-- Posted 17 February, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1383.70 | +$9.30 |
Silver | $31.52 | +$0.91 |
XAU | 212.56 | +0.55% |
HUI | 549.05 | +0.99% |
GDM | 1620.36 | +0.92% |
JSE Gold | 2708.42 | +32.05 |
USD | 77.99 | -0.24 |
Euro | 136.03 | +0.38 |
Yen | 120.01 | +0.48 |
Oil | $86.36 | +$1.37 |
10-Year | 3.574% | -0.047 |
T-Bond | 119.4375 | +0.50 |
Dow | 12318.14 | +0.24% |
Nasdaq | 2831.58 | +0.21% |
S&P | 1340.43 | +0.31% |
The Metals:
Gold saw slight gains in Asia and London, but it then accelerated even higher in New York and ended near its last minute high of $1384.68 with a gain of 0.68%. Silver waffled near unchanged in Asia and London before it stormed higher throughout most of trade in New York and ended near its last minute high of $31.578 with a gain of 2.97% at a new 30-year high. Both metals have risen to new highs in after hours access trade as well.
Euro gold rose to about €1017, platinum gained $13 to $1838.75, and copper rose slightly to about $4.48.
Gold and silver equities traded mostly slightly higher and ended with only modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/12 | 410K | 408K | 385K |
CPI | Jan | 0.4% | 0.3% | 0.4% |
Core CPI | Jan | 0.2% | 0.1% | 0.1% |
Leading Indicators | Jan | 0.1% | 0.3% | 0.8% |
Philadelphia Fed | Feb | 35.9 | 21.0 | 19.3 |
Fed Tells Banks to Stress-Test Capital for Recession With 11% Unemployment Bloomberg
Geithner Says Small U.S. Banks' Debt Challenges Will Hurt Small Businesses Bloomberg
Dodd-Frank tensions headline Senate hearing Reuters
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on tensions in the Middles East that sent the U.S. dollar index lower and treasuries higher.
Iran Says It's Sending Two Warships to Canal, TV Says Bloomberg
The Dow, Nasdaq, and S&P reversed early losses and rose to find decent gains on the much better than expected manufacturing report from the Federal Reserve Bank of Philadelphia.
Among the big names making news in the market today were Borders, Nestle, Smucker, Duke, and IBM.
The Commentary:
“Special Note – It’s unlike anything we’ve seen or imagined right now in the Middle East. To call it a powedr keg would be an understatement. There are all sorts of bad scenarios unfolding including moving even closer to war with Israel. Once the fuse is lit and the first bang is heard, the acceleration of events will indeed be like fireworks only there won’t be ice cream and cotton-candy being eaten in observation.
U.S. Stock Market – The financial heroin continues to flow freely from Pusher Bernanke. Remember, he openly said his plan was to throw whatever amount of dollars it would take to lift the stock market on the belief it would make consumers feel better, spend more and fix all that is wrong with the economy. I fully agree with this author that history will show Bernanke to be the straw that broke America’s back and expedited the end of the Empire.
It’s not yet time to short the U.S. market but we’re getting close, so stay tuned.
U.S. Bonds – While Muni’s and junk have already cracked, the Treasuries from 10-years out are hanging in the balance. Like equities, they’re getting supported by the insane QE 2 but even that won’t be able to stem the tide that is building up against U.S. stocks and bonds. When it cracks (and I rarely use words like when or will) it should be unlike anything we’ve seen for a long, long time.
U.S. Dollar – Much of the countertrend rally is over but it’s not quite ready for a renewed down leg. I suspect any real downside action is more likely in the 3rd and especially4th quarter. By then I suspect the heroin shall have run out.
Gold – It seems a day doesn’t go by without another prediction of gold’s demise (he will eat crow, too). Yet, despite the most bearishness in a number of years, gold is once again getting away from the bears, buy back at much lower price forecasters and weak-kneed bulls. The “Mother” of all bull markets marches on and is actually being led by its “kissing cousin” silver.
Silver – The chart below shows an extremely bullish technical picture that’s only being matched (if not surpassed) by its enormously bullish fundamentals. Hi-Ho Silver, Away!
Oil and Natural Gas – $100+ oil is coming to a station near you. Natural Gas is in the earliest stage of a new bull market that’s going to first build a long base for any real opportunity for much higher prices.”- Peter Grandich, Grandich Letter
“The big news today is silver. It is screaming higher dragging nearly every single metal upward with it. You name it, whether it was gold, copper, platinum or palladium, silver pulled them all higher as it hit a fresh 30 year high shattering overhead chart resistance as if it was nonexistent. Once $31 was breached on the upside, terrified bears began fleeing in droves. That took the price up past $31.27, the recent peak which forced out more shorts and brought in a rush of fresh buying that ran the market all the way to $31.50 or so before it set back a bit.
The key to its rise was its refusal to break back down below $30.50, a level around which it has been oscillating for the past session and which had also served as overhead resistance in recent activity. It briefly dipped below that level but buyers came in very quickly recapturing it. Bulls then went to work and shoved it back towards $31 where the sellers had been attempting to hold the line in hopes of preventing a return to its recent peak. They failed.
Price not only took out $31 but went right through the peak at $31.27 paused for a moment, and then shot immediately towards $31.50 before it took that out as well. Impressive is too mild of a word to describe what happened today. Based on what I can see of the price chart, it now is on a footing to make a run at $32.25. It could pause here a bit to digest the enormous gains of today but if it does not, it will breach $32 with relative ease.
Open interest continues to increase in silver with the roll out of March commencing and traders shuffling into the May. The continued spec buying, especially from the Managed Money camp is steamrolling the shorts for now.
Gold is experiencing a similar increase in open interest with that number up nearly 6,000 in yesterday’s push towards $1380. This is exactly what the doctor ordered to give it enough impetus to dislodge the bullion banks from that level. It needs to continue if bulls are going to kick through the barrier near $1385 which is evident on the chart. A push through this level will give the longs some ammunition in the form of additional new recruits to take a shot at $1400 once again.
Corn notched another 31 month high in price today erasing the losses of the previous three sessions associated with the USDA manufacturing more paper corn with its data release showing an expected increase in corn acreage for the upcoming crop year. As I said at that time, that may be all well and good, it really did not come as any surprise, but it will not put one extra bushel of corn on the market until harvest time later this year. The market needs corn now; not then as evidenced by the surge in exports reported by the USDA today (over 1 million metric tons). End users stepped up and bought on the dip.
With corn giving the grain sector strength and with silver giving the metal sector strength, it is not unexpected to see the CCI, the Continuous Commodity Index, soaring to yet another brand new lifetime high.
Cotton is defying gravity as it is now an astonishing $2.04/pound having risen 82% in the last 3 months alone! It closed at an expanded limit up today with over another 1000 orders waiting to be filled in the pool.
Apparently the surge higher in the commodity sector and the equity markets, which are also going vertical, was lost on the bond market which continues to trade in a manner suggestive that it is oblivious to all of this inflation. Yes indeed, the Dollar sank lower today, equities surged, commodities surged, and bonds responded by moving interest rates lower to no doubt fully compensate anyone stupid enough to buy them for all that sort of inflationary risk. Oh what a tangled web we weave when once we practice to deceive. The Fed continues to single handedly prop up the bond market through its primary dealers who are given their marching orders and more than happy to comply. It is just too lucrative scalping all the shorts.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Alix Steel: A Chinese gold standard?
China learns fast from U.S. inflation-obscuring mechanisms
No shortage of silver, just silver bars, CPM Group insists
The Statistics:
Activity from: 2/16/2011
Gold Warehouse Stocks: | 11,253,631 | +37,757 |
Silver Warehouse Stocks: | 102,552,627 | +17,364 |
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 | 1224.008 | 39,353,093 | US$54,257m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.57 | 3,715,785 | US$5,138m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 121.78 | 3,915,286 | US$5,414m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,735 | US$633m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.51 | 1,591,775 | US$2,171m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,961 | US$7m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 111.66 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,411.23 - No change from yesterday’s data.
The Miners:
ITH’s (THM) equity interest from AngloGold, Timberline’s (TLR) drill program, Richmont’s (RIC) resource increase, Northgate’s (NXG) updated NI 43-101 compliant resource estimate, Claude’s (CGR) independent mineral resource statement, Barrick’s (ABX) fourth quarter and year-end report, AngloGold’s (AU) fourth quarter results, and Silvercorp’s (SVM) Preliminary Assessment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +17.65% $4.20 |
2. Mines MGMT | MGN +9.43% $3.83 |
3. Alexco | AXU +5.25% $8.22 |
LOSERS
1. Agnico Eagle | AEM -4.80% $72.79 |
2. Ivanhoe | IVN -2.67% $27.73 |
3. Entree | EGI -2.66% $3.29 |
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:
Bravada's Wind Mountain Permit Approved, New Shallow Targets Indentified - More
- February 17, 2011 | Item | ShareThis
Abzu Gold Announces Management Changes - More
- February 17, 2011 | Item | ShareThis
Supreme Resources Ltd.: New Quartz Vein and Adits Discovered at Ample Gold Max - More
- February 17, 2011 | Item | ShareThis
Explor Intersects 135.04 G/Tonne AU Over 3.1 Meters on Timmins Porcupine West - More
- February 17, 2011 | Item | ShareThis
Tatmar Commences Drilling at Golden Brew - More
- February 17, 2011 | Item | ShareThis
Sona Resources Corp.: Private Placement - More
- February 17, 2011 | Item | ShareThis
Cortez Enters into LOI to Acquire Gold-Silver Processing Plant - More
- February 17, 2011 | Item | ShareThis
NQ Exploration Signs a Final Option Agreement with Murray Brooks Minerals for its Duncan West Property - More
- February 17, 2011 | Item | ShareThis
First Gold Changes its Name - More
- February 17, 2011 | Item | ShareThis
Garrison International Ltd.: Update Regarding Debentures - More
- February 17, 2011 | Item | ShareThis
Antioquia Commences Airborne Geophysical Survey at Cisneros - More
- February 17, 2011 | Item | ShareThis
Mesa Uranium Announces Non-Brokered Private Placement - More
- February 17, 2011 | Item | ShareThis
Lithium One Reports First Production of Lithium Carbonate at Sal de Vida Lithium-Potash Brine Project, Argentina - More
- February 17, 2011 | Item | ShareThis
Hard Creek Nickel Appoints Corporate Communications Consultant for Germany - More
- February 17, 2011 | Item | ShareThis
Advanced Explorations Contracts Wardrop to Complete Feasibility Study - More
- February 17, 2011 | Item | ShareThis
Till Samples Evidence Large Untested Gold Zone on Platinex's Shining Tree Property - More
- February 17, 2011 | Item | ShareThis
Cadillac Enters Into Agreement to Acquire Interest in Mineral Property in Peru - More
- February 17, 2011 | Item | ShareThis
BonTerra Expands Eastern Extension With Discovery of a New Gold Zone - More
- February 17, 2011 | Item | ShareThis
Integra Gold Commences 20,000 Meter Drill Program at Lamaque - More
- February 17, 2011 | Item | ShareThis
Quia Resources Announces Updated Surface Sampling and Mapping Results - More
- February 17, 2011 | Item | ShareThis
Erdene's Zuun Mod Results Continue to Enhance Potential of Copper and Molybdenum Porphyry Complex in Mongolia - More
- February 17, 2011 | Item | ShareThis
Mega Uranium Ltd. Announces Increase to Flow-Through Financing - More
- February 17, 2011 | Item | ShareThis
Miranda Gold and Navaho Gold Sign Definitive Exploration Funding Agreement for TAZ Project - More
- February 17, 2011 | Item | ShareThis
New Quartz Vein and Adits Discovered at Ample Gold Max - More
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Soho Begins Exploration Work on Jocuixtita Silver Project in Sinaloa, Mexico - More
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MAX to resume drilling at Table Top gold project in Nevada, immediately south of Fronteer Gold's Sandman gold property - More
- February 17, 2011 | Item | ShareThis
AXMIN Announces Mine Development Advisory Agreement and President Bozize Re-Elected With Majority Vote Ushering in a New Era of Stability for Central Africa - More
- February 17, 2011 | Item | ShareThis
Batero Gold Intersects 519.70 Metres Grading 0.80 g/t Gold and 0.14% Copper From Surface at Batero-Quinchia Project, Colombia - More
- February 17, 2011 | Item | ShareThis
South American Gold Appoints Two Directors and Establishes Advisory Board - More
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Wolverine Exploration Announces Results of IP Survey at Cache River - More
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EurOmax Intercepts 336.5 Meters at 0.30% Copper and 0.37 Grams Per Tonne Gold at Ilovitza - More
- February 17, 2011 | Item | ShareThis
Clarification: Laurion Identifies Additional Mineralized East Ridge Zone on Bell Mountain Project, Nevada - More
- February 17, 2011 | Item | ShareThis
Panoro Minerals Project Update - More
- February 17, 2011 | Item | ShareThis
Cue Resources Ltd. to Conduct Drilling at San Miguel, Yuty Uranium Project - More
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Platinum Group Metals Eskom Agreement Completed for Delivery of 40MVA Electricity Supply to WBJV Project 1 Platinum Mine - More
- February 17, 2011 | Item | ShareThis
Cancor Updates Its Gold Exploration Activities in Algeria - More
- February 17, 2011 | Item | ShareThis
Glen Eagle Resources Inc.: Public Relations - More
- February 17, 2011 | Item | ShareThis
Rye Patch Announces 2011 Programs and Budgets for Nevada Portfolio - More
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Eurasian Minerals Consolidates Land Position of Over 2,200 Square Kilometers on Emerging Koonenberry Gold Belt in Australia - More
- February 17, 2011 | Item | ShareThis
First Mexican Increases Land Package to 15,112 Hectares - More
- February 17, 2011 | Item | ShareThis
Sungro Minerals, Inc. Releases Highlights of Its First NI 43-101 Report - More
- February 17, 2011 | Item | ShareThis
Pacific Coast Nickel Corp. and Prophecy Resource Corp. Receive Fairness Opinions and Amend LOI - More
- February 17, 2011 | Item | ShareThis
Playfair Mining Ltd.: Drilling Underway at Seal Lake Copper Silver Project - More
- February 17, 2011 | Item | ShareThis
Gold Bag's Focus Gold Announces Mining Leases in Prolific Timmins Mining District to Be Renewed - More
- February 17, 2011 | Item | ShareThis
Ryan Gold Announces Granting of Stock Options - More
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Sandstorm Resources Announces Name Change to Sandstorm Gold - More
- February 17, 2011 | Item | ShareThis
San Gold Finds Deep Extensions to 007 and L10 Zones - More
- February 17, 2011 | Item | ShareThis
Widespread Gold Mineralization Intersected at Redstar Gold's Oasis Project in Nevada - More
- February 17, 2011 | Item | ShareThis
Gowest Amalgamated Resources Ltd.: Implementation of Shareholder Rights Plan - More
- February 17, 2011 | Item | ShareThis
Creston Appoints Country Manager for its Mexican Operations - More
- February 17, 2011 | Item | ShareThis
Anglo Swiss Intersects Multiple High Grade Gold Veins Extending Mineralized Structures by More Than 500 Meters - More
- February 17, 2011 | Item | ShareThis
Spanish Mountain Announces $5,000,000 Flow-Through Private Placement - More
- February 17, 2011 | Item | ShareThis
Radisson Mining to Begin Drilling on Feb 21 on Its O'Brien/Kewagama Property - More
- February 17, 2011 | Item | ShareThis
Paladin Energy Ltd-Malawi Diesel Shortage - More
- February 17, 2011 | Item | ShareThis
Champion Minerals to Present at Upcoming Desjardins Securities Iron Ore Conference - More
- February 17, 2011 | Item | ShareThis
Mega Uranium Ltd. Announces Flow-Through Financing - More
- February 17, 2011 | Item | ShareThis
Greenland Minerals Confirms a Substantial New Rare Earth Element-Uranium Deposit With Big Drill Intercepts - More
- February 17, 2011 | Item | ShareThis
U3O8 Corp. Renews Shareholder Rights Plan - More
- February 17, 2011 | Item | ShareThis
Nuinsco Receives Egyptian State Council Approval of Bukari Concession Agreement - More
- February 17, 2011 | Item | ShareThis
RockBridge Begins Drilling of Pembina Cardium Horizontal Well - More
- February 17, 2011 | Item | ShareThis
International Tower Hill Receives Share Ownership Top-Up Notice from AngloGold Ashanti for 230,764 Shares - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce that AngloGold Ashanti (U.S.A.) Exploration Inc., a subsidiary of AngloGold Ashanti Limited ("AngloGold"), will exercise its right to maintain a 11.5039% equity interest in the Company through the purchase of 230,764 common shares. Since August 11, 2010, AngloGold's equity interest has been diluted by virtue of the Company's issuance of shares principally due to the exercise of incentive stock options expiring in early 2011." More
- February 17, 2011 | Item | ShareThis
Timberline Successfully Completes Drill Program at Lookout Mountain - "Timberline Resources Corporation (TSX-V:TBR - News)(AMEX:TLR - News) ("Timberline" or the "Company") is pleased to report the successful completion of its 2010 exploration program and the receipt of all assays for the drilling at its Lookout Mountain Gold Project located within the prolific Battle Mountain-Eureka Trend of Central Nevada. Significant drill intervals of gold mineralization, with continued favorable gold recoveries, within the southern resource area indicate the potential for resource expansion, increasing grade, and additional untested extensions to the south." More
- February 17, 2011 | Item | ShareThis
Richmont Mines Announces Resources of Over 1 Million Ounces of Gold at Its Wasamac Property - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News), ("Richmont" or the "Company") is pleased to announce a significant increase in the estimated resource base for the Wasamac property, located 15 km west of Rouyn-Noranda, Quebec, and less than 10 km east of the Company's Francoeur Mine. The property consists of three mining concessions and one claim, and covers an area of 7.58 km2 (757.65 hectares). There are no royalties on this 100%-owned property." More
- February 17, 2011 | Item | ShareThis
Indicated Resource of 2.6 Million Ounces of Gold and 860 Million Pounds of Copper for Northgate's Kemess Underground Project - "Northgate Minerals Corporation (TSX:NGX - News)(AMEX:NXG - News) has released its updated NI 43-101 compliant resource estimate for the Kemess Underground Project, located five kilometres ("km") north of the Kemess South mine and milling complex in north-central British Columbia." More
- February 17, 2011 | Item | ShareThis
Claude Resources Inc. Reports Initial Open Pit Resource at Amisk Gold Project - "Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) ("Claude") today provided an independent mineral resource statement for mineralization amenable to open pit mining on the 13,600 hectare Amisk Gold Project in northeastern Saskatchewan, Canada. The Amisk Gold Project is located 20 kilometres southwest of Flin Flon, Manitoba and is a 65:35 Joint Venture between Claude and St. Eugene Mining Corporation ("St. Eugene"); Claude is the operator of the Joint Venture. There is potential for expansion of the resource both along strike and at depth below the conceptual pit bottom. Highlights of the Amisk Mineral Resource estimate are presented in Table 1." More
- February 17, 2011 | Item | ShareThis
Barrick Reports Q4 2010 Financial and Operating Results - "Q4 production of 1.70 million ounces of gold was in line with expectations at total and net cash costs of $486 and $326 per ounce, respectively. Full year production of 7.77 million ounces at total and net cash costs of $457 and $341 per ounce, respectively, was in line with original guidance despite higher royalties and taxes associated with higher realized gold prices. The realized gold price for the quarter was a record $1,368 per ounce(5), 22% higher than the prior year period. Q4 cash margins increased 35% to $882 per ounce from $654 per ounce in Q4 2009 and net cash margins rose 29% to $1,042 per ounce from $809 per ounce in the same prior year period." More
- February 17, 2011 | Item | ShareThis
Silvercorp Announces Positive Preliminary Assessment for the Silvertip Silver-Lead-Zinc Project, British Columbia, Canada - "Silvercorp Metals Inc. (TSX:SVM - News)(NYSE:SVM - News) ("Silvercorp" or the "Company") is pleased to announce it has received an independent Preliminary Assessment ("PA") Technical Report prepared by Golder Associates Ltd. on its 100% owned Silvertip project, British Columbia (BC), Canada. This PA is based on the mineral resource update for the Silvertip deposit detailed in the NI 43-101 technical report by Mr. Randy Cullen released on February 19, 2010." More
- February 17, 2011 | Item | ShareThis
AngloGold Ashanti's $294m Profit Follows Hedge Elimination; Forecasts Growth - "AngloGold Ashanti (NYSE:AU - News) posted adjusted headline earnings* of $294m during the fourth quarter after its operations in South Africa, Argentina and Guinea posted strong production results and elimination of the company's hedge book in October boosted cash flow." More
- February 17, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 17 February, 2011 | |
