resources Grants Stock Options - More
- February 01, 2011 | Item | ShareThis
MBMI Announces $5.1 Million Private Placement - More
- February 01, 2011 | Item | ShareThis
SEMAFO's Fobiri Area Returns Mineralization over 1.4 Km at Mana: Values up to 2.66 g/t Over 22 Meters-Zones Remain Open to the Southwest and at Depth - "SEMAFO (TSX:SMF - News) today announced the results of preliminary systematic follow-up drilling carried out on the Fobiri zones, located 14 kilometers southwest of the Mana Mill in Burkina Faso. A series of sections using a 200-meter spacing grid were completed over the original discovery (reference: SEMAFO's press release dated August 3, 2010). Reverse-circulation ("RC") and core drilling has returned continuous mineralization from three separate zones, 150 meters apart and over a strike length of more than 1,400 meters. Values obtained include 2.66 g/t Au over 22 meters (hole MRC10-383 - Zone FOB3), 2.75 g/t Au over 12 meters (hole WDC-259 - Zone FOB3), 1.84 g/t Au over 36 meters (MRC10-312 - Zone FOB2), 2.78 g/t Au over 8 meters (MRC10-382 - Zone FOB1), and 2.44 g/t Au over 10 meters (WDC259 - Zone FOB2). In addition, the three zones remain open and unexplored towards the southwest where previous auger drilling produced anomalous results." More
- February 01, 2011 | Item | ShareThis
Bear Creek Appoints Brad Blacketor to Chief Financial Officer and Names Marc Leduc as President - "Bear Creek Mining (TSX Venture:BCM.v - News) ("Bear Creek" or the "Company") is pleased to announce that Mr. Brad Blacketor has been appointed Chief Financial Officer of the Company effective February 1st, 2011. Mr. Blacketor, is a Certified Public Accountant with over 19 years experience in the mining industry. During the past 2 years, Mr. Blacketor has served as a financial consultant providing contract financial and accounting services to the mining industry. Previously, he was Vice-President and Chief Financial Officer of Metallica Resources Inc. Prior to Metallica, Mr. Blacketor served as Chief Financial Officer of MinCorp Ltd., and held senior management positions with Pincock, Allen & Holt, Inc. and Touche, Ross & Co. Mr. Blacketor holds a Bachelors Degree in Business Administration from Indiana University, with distinction, and a Masters Degree in Business Administration from Colorado State University." More
- February 01, 2011 | Item | ShareThis
Jaguar Announces Completion of Gurupi Feasibility Study and Provides Update of Development and Operations - "Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG
: TSX/NYSE) today announced it has completed a feasibility study for its Gurupi Project in Northern Brazil, which incorporates alternate technologies, and is providing a summary of the project herein. The Company is also updating its development activities during Q4 2010, which it believes will help support its FY 2011-2015 outlook for gold production and cash operating costs. Information detailing the Company's preliminary operating performance results for Q4 2010 and FY 2010 is also being provided." More
- February 01, 2011 | Item | ShareThis
Paramount Gold Resumes Drilling on Don Ese Corridor to Find Southern Extension - "Drilling has recommenced on the Don Ese Corridor which hosts the high-grade Don Ese gold-silver vein discovered by Paramount in December, 2010 on its 100% owned San Miguel Project in northwestern Mexico. This phase of the drill program will include 19 core drill holes totaling 6,000 meters over a 3 month timeframe." More
- February 01, 2011 | Item | ShareThis
Endeavour Silver 2010 Exploration Review and Exploration Plans for 2011 - "Endeavour Silver Corp. (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) released today its review of exploration results in 2010 and its exploration plans for 2011. The Company's exploration drilling programs in Mexico met with continued success in 2010, highlighted by the discovery of new, high grade silver-gold mineralized zones near Endeavour's two silver mining operations, Guanacevi Mines in Durango State, and Guanajuato Mines in Guanajuato State." More
- February 01, 2011 | Item | ShareThis
Silver Standard Announces Automatic Conversion of Convertible Promissory Note Issued by Pretium Resources Inc. - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) ("Silver Standard" or the "Company") announces that the balance of a convertible promissory note (the "Convertible Note") issued by Pretium Resources Inc. ("Pretium") to the Company was automatically converted in accordance with its terms on January 31, 2011. The conversion resulted in the issuance to Silver Standard of 3,625,500 common shares of Pretium (the "Pretium Shares") at a deemed price of $6.00 per Pretium Share. Following this issuance, Silver Standard owns 36,163,333 Pretium Shares, representing 42.3% of the issued and outstanding Pretium Shares." More
- February 01, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 1 February, 2011 | |
