-- Posted 24 March, 2011 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $1434.70 | -$3.10 |
Silver | $37.44 | +$0.30 |
XAU | 215.77 | -0.78% |
HUI | 570.60 | -0.33% |
GDM | 1665.62 | -0.45% |
JSE Gold | 2749.49 | +108.40 |
USD | 75.70 | -0.14 |
Euro | 141.71 | +0.88 |
Yen | 123.48 | -0.09 |
Oil | $105.60 | -$0.15 |
10-Year | 3.404% | +0.056 |
T-Bond | 120.75 | -0.53125 |
Dow | 12170.56 | +0.70% |
Nasdaq | 2736.42 | +1.41% |
S&P | 1309.66 | +0.93% |
The Metals:
Gold climbed almost $10 to a new all-time high of $1447.34 by late morning in New York, but it then fell back off sharply in the last hour of trade and ended with a loss of 0.22%. Silver climbed over a dollar to a new 31-year high of $38.15 before it also fell back off, but it still ended with a gain of 0.81%.
Euro gold fell to about €1012, platinum lost $3 to $1755, and copper remained at about $4.42.
Gold and silver equities rose almost 2% by midmorning, but they then fell back off in afternoon trade and ended with slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/19 | 382K | 384K | 387K |
Durable Orders | Feb | -0.9% | 1.1% | 3.6% |
Durable Orders ex Trans. | Feb | -0.6% | 1.8% | -3.0% |
Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 2.9% and the GDP Deflator expected at 0.4%. At 9:55 is Michigan Sentiment for March expected at 68.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower in mixed action as traders watched developments in the Middle East.
The U.S. dollar index fell as the euro rose on renewed calls for an interest rate hike by the ECB after problems in Portugal progressed about as expected.
Treasuries fell as the Dow, Nasdaq, and S&P rose on strong earnings reports.
Among the big names making news in the market today were Toyota, Best Buy, Wells Fargo, and Procter & Gamble.
The Commentary:
“It is apparent that someone was not too happy with a brand new all time high in gold today. It was stuffed back into its box quite unceremoniously I might add.
One can tell from looking at the volume that all of the new longs that bought the breakout of the nearly month long congestion pattern have been handed an immediate paper loss thanks to the barrage of selling.
It will be up to the bulls to hold the line near $1420 or the technicians are going to have a field day trumpeting a false breakout which will engender some further long liquidation, especially because we are entering a rollover period - a favorite time for these bear raids to occur in the past.
If the bulls can hold $1420, they will be okay. If they fold here, the price is going to drop back lower into the former congestion zone and will more than likely test $1410 again.
Either way the price action is not encouraging. The HUI is not helping matters either as it too is puking. Silver also is now looking like the longs are bailing. It needs to hold $36.50 on any further downside move.
…
I wanted to post a very short set of comments to let some of the newer readers understand why many of us believe that there is a war being waged upon gold by the Central Banks of the West.
Let me start this off by quoting from none other than former Fed Chairman Alan Greenspan more than 40 years ago:
In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. ... This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard
What the former Fed Chairman was then saying was that absent a gold standard or some device for restraining the unlimited creation of fiat money, there was nothing to restrain monetary officials from engaging in such activity that would ultimately set in motion a process of inflation, which is really just another name for the erosion of the purchasing power of a nation's currency by debasing it. Inflation was and is in essence, the transfer of wealth from one class to another.
Today we have the Fed engaging in the very process that Greenspan warned against back then. We also have the BOJ and the ECB effectively doing the same thing to an extent.
Unlike Silver, gold is the main metal that most analysts and commentators look to when attempting to decipher whether or not inflation is a serious problem. That means the reference point of gold has become a target for Central Banks which want the world to believe that they can create unlimited amounts of funny money with absolutely ZERO impact on inflation levels. In other words, that they can conjure up wealth and produce prosperity with the electronic equivalent of a printing press and produce no serious inflationary impact by so doing.
A rising gold debunks their hubristic assertions to the contrary for it stands as a silent witness testifying against them. This is the reason the yellow metal is despised by so many Central Banks. It mocks their policies and displays their folly for all the world to see. Central Bankers being the demigods that they are, will tolerate no rivals to their claims of economic omniscience. You see they have actually come to believe that it is their own wisdom and foresight which enables them to see through the fog that hinders and impedes our economic progress and that they are in a unique position to provide the rest of us with lasting prosperity. They attempt to do this by basically providing or withdrawing liquidity as they in their wisdom judge best and by the setting or manipulation of interest rates.
Those of us who believe that it is free market capitalism and the industry and efforts of mankind that produce wealth and prosperity would beg to differ but that is another story altogether. I would add that it is my opinion that the world would be better off without this plague of locusts that actually devour a nation's wealth but the fact is that they are here.
While they are here gold will attempt to move in such a manner that is either blesses or curses their policies. Now we all would love to have our policies approved by the vote of the market but what about those times in which the market frowns on our course of action and refuses to smile upon it? Why this is but a simple matter - attack the messenger! If one can somehow manage to keep the price of gold under wrap so that it does not move sharply higher then one can attempt to make the claim that inflation is not a serious problem. The comments usually go something like this:
"Well Jerry, we are looking at the gold price and from what we can see, that while it is definitely higher, it is not soaring out of control. The market may be pricing in some gradual inflation but the action in the gold price is telling us that any fears of inflation getting out of control are definitely unwarranted. Besides, we all agree that some inflation is a good thing because the alternative is deflation and no one wants to see that".
Imagine Fed Chairman Ben Bernanke testifying before Congress saying that the current rise in prices of many goods is only "temporary" and "relatively modest" if the gold price were soaring beyond $1650 and higher! Do you think anyone would take anything that the Chairman said seriously? Copper can soar higher and most will not notice it. Even if it does, it is generally explained as a positive because we are told it is a sign of strong economic growth ahead. Crude oil and energy prices can rocket higher and that can be attributed to geopolitical unrest among oil producing nations. Food can rise sharply and everyone notices that but such things are often explained away by citing weather conditions, supply constraints, etc. but a rising gold price? How does one explain that away?
The only reason that gold has a sustained price rise is because of a lack of confidence in the monetary system. It does not rise sharply because of such things as jewelry demand or industrial demand - it rises when fear, distrust, doubt, suspicion and uncertainty over Central Bank policy reigns. It rises when REAL interest rates are negative and investors understand the insidious process of currency debauchment practiced by these monetary authorities is underway. It thus cries aloud and issues a warning to those who can hear it and what it shouts displeases many Central Bankers because they are among those who while they despise its message, are all too keenly able to hear that message.
Thus the messenger, the prophet, the oracle, must be silenced or at the very least, his message blunted, toned down, trivialized by whatever means possible. The mechanism employed to do just this is a subject for another time and place. Suffice it to say for now, without the efforts by the monetary officials of the West to discredit gold, it would be trading considerably higher. Even at that however, the ancient metal of kings refuses to go quietly and docilely into the night. It will yet have the final say.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
FT notices gold's rise in favor, Fed's fall, if ever patronizingly
Currency market rigging on a vaster scale than ever
Class-action suit accuses UBS of charging storage for imaginary silver
Christopher Barker: Proof that gold is not a bubble
Avery Goodman: Will Morgan make and take delivery of its own silver shorts?
The Statistics:
Activity from: 3/23/2011
Gold Warehouse Stocks: | 11,028,524 | -899 |
Silver Warehouse Stocks: | 104,060,050 | -205,730 |
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 | 1214.869 | 39,059,244 | US$56,502m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 116.51 | 3,746,032 | US$5,400m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 122.56 | 3,940,260 | US$5,680m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,548 | US$654m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.40 | 1,555,986 | US$2,240m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,959 | US$7m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.40 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,960.39 - No change from yesterday’s data.
The Miners:
Newmont’s (NEM) project approval, Claude’s (CGR) exploration results, Timmins Gold’s (TMM.TO) open letter to Capital Gold (CGC) shareholders, United Mining’s (UMG.TO) development program, and Fortuna’s (FVI.V) 2010 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Harmony | HMY +6.67% $14.39 |
2. First Majestic | AG +4.09% $20.11 |
3. Richmont | RIC +3.44% $6.61 |
LOSERS
1. Kimber | KBX -10.61% $1.60 |
2. Midway | MDW -9.45% $1.82 |
3. Great Panther | GPL -8.15% $4.28 |
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:
Eastmain Purchases Clearwater Royalty - More
- March 24, 2011 | Item | ShareThis
Brazil Lake SGH Analysis Identifies Targets - More
- March 24, 2011 | Item | ShareThis
AXMIN Announces Issuance of Shares for Consulting Services - More
- March 24, 2011 | Item | ShareThis
REBgold Signs LOI with Belvedere on the Kiimala and Rantasalmi Gold Properties in Finland - More
- March 24, 2011 | Item | ShareThis
Sienna Gold Inc. Announces Closing of $7,000,000 Financing - More
- March 24, 2011 | Item | ShareThis
Silver Spruce Reports on Start of Diamond Drilling Road Accessible, Big Easy Gold Silver Property, Eastern Newfoundland - More
- March 24, 2011 | Item | ShareThis
Northaven Resources Corp.: Option to Purchase King Solomon Basin - More
- March 24, 2011 | Item | ShareThis
West Kirkland Drilling Update - More
- March 24, 2011 | Item | ShareThis
Avanti Reports Results for the Year Ended December 31, 2010 - More
- March 24, 2011 | Item | ShareThis
Golden Reign Resources Ltd.: Continuity of Mina Estrella Vein Confirmed by Trenching - More
- March 24, 2011 | Item | ShareThis
Cresval Announces Non-Brokered Private Placement - More
- March 24, 2011 | Item | ShareThis
Harmony Gold Rises Most in 2 Years in Johannesburg on Takeover Speculation - More
- March 24, 2011 | Item | ShareThis
Lumina Copper to Reorganize Into Two Companies: Lumina Copper Corp. and Lumina Royalty Corp. - More
- March 24, 2011 | Item | ShareThis
Ascot Resources Ltd.: Premier/Dilworth Option Agreements Extended to 2013 - More
- March 24, 2011 | Item | ShareThis
Channel Resources: Mankarga 5 Gold Deposit Strike Length Now 1.5 Kilometres at Tanlouka Gold Project, Burkina Faso - More
- March 24, 2011 | Item | ShareThis
Anooraq Announces Results for the Period Ended December 31, 2010 - More
- March 24, 2011 | Item | ShareThis
Ghana Mining Commission Extends Term of African Queen’s Noyem-Nyafoman License Setting Stage for 2011 Work Program - More
- March 24, 2011 | Item | ShareThis
Adriana Announces Dr. Liu Xin Quan as a New Director - More
- March 24, 2011 | Item | ShareThis
Viper Gold Announces Commencement of 2,000 Metre Diamond Drill Program on the Corongo Gold-Silver Project - More
- March 24, 2011 | Item | ShareThis
Newstrike 'Ana Paula' Project Update - More
- March 24, 2011 | Item | ShareThis
Clarification on Energy Fuels Mill License Approval Press Release of January 6, 2011 - More
- March 24, 2011 | Item | ShareThis
SearchGold Provides an Update on its Burkina Faso Activities - More
- March 24, 2011 | Item | ShareThis
Entourage Metals Acquires Black Raven Property - More
- March 24, 2011 | Item | ShareThis
Energizer Resources Applies to List Common Shares on The Toronto Stock Exchange - More
- March 24, 2011 | Item | ShareThis
Globex Reacquires Magusi River Deposit and Other Assets - More
- March 24, 2011 | Item | ShareThis
Golden Goliath Resources Ltd.: Work on Nopalera Commences - More
- March 24, 2011 | Item | ShareThis
AccelRate Doubles its Yukon Land Position - More
- March 24, 2011 | Item | ShareThis
First American Silver Corp. Information to be Available Through Standard & Poor’s Market Access Program - More
- March 24, 2011 | Item | ShareThis
Government of Panama Confirms Commitment to Cobre Panama Project - More
- March 24, 2011 | Item | ShareThis
Rare Element Appoints 2011 Geological Team & Grants Options - More
- March 24, 2011 | Item | ShareThis
Athabasca Uranium Identifies Multiple Targets by Z-Tem - More
- March 24, 2011 | Item | ShareThis
Bolero Welcomes Alex Knox to Its Advisory Board - More
- March 24, 2011 | Item | ShareThis
Toro Resources Announces Appointment of John S. Watt to the Board of Directors - More
- March 24, 2011 | Item | ShareThis
AmeriLithium Provides Positive Update on Drilling Progress & Confirms Completion of First Drill Hole - More
- March 24, 2011 | Item | ShareThis
Sona Gears Up for Underground Exploration at the Elizabeth Gold Deposit - More
- March 24, 2011 | Item | ShareThis
Cap-Ex Ventures Ltd.: Interpretation of Magnetic Survey Confirms High Grade Magnetite and DSO Horizons on Block 103 - More
- March 24, 2011 | Item | ShareThis
Nautilus Annual Results - More
- March 24, 2011 | Item | ShareThis
Orvana Provides Update from El Valle-Boinas/Carles Mine, Northern Spain, Including Drill Results of 10m of 10 g/t Gold and 3m of 14 g/t Au - More
- March 24, 2011 | Item | ShareThis
Tyhee Drills 8.2 Metres of 12.46 Grams of Gold Per Tonne at the Yellowknife Gold Project, Nwt Canada. - More
- March 24, 2011 | Item | ShareThis
AM Gold Announces Airborne Geophysical Survey at Pinaya and Minas Lucho Properties and Changes to the Board of Directors - More
- March 24, 2011 | Item | ShareThis
MDN Reports Continuity of the MCGold Deposit to the West - More
- March 24, 2011 | Item | ShareThis
Colossus Minerals Drills 7.81 Metres at 136.43 g/t Gold, 249.20 g/t Platinum and 121.40 g/t Palladium in Extensions of Central Mineralized Zone at Serra Pelada, - More
- March 24, 2011 | Item | ShareThis
Matamec Intersects 0.73% TREO (40% HREO Y2O3) Over 18.8 Metres on its Kipawa HREO-Y-Zr Deposit - More
- March 24, 2011 | Item | ShareThis
Creston Moly Corp.: El Creston Molybdenum Property Returns Rhenium Values - More
- March 24, 2011 | Item | ShareThis
Alto Group Holdings Announces Payment Finalized to Complete the First NI-43-101 Geological Report Within the Mexican Portfolio - More
- March 24, 2011 | Item | ShareThis
Nemaska's Whabouchi Lithium Project Continues To Produce Wide High-Grade Drill Results - More
- March 24, 2011 | Item | ShareThis
Mineral Mountain to Drilling Five Kilometric-Scale Gold and Silver Soil/Rock Anomalies Kootenay Arc Gold Project, Southeastern B.C. - More
- March 24, 2011 | Item | ShareThis
Auriga Gold's Drilling at Maverick Gold Project, Manitoba, Intersects High Grade Mineralization including 30.44 g/t Gold over 2.0 Meters - More
- March 24, 2011 | Item | ShareThis
Firestone Ventures Announces Nevada Drill Plans and Provides Corporate Update - More
- March 24, 2011 | Item | ShareThis
Bellhaven Commissions Metallurgical Study for the La Mina Gold-(Copper) Project, Colombia - More
- March 24, 2011 | Item | ShareThis
Torex Temporarily Suspends Drilling at Its Morelos Gold Project - More
- March 24, 2011 | Item | ShareThis
Alamos Reports a 38% Increase in Measured and Indicated Mineral Resources and Replaces Mineral Reserves at Mulatos - More
- March 24, 2011 | Item | ShareThis
Corex Drills 161.5 m of 1.04 g/t Au Including 53.4 m of 1.67 g/t Au and 24.1 m of 3.38 g/t Au at Santana Property, Sonora State, Mexico - More
- March 24, 2011 | Item | ShareThis
Walsh Appointed as CEO of Lithium Exploration Group - More
- March 24, 2011 | Item | ShareThis
Sniper Resources Ltd.: Phase 1 Drilling Completed on the Guild Property - More
- March 24, 2011 | Item | ShareThis
Wildcat Drill Results Include 100 Metres of 153 Grams Per Tonne Silver, 13.8% Manganese, 4.25% Zinc, 3.72% Lead and 0.19% Copper - More
- March 24, 2011 | Item | ShareThis
Orosur Mining Inc. announces Gladiator earns its first 20% Interest in Orosur´s Iron Ore Prospects in Uruguay - More
- March 24, 2011 | Item | ShareThis
MGold Completes $599,970 Private Placement - More
- March 24, 2011 | Item | ShareThis
Firebird Resources Inc. Announces Filing of Technical Report - More
- March 24, 2011 | Item | ShareThis
United Mining Group Announces US$9 Million Development Program to Accelerate Start Up of the Crescent Silver Mine - "United Mining Group, Inc. ("UMG" or the "Company"), (TSX:UMG - News)(Pinksheets:UMGZF - News)(Frankfurt:UM8 - News) is pleased to announce a US$9 million pre-production mine development program and operations update on its intermediate-advanced stage Crescent Silver Mine project, located in Silver Valley Idaho, in the Coeur d'Alene Mining District." More
- March 24, 2011 | Item | ShareThis
Newmont Announces Board Approval for Akyem Project in Ghana - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or the "Company") today announced that its Board of Directors approved funding for the Akyem gold project in Ghana. Newmont's board has cleared Akyem through the fourth stage-gate in Newmont's four gate project review process, which roughly equates to "bankable feasibility" approval." More
- March 24, 2011 | Item | ShareThis
Fortuna Reports Net Income of US$ 12.96 million on Revenue of US$ 74.06 million - "Fortuna remains one of the lowest cost silver producers. During 2010, the Company capitalized on the increase of silver and base metal prices providing its best year to date in earnings and operating margins. With the commissioning of our San Jose Mine planned for the third quarter of 2011, Fortuna offers one of the most exciting organic production growth profiles amongst emerging silver producers, ensuring increasing leverage to rising silver prices." More
- March 24, 2011 | Item | ShareThis
Timmins Gold Publishes Open Letter to Capital Gold Shareholders - "Timmins Gold Corp. (TSX:TMM - News) has published the following open letter to the shareholders of Capital Gold Corporation in response to recent statements by the Board of Directors of Capital Gold." More
- March 24, 2011 | Item | ShareThis
Claude Resources Ramps up Regional Exploration at Seabee - "Claude Resources Inc. (TSX:CRJ.to - News) (NYSE Amex:CGR) ("Claude" or the "Company") today reported exploration results and plans from its surface drill program at the Neptune target, 6 kilometres north of the Seabee Minesite. The 14,400 hectare Seabee property is located 110 kilometres northeast of La Ronge, Saskatchewan and hosts the currently producing Seabee and Santoy 8 Gold Deposits." More
- March 24, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 24 March, 2011 | |
