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-- Posted 11 May, 2011 | |
| Close | Gain/Loss | Gold | $1500.80 | -$15.90 | Silver | $35.43 | -$3.08 | XAU | 197.12 | -4.14% | HUI | 524.06 | -3.10% | GDM | 1524.91 | -3.39% | JSE Gold | 2560.38 | -21.91 | USD | 75.31 | +0.72 | Euro | 142.03 | -2.03 | Yen | 123.48 | -0.23 | Oil | $98.21 | -$5.67 | 10-Year | 3.157% | -0.038 | T-Bond | 124.40625 | +0.53125 | Dow | 12630.03 | -1.02% | Nasdaq | 2845.06 | -0.93% | S&P | 1342.08 | -1.11% |
The Metals: Gold rose almost $10 to $1526.50 in Asia, but it then fell back off for most of the rest of trade in London and New York and ended near its early afternoon low of $1495.63 with a loss of 1.05%. Silver surged almost a dollar to as high as $39.493 before it also fell back off and ended near its early afternoon low of $35.132 with a loss of 8%. Euro gold remained at about €1056, platinum lost $19 to $1773.50, and copper dropped 9 cents to about $3.94. Gold and silver equities fell throughout most of trade and ended with about 4% losses. The Economy: Report | For | Reading | Expected | Previous | Trade Balance | Mar | -$48.2B | -$47.7B | -$45.4B | Treasury Budget | Apr | -$40.5B | -$41.0B | -$82.7B |
Treasury: No fire sale of gold to delay debt ceiling Yahoo March job openings highest in 2-1/2 years Reuters Fed's Lockhart See Weak U.S. Jobs Progress, Slowdown in Pace of Inflation Bloomberg Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/07 expected at 423,000, PPI for April expected at 0.5%, Core PPI expected at 0.2%, and Retail Sales for April expected at 0.6%. Excluding autos, sales are expected at 0.5%. At 10AM is the Business Inventories report for March expected at 0.9%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil extended lower after the Energy Information Administration reported that crude inventories rose 3.8 million barrels, gasoline inventories rose 1.3 million barrels, and distillates fell 800,000 barrels. The U.S. dollar index rose as the euro fell on increased concerns over sovereign debt problems in Greece and Portugal. Treasuries remained higher after today’s $24 billion 10-year note auction sold at a high yield of 3.21% with a bid to cover of 3.00. The Dow, Nasdaq, and S&P fell on poor earnings reports and a renewed downturn in commodities. Among the big names making news in the market today were Disney, Toyota, HSBC, AIG, Macy’s, and Intel. Banks Offer $5 Billion to Resolve Foreclosures Probe Bloomberg The Commentary: “The large cap mining stocks continue to get obliterated as evidenced by the XAU which is now perched precariously above a critical support level on the weekly chart. The entirety of the gains of 2011 have now been erased by this continued ratio spread trade which will not let up.
To give you an idea of how obscene this trade has become, when the XAU was trading at today's levels back in January of this year, gold was trading in the low $1300's!
What is astonishing is the silence of far too many mining company CEO's while their stock value is getting systematically destroyed. A bounce in the metals should bring some valued based buying into the mining shares particularly at these levels. Gold made it back above the 50% Fibonacci retracement level of its most recent decline from its record price but was unable to maintain its footing over that level. That led some of the longs to bail out and enticed some short selling. Price then fell below $1500 once again which will need to be regained to give the bulls the edge in this market.
Gold is caught in a tug of war between speculative selling related to hedge fund algorithms and safe haven buying on account of sovereign debt fears in Europe. In terms of the Euro, while it is weaker today, it is actually holding fairly well compared to the massacre across the rest of the commodity complex.
I am optimistic that this market is entering a consolidation phase and is carving out a new trading range. Right now we have $1520 on the top and $1460 on the bottom until we get some subsequent levels to form on the chart. Risk-off trades have returned with a vengeance today. I believe a fair amount of the selling is tied to hedge fund panic type selling related to the conviction of a hedge fund manager on insider trading violations. That seems to have terrified the hedgies and has them running out of everything with the exception of the US Dollar. It has also put a mild bid back into the bonds (once again - every time they appear to get ready to rollover, they are resuscitated - more evidence that the US bond market is the largest rigged market on the planet right now - these things have more lives than a cat). It is my firm conviction that the US monetary authorities are doing everything in their power to break the back of the commodity rally and prop up the rotten and utterly worthless paper IOU market (Treasuries). They are fully at war with the speculative community.
Silver, after briefly moving back above $39 in Asian trading, was once again obliterated. Ditto for the energies, gasoline in particular, which dropped so sharply at one point during the trading session, that trading was halted and then reopened under extended trading limits. Consumers will of course welcome this sell off.
One can now make the case that a bearish flag formation has been formed on the daily silver chart but I should note here that it still remains well above the recent low near $33. Additionally, a large number of longs have already liquidated their positions in this market meaning that those who bailed out down near $34 and under are already gone and are no longer around to provide downside fuel from their selling. Open interest readings indicate that a decent number of new shorts were also blown out of the water leading me to believe that this market is very soon going to begin consolidating and working sideways as only the bravest, or perhaps the most foolish, are going to be placing large bets in the silver market any time soon. Trading this market in size is a guaranteed, sure-fire way to become bankrupted. My counsel is to forget about figuring how much money you might be able to make on your trading positions and begin worrying about how much you might lose.
As said in yesterday's post, this market is running on wild swings in emotion bordering on near despair to wild-eyed optimism. Markets like this are to be avoided in size (if you are going to trade them, trade small) until they calm down and begin consolidating which lets them wring out this idiotic emotion. I will welcome a move that drifts down towards $34 if that happens to see how the market reacts to this level once again and to give us a chance to see whether or not the bottom forged near $33 is a good one. For now, we have a bottom at $33 and a top at $39 which is the new trading range until proven otherwise. There is a chance that $35 could hold on the downside depending on how much further the Dollar can rally.
You will note that silver did make it up to the 38.2% Fibonacci retracement level before it failed so from a technical standpoint it is producing fairly accurate readings on the chart right now.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/ GATA Posts:
A fascinating article about the Yukon's gold boom J.S. Kim: Metals investors know how to trade around the manipulation The Statistics: Activity from: 5/10/2011 Gold Warehouse Stocks: | 11,185,495 | - | Silver Warehouse Stocks: | 101,060,829 | -325,618 |
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 | 1201.954 | 38,644,033 | US$58,266m | London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$5,567m | London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 115.36 | 3,708,882 | US$5,568m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,291 | US$686m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.58 | 1,594,134 | US$2,413m | NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,956 | US$7m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Total Tonnes in Trust: 135.67 - No change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 10,585.99: +21.24 change from yesterday’s data. The Miners: Vista Gold’s (VGZ) first quarter results, Northgate’s (NXG) milestone, Richmont’s (RIC) drill results, and AngloGold’s (AU) first quarter results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Aurizon | AZK +1.95% $5.75 | 2. Tanzanian Royalty | TRE +1.22% $6.62 |
LOSERS 1. Silver Standard | SSRI -11.51% $27.37 | 2. Endeavour Silver | EXK -10.17% $9.01 | 3. US Gold | UXG -9.78% $7.01 |
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: Error in Press Release Called "Robex Announces A Non-Brokered Private Placement for Up to $2,000,000" Disseminated via Marketwire on May 4, 2011 - More
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Threegold Announces Closing of Private Placement - More
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Great Quest Metals Ltd.: Tilemsi Phosphate Drilling Commences - More
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Gold Mania in the Yukon - "When I first met Shawn Ryan and Cathy Wood, in 2005, they were living with their two young children in a small cabin outside Dawson City, at the northernmost end of the paved road system in Canada’s Yukon Territory. It was a beautiful site in the summertime, with clear water lapping the banks of the Klondike River and the sky still bright at midnight. But the sun hit their roof for the last time each year in early December and didn’t show up again for six weeks. Temperatures in the dead of winter could reach 50 below zero. Wood sometimes feared that their children would freeze. Back then Ryan and Wood already knew they had found gold, but they didn’t have proof." More
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Premium Exploration Receives $1,912,500 for Exploration of 30 km Idaho Gold Project - More
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Imperial Reports Mount Polley Exploration Results - More
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Canada Fluorspar Announces Positive Preliminary Feasibility Study for its St. Lawrence, Newfoundland Fluorspar Project - More
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Treasury Metals Announces the Appointment of Martin Walter as President and CEO - More
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G4G Resources Ltd. Amends Terms on Warrants - More
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DIOS Defines its 2011 Silver and Rare Earth Hotish Program - More
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ValGold Reports Further Assay Results From the Tower Mountain Gold Property, NW Ontario - More
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Creso Drills 5.04 g/t Au Over 24 Meters in Minto Zone at Shining Tree Project - More
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Augen Gold Continues to Intersect High-Grade Gold Mineralization Along the North Shore Trend With 10.60 g/t Au Over 10.50 Metres - More
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Hathor Intersects 42.8 m at 3.26 % U3O8 to Solidify the Potential of the Far East Zone at Roughrider - More
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White Tiger Gold Commenced 40,000 Metre Drill Program on Nasedkino Project - More
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Former Diamond Fields President Joins Hard Creek Board - More
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Dia Bras Provides Third Update on Construction Progress at its Piedras Verdes Mill, Bolivar Property - More
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Antioquia Gold Retains Contrary Investors Cafe - More
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Golden Phoenix Joint Venture Partner Scorpio Gold Reports Sampling of Stockpile at the Mineral Ridge Gold Deposit, Nevada - More
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High Desert Gold Reports Drilling Results at San Antonio Gold Project, Sonora, Mexico - More
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Crazy Horse Drills 349.6m of 0.30% Copper, 0.10 g/t Gold and 1.1 g/t Silver, Expanding Mineralization at Depth From Holes CZT019-023 - More
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Golden Share Hits a 17 m Quartz Bearing Shear Zone in Malartic Lakeshore Drilling - More
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Southern Silver Hits 6.8 metres of 153g/t Ag, 1.47% Pb and 1.01% Zn at Cerro Las Minitas - More
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Malbex Reports Best Drill Results to Date: 267 Metres at 2.05 g/t Gold and 29.3 g/t Silver - More
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Yellowhead Mining Appoints Alastair Tiver, Vice President, Operations - More
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Aben's $4.5 Million Yukon 2011 Exploration Program Contracted to TerraLogic - More
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La Quinta Resources Welcomes Peter Olander to the Board - More
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Venerable Ventures Announces Entry Into Definitive Option Agreement and Filing of Filing Statement and Technical Report for Proposed Qualifying Transaction - More
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Platinex Files Technical Reports for Ring of Fire Properties - More
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Woulfe Mining Corp.: Sangdong Progress Report - More
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Abzu Gold Expands Mpatasie/Golden Reef Drill Target to 5 Kilometres by 3 Kilometres Asankrangwa Belt, Ghana - More
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Starcore Adopts Shareholder Rights Plan - More
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Uranium Resources, Inc. Provides First Quarter 2011 Update - More
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Colorado Rare Earths, Inc. Reports Analytical Results Delivering High Contents of Heavy Rare Earth Elements - More
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Astral Announces Initial Resource Estimate at Jumping Josephine - More
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Marifil Receives NI 43-101 Resource Estimate for Las Aguilas Nickel Platinum Deposit - More
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Asia Now Provides Exploration Update - More
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Tara Minerals Secures Right to Mine Iron Ore Property - More
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Canarc Stakes Large Gold Property Northwest of Richfield's Blackwater-Davidson Gold Discovery in Central British Columbia - More
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Paladin Energy Ltd-Proposed Changes to Namibian Mineral Policy Will Not Affect Paladin Interests - More
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Auryx Gold Corp.: Minister of Mines Confirms That Existing Licences Not to Be Affected - More
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MDN Seeking a Strategic Partner for the Crevier Project - More
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Exploration Orbite Files a New Patent Application That Covers the Extraction of Rare Earths - Richard Boudreault, CEO of Orbite, Inducted as New Fellow - More
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Tyhee Gold Corp Moves Closer to Production With Completion of the Environmental Assessment Report for its Wholly-Owned Yellowknife Gold Project, Nwt Canada - More
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Santa Fe Gold Reports Increasing Sales of Silver and Gold in March Quarter - More
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Drilling at Gold Canyon's Springpole Gold Project Produces More Long Gold and Silver Intercepts - More
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Hathor Intersects 42.8 m at 3.26 % U3o8 to Solidify The Potential of the Far East Zone at Roughrider - More
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Alderon Intersects 29% Iron Over 227 Meters at North Rose - More
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Sandspring Provides Update on Receipt of NI 43-101 Technical Report - More
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Sonora Resources Commences Trading under Symbol “SURE” - More
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Explor Intersects 8.12 g/tonne Au Over 15.3 Meters on Timmins Porcupine West - More
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Colombian Mines Samples 104 Gram Gold at El Dovio, Colombia - More
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Purepoint Develops 3D Model for Turnor Lake - More
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Sunridge Gold Announces New Analyst Coverage - More
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MacDonald Mines Announces Vanadium Assays from Butler Lake Project in the 'Ring of Fire' - More
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Alto Ventures Ltd.: Drilling Indicates Continuity of Gold Mineralization, East Coldstream Deposit, North-Western Ontario - More
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Lago Dourado Intercepts 71m of 0.80 g/t Gold, Including 46.5m of 1.10 g/t Gold at Juruena Project in Brazil - More
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American Consolidated Enters into Agreement to Acquire 50% Interest in Sierra Rosario Property, Mexico - More
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DPM Announces Appointment of Hume Kyle as Chief Financial Officer - More
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Caribou Options Five Yukon Properties From Alix Resources - More
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Indigo Reports New Artisanal Site at Lati - More
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Elissa Resources Prepares to Drill Sage Creek Gold Project, Nevada - More
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CB Gold Inc. Intersects High Grade Veins at the Vetas Gold Project - More
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Foundation Resources Inc.: Drilling Indicates Continuity of Gold Mineralization at the Newly Expanded East Coldstream Deposit, Northwestern Ontario - More
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Rockgate Intersects 1.24% U3O8 over 4 metres at Falea Uranium-Silver-Copper Project, Mali - More
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Carpathian Drilling Continues Intersecting Strong Wide Gold-Copper Zones at Its Ciresata Porphyry Deposit, Romania - More
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Sparton Concludes Sale Agreement for Interest in Sierra Rosario Project, Mexico - More
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Timmins Gold Sells 65,784 Ounces of Gold During First Year of Commercial Operations at the San Francisco Mine - More
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GGG Resources Launches New Branding and Corporate Website - More
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Astur Gold Adds Josh Crumb to the Board of Directors - More
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Bannerman Provides Update on Proposed Namibian Minerals Policy Changes - More
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Candente Gold Reports High Grade Gold Deep in the San Rafael Vein, El Oro Gold Project, Mexico - More
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Zinco Announces Signing of Drill Contract With Major Drilling for Continuation of Exploration Work on Its San Juan and Jesus Maria Prospects - More
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Vista Gold Corp. Announces First Quarter Financial Results and Conference Call with Management - "Our consolidated net loss for the three-month period ended March 31, 2011 was $3,877 or $0.06 per share compared to $3,488 or $0.08 per share for the same period in 2010. For the three-month period ended March 31, 2011, the increase in the consolidated net loss of $389 from the respective prior period is primarily the result of an increase in exploration, property evaluation and holding costs of $531, an increase in corporate administration and investor relations of $107, an increase in the loss on currency translation of $57 and a decrease in interest income of $42; these amounts have been partially offset by a decrease in interest expense of $221 and an increase in the gain on disposal of marketable securities of $153." More
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Northgate Minerals' Fosterville Gold Mine Celebrates 500,000 Ounces of Gold Produced - "Northgate Minerals Corporation (TSX:NGX - News)(AMEX:NXG - News) is pleased to announce that our Fosterville Gold Mine produced its half millionth ounce of gold in April 2011. The Fosterville staff marked the occasion with a celebration for this achievement." More
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35,000 Metre Drill Program on Wasamac in 2011 Continues to Yield Positive Results - "Richmont Mines Inc. ((TSX: RIC)(AMEX:RIC - News), ("Richmont" or the "Company") is pleased to announce preliminary results from the Company's extensive 35,000 metre drilling program on its Wasamac property." More
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AngloGold Ashanti Posts $203m Earnings; Cuts Net Debt 15% - "Adjusted headline earnings in the three months to 31 March, 2011 were $203m, or 53 US cents a share compared with $61m, or 17 US cents for the corresponding quarter in 2010, due to improved year-on-year performance from the South African mines and full impact of higher bullion prices. The first three months of the year traditionally have the lowest production, given that South African mines restart operations after the Christmas break." More
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- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2011 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 11 May, 2011 | |
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