-- Posted 27 July, 2011 | |

The Metals:

Gold climbed to a new record intraday high above $1625 in Asia before it fell back to $1615.60 at about 7:45AM EST and then rose to a new high of $1628.80 by midmorning in New York, but it then fell back off into the close and ended near its late session low of $1608.55 with a loss of 0.09%.  Silver fell back to $40.638 in London before it rose to as high as $41.427 in New York, but it then fell to as low as $40.193 in early afternoon trade and ended with a loss of 0.34%.

Euro gold climbed to about €1125, platinum lost $3.20 to $1800.80, and copper fell a few cents to about $4.44.

Gold and silver equities fell throughout most of trade and ended almost 3% lower on the day.

The Economy:

Kiss the AAA rating of the U.S. goodbye  

Bid to break debt impasse faces new obstacles  

Mortgage applications ease after recent jump: MBA  Reuters

El-Erian Forecasts ‘Massive Consequences’ From U.S. Debt Rating Downgrade  Bloomberg

U.S. May Lose AAA Rating Even With a Debt Deal, BlackRock, Templeton Say  Bloomberg

The Kabuki theatre of America's Debt Ceiling  Telegraph

“Reports from the twelve Federal Reserve Districts indicated that economic activity continued to grow; however, the pace has moderated in many Districts. The six Districts nearest the Atlantic seaboard reported a slowdown in activity since the previous Beige Book report; activity was little changed in the Atlanta District and unchanged or slightly improved in the Richmond District. Of the other six Districts, the Minneapolis District reported political and weather-related disruptions that temporarily slowed growth, and the Dallas District slowed to a moderate pace of growth. The remaining four Districts continued to grow modestly. The previous Beige Book reported a slower growth rate for four Districts, seven Districts growing at a steady pace, and one District with faster growth.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/23 expected at 415,000 and at 10AM is the Pending Home Sales report for June expected at -3.0%.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil extended lower after the Energy Information Administration reported that crude inventories rose 2.3 million barrels, gasoline inventories rose 1.0 million barrels, and distillates rose 3.4 million barrels.

The U.S. dollar index fell to a new record low below 80 against the Swiss franc at one point, but it then rose in late trade and ended with a decent gain as the euro dropped rather markedly after German Finance Minister Wolfgang Schaeuble raised doubts about last week’s proposal to solve Europe’s debt problems.

Treasuries remained weak after today’s $35 billion 5-year note auction sold at a high yield of 1.58% with a bid to cover of 2.62.

The Dow, Nasdaq, and S&P fell roughly 2% on worries about debt and deficits.

Among the big names making news in the market today were Dunkin' Brands, Wal-Mart, Boeing, WellPoint, Citigroup, Cargill, Conoco, and Wells Fargo.

The Commentary:

“Excuse me for the lack of posts this week thus far but Trader Dan has been staying quite busy of late and has not been able to keep all the plates spinning simultaneously so the posting plate has had to be let down lest the other plates succumb to gravity.

Gold is acting in textbook fashion according to the technical signals thus far. Once it took out the overhead resistance level that the bullion banks were attempting to enforce at the $1610 level, the weaker shorts who were piggybacking the large bears had to beat a hasty retreat and cover. Their buying triggered some of the system trades to send in additional buy orders with the result that prices shot directly to the first resistance level near $1625 before setting back a tad.

I should note that in today's session (Tuesday), gold dipped back down towards $1610 but found more buying and not liquidation related selling. That seem to catch a lot of traders by surprise with the result that the opportunistic shorts were once again forced to retreat under a withering barrage of buy orders.

This market continues to astound skeptics as it as of yet shows no sign of weakening interest on the buy side. Coming on a day in which option sellers were desperate to keep their cash gravy train from sinking in the river crossing, makes the performance even more the sweeter. Those option writers have skinned so many longs in years past that it is nice to see them get their comeuppance, even if it is only for one day's option expiration.

I have put up a weekly chart of gold to attempt to show you the channel in which gold is rising, a channel which has very neatly defined both its upper reaches and its downside forays for the better part of 2 1/2 years now. Note carefully that since March of this year, the downside moves have not made it as low as the bottom of the channel. Instead, buyers have come in rather quickly and kept price from testing the lower limits of the channel. This is evidence that the bulls have been in control of this market since that time frame.

Looking back we know the reason for this from a fundamental standpoint as sovereign debt woes began to intensify out of Euro land, inflation reared its ugly head across China and other emerging economic powerhouses in that region and elsewhere and the Federal Reserve telegraphed that the US economy was so weak that monetary policy was going to stay extremely accommodative for the foreseeable future.

What now appears to be happening is that traders and investors are watching the US' deteriorating fiscal condition and have added that into the mix. Simply put, most want no part of the US Dollar which is paying next to nothing as far as yield goes and is threatening a technical washout to the downside as it inches ever closer to a major chart support level.

The buyers have now taken gold to the top of the innermost channel noted on the price chart. This week that top of the wider channel comes in near $1665 - $1675. There is psychological resistance near the $1650 level, as these increments of $50 are always significant for gold not from a chart level but just from the fact that so many traders look at these round numbers when gauging price performance.

If gold plows through the upper channel anytime within the next few weeks time, it should begin to accelerate at a steeper rate. It will then form another price channel albeit this one will be at a much steeper slope. One thing I would like to point out is that the price channel currently noted on the chart is one that is very modest and orderly; only since March of this year has the rise of gold began to steepen somewhat but even at that, it is a far cry from going vertical. Once gold does go vertical (and it will at some point) then the gains will be remarkable. At that time I expect the long suffering holders of many of the quality mining shares that have been lagging to finally see the rewards of their patience.

From a chart support level, we could conceivably fall as low as $1525 and stay within the steeper channel being formed on the chart but unless we see some rather remarkable turnarounds in the above three factors that have been driving gold of late, I would be very surprised to see the metal move to that level. If it did, one would suspect eager buyers would be quite active, particularly if such an occurrence were to develop during the latter part of the third quarter, since gold will be entering its strongest time of the year from a seasonal perspective.

I would like to make a comment in regards to my good friend Jim Sinclair who caught a fair amount of grief from naysayers and other assorted trolls earlier this year when his gutsy call of $1650 gold did not materialize in January, a call which he made well in advance of 2011. Now that gold is sitting up closer to $1625, a larger number of pundits are now talking about $1650 as a minor stop along the path to considerably higher prices. Nice going Jim - you were a tad early but a prediction that far out ahead of time is still pretty damned good as far as this trader is concerned.

Believe it or not, sometimes a trader or a holder of a particular stock can be absolutely right in their expectations if they have carefully done their homework and have a wealth of experience to back up their conclusions. The problem is that until the rest of the pack actually catches up with you and sees the actual things that you see now, the stock or commodity does not go anywhere. It takes the rest of the herd to come in and reach the conclusion that you have already arrived at to make your investment choice a prosperous one. Their buying then takes the market to new highs or to levels that your analysis suggests it might very well go.

The flip side to this is that you may have found an undiscovered gem out there for an investment but until the rest of the public thinks the same way about that stock or commodity as you do, it ain't going to go anywhere. Remember that the next time you decide to drop your live's savings on some obscure stock. 

Let's see how gold closes out this week to decipher where the market is telling us that this thing might want to head next.

The Dollar is looking pitiful right now.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

Dominic Frisby: Gold, independent money

James Turk: Time for an accurate accounting of Germany's gold

The Statistics:

Activity from: 7/26/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 154.83: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,915.86: +24.25 change from yesterday’s data.

The Miners:

Newmont’s (NEM) dividend, Barrick’s (ABX) dividend, Seabridge’s (SA) drill results, US Gold’s (UXG) new COO, Kimber’s (KBX) drill results, Claude’s (CGR) drill results, Allied Nevada’s (ANV) second quarter operating results, Pretivm’s (PVG.TO) drill results, Buenaventura’s (BVN) second quarter results, and Alexco’s (AXU) initial resource estimates were among the big stories in the gold and silver mining industry making headlines today.

WINNER

LOSERS

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:

Regal Announces Results from the Company's Second Round of Confirmation Sampling on its Patagonia Project - More
- July 27, 2011 | Item | ShareThis

Newmont Announces 50% Increase to Regular Quarterly Dividend to $0.30 Per Share - "Newmont Mining Corporation (NYSE:NEM - News) announced today that its Board of Directors declared a regular quarterly dividend of $0.30 per share of common stock, an increase of 50% over the $0.20 dividend paid in the second quarter 2011, and an increase of 100% over the third quarter 2010 dividend. The third quarter 2011 dividend of $0.30 per share is payable on September 29, 2011, to holders of record at the close of business on September 8, 2011." More
- July 27, 2011 | Item | ShareThis

Williams Creek Gold Limited Releases Q1 Financial Statements and Management's Discussion and Analysis - More
- July 27, 2011 | Item | ShareThis

Fission/ESO Patterson Lake South JV Reports High Grade Boulders Up to 39.6% U3O8 - More
- July 27, 2011 | Item | ShareThis

NuLegacy Gold Prepares to Drill its Wood Hills South Prospect; Updates Red Hill Drilling Progress - More
- July 27, 2011 | Item | ShareThis

Vior : Shares Issued to Fonds de Solidarite FTQ - More
- July 27, 2011 | Item | ShareThis

Shoshone Silver/Gold, Summer 2011 Update - More
- July 27, 2011 | Item | ShareThis

Barrick Gold Announces Dividend - "Barrick Gold Corporation (NYSE: ABX - News)(TSX: ABX - News) today announced that its Board of Directors has declared a quarterly dividend of US12 cents per share, payable on September 15, 2011 to shareholders of record at the close of business on August 31, 2011." More
- July 27, 2011 | Item | ShareThis

BE Resources Inc. Releases Corrected Rare Earth Assay Results from Drilling Program at the Warm Springs Beryllium & Rare Earth Project - More
- July 27, 2011 | Item | ShareThis

Beaufield Reports Assays From Twenty-Eight Holes From Tortigny - More
- July 27, 2011 | Item | ShareThis

Malitao Ruling in Favor of Philippine Metals Subsidiary - More
- July 27, 2011 | Item | ShareThis

Gryphon Gold Closes $3 million Private Placement of Units - More
- July 27, 2011 | Item | ShareThis

Critical Elements: The Rose Deposit is One of the Largest Resources of "Conflict Free" Tantalum, With a New Indicated Resource of 26,500,000 Tonnes - More
- July 27, 2011 | Item | ShareThis

Chieftain Metals Announces Senior Management Appointment - More
- July 27, 2011 | Item | ShareThis

Carlisle Continues to Expand MacLellan Main Zone Mineralization with 47.46 g/t Au and 39.4 g/t Ag Over 3.0 Metres - More
- July 27, 2011 | Item | ShareThis

Fancamp Exploration Update - More
- July 27, 2011 | Item | ShareThis

Oroco Resource Corp. Announces Closing of Private Placement - More
- July 27, 2011 | Item | ShareThis

Woulfe Mining Announces Revised Capital Cost for Sangdong - More
- July 27, 2011 | Item | ShareThis

Augen Gold's Board Unanimously Recommends Shareholders Reject Trelawney's Unsolicited Offer - More
- July 27, 2011 | Item | ShareThis

Andover Reports 16.5 Meter Intercept of 6.6 % Copper Equivalent in Initial Results From The 2011 Drill Program at Sun Property Alaska - More
- July 27, 2011 | Item | ShareThis

Victoria Strengthens Its Board and Management Team With the Nomination of Two New Directors and the Appointment of a New Officer - More
- July 27, 2011 | Item | ShareThis

Superior Mining Announces a Renewed Focus on South Africa, Mangalisa Project and Refines New Zealand Property Portfolio - More
- July 27, 2011 | Item | ShareThis

Cadillac Obtains 0.36% Copper Over 430 Feet - More
- July 27, 2011 | Item | ShareThis

Roger Payne Named Executive Vice-President at Pele Mountain - More
- July 27, 2011 | Item | ShareThis

Laramide Reports Exceptional Westmoreland Metallurgy Results and Commences Updated Scoping Study - More
- July 27, 2011 | Item | ShareThis

Avalon Rare Metals Inc. Prices US$ 43,665,000 Public Offering - More
- July 27, 2011 | Item | ShareThis

Trelawney Uncovers New Exposure of Cote Lake Mineralization - More
- July 27, 2011 | Item | ShareThis

Cerro Grande Mining Corporation Commences Trading on the OTCQX International - More
- July 27, 2011 | Item | ShareThis

The Initial Plant Production Program by Siga Resources, Inc for the Lucky Thirteen Property Is Expected to Start by September 1st, 2011 - More
- July 27, 2011 | Item | ShareThis

Lomiko Adds 414 Ha to Vines Lake Property - More
- July 27, 2011 | Item | ShareThis

Aben Resources Announces Drill Programs & Exploration Update on Yukon and NWT Projects - More
- July 27, 2011 | Item | ShareThis

Telferscot Resources Strengthens Management Team and Grants Stock Options - More
- July 27, 2011 | Item | ShareThis

Otterburn Ventures Inc. Signs Letter of Intent With Nortec Minerals Corp. Regarding Advanced Stage Pt-Pd-Au Prospects in Finland - More
- July 27, 2011 | Item | ShareThis

Nortec (NVT) Announces Letter of Intent for $20.5 Million Option of the LK Project, Finland - More
- July 27, 2011 | Item | ShareThis

Corazon Gold Corp. Information to be Available Through Standard & Poor's Corporation Records Listing Program - More
- July 27, 2011 | Item | ShareThis

International Enexco to Acquire Properties of Allied Nevada at Contact, Nevada - More
- July 27, 2011 | Item | ShareThis

Rye Patch Reports Metallurgical Results From Wilco - More
- July 27, 2011 | Item | ShareThis

AQM Copper Drills 102.7 Metres of 0.30 % Cu and 0.13 g/t Au at the New La Rechazada Zone and Announces Positive Results from the Sicera Sur Satellite Target - More
- July 27, 2011 | Item | ShareThis

Donner Metals Ltd.: $3 Million Private Placement - More
- July 27, 2011 | Item | ShareThis

Golden Predator Announces Second Major Discovery at Flagship Brewery Creek Project, Yukon - More
- July 27, 2011 | Item | ShareThis

Tiex - Closes Financing With MineralFields Group - More
- July 27, 2011 | Item | ShareThis

Athabasca Uranium Acquires Keefe Lake Property Option - More
- July 27, 2011 | Item | ShareThis

Treasury Metals Completes Airborne Survey on Its Ontario Gold Properties - More
- July 27, 2011 | Item | ShareThis

Crosshair Drills 0.12% eU3O8 over 20 Feet at Juniper Ridge - More
- July 27, 2011 | Item | ShareThis

Pershimco Adds Strategic Claim Package in the Courville Gold Project Area - More
- July 27, 2011 | Item | ShareThis

Laurentian Goldfields Ltd. Options Belcourt Property to Pershimco Resources Inc. - More
- July 27, 2011 | Item | ShareThis

Lithium Corporation Finishes Drilling at Cortez - More
- July 27, 2011 | Item | ShareThis

Radius Sets Spin Out Ratio, Appoints New Director - More
- July 27, 2011 | Item | ShareThis

General Moly Announces Strong Support for Mt. Hope Project - More
- July 27, 2011 | Item | ShareThis

Western Pacific Adds Second RC Drill Rig at Mineral Gulch - More
- July 27, 2011 | Item | ShareThis

North Bay Resources Inc. (NBRI) Engages Investment Bank - More
- July 27, 2011 | Item | ShareThis

Pacific Rim Mining Announces Fiscal 2011 Year End Results - More
- July 27, 2011 | Item | ShareThis

Notice of Annual and Special Meeting of Shareholders - More
- July 27, 2011 | Item | ShareThis

GTA's Due Diligence Grab Sampling Returns Grades of Up to 7520 g/t Gold (219.42 oz/t); Finalizes Northshore Option Agreement With Balmoral - More
- July 27, 2011 | Item | ShareThis

Jayden Reports First 2011 Silver Coin Drill Results: 2.67 g/t Gold Over 16.4 Meters Including 10.7 g/t Over 3.0 Meters in Hole SC11-341 - More
- July 27, 2011 | Item | ShareThis

Estrella Gold Elects Board of Directors, Officers and Approves All Matters at Annual Meeting - More
- July 27, 2011 | Item | ShareThis

Falcon Gold Receives Preliminary Assay Results from Phase I Drill Program at Burton Gold Property, Ontario - More
- July 27, 2011 | Item | ShareThis

Plan of Operation Permit Received at Miranda's Red Canyon Project - More
- July 27, 2011 | Item | ShareThis

Balmoral and GTA Finalize Northshore Property Option Agreement - More
- July 27, 2011 | Item | ShareThis

Continued Drilling Success at Seabridge Gold's Sulphurets - "Results from the first seven core holes drilled this summer at the Sulphurets deposit, part of Seabridge Gold's 100% owned KSM Project, are likely to expand reserves and improve overall project economics." More
- July 27, 2011 | Item | ShareThis

Intrepid Mines Limited Releases Activities Report for the Second Quarter - More
- July 27, 2011 | Item | ShareThis

Castillian Intersects 1.94 Grams Gold Per Tonne Over 25.3 Metres in Near Surface Pit Zone at Hope Brook Project, Newfoundland - More
- July 27, 2011 | Item | ShareThis

Black Iron Reports Three Additional Twin Holes With Iron Grades Exceeding 32% - More
- July 27, 2011 | Item | ShareThis

Mountain Lake Reports Latest Results from Leprechaun Confirm Continuity of Main Zone and Demonstrate the Deposit Potential along Strike and at Depth - More
- July 27, 2011 | Item | ShareThis

Great Western Minerals Group Selects Steenkampskraal Rare Earth Processing Plant Detailed Design Team - More
- July 27, 2011 | Item | ShareThis

Castle Resources' Exploration Results Significantly Extends Mineralized Strike Length at the Granduc Copper Project - More
- July 27, 2011 | Item | ShareThis

Quantum Rare Earth Developments Intercepts 54.13 M of 1.17% Nb2O5 in Nebraska Drilling - More
- July 27, 2011 | Item | ShareThis

Advanced Explorations Inc. Intercepts 264 Metres of 33% Iron at Tuktu Project-Includes 9 Metres of 50% Iron - More
- July 27, 2011 | Item | ShareThis

Settlement Process Progressing at African Queen's Noyem-Nyanfoman Project; 3 More Small Scale Licenses Relinquished - More
- July 27, 2011 | Item | ShareThis

Santa Fe Metals Corp.: Work Program Now Underway on Don Indio Claim Zone at "Cuatro Cienegas" - More
- July 27, 2011 | Item | ShareThis

China Minerals Announces Grant of Options - More
- July 27, 2011 | Item | ShareThis

Breakwater Announces Extension of Nyrstar Offer - More
- July 27, 2011 | Item | ShareThis

Tectonic Receives Conditional Approval for Qualifying Transaction - More
- July 27, 2011 | Item | ShareThis

Silverado: Clarification & Retraction News Release Nolan Creek Sb-Au Project Amended NI 43-101F1 Report - More
- July 27, 2011 | Item | ShareThis

Newcastle Completes First Tranche of Private Placement - More
- July 27, 2011 | Item | ShareThis

Eskay Announces Proposed Units Offering of Up to $550,000 and Provides Update - More
- July 27, 2011 | Item | ShareThis

Avalon Rare Metals Inc. Announces Proposed Public Offering of Common Shares - More
- July 27, 2011 | Item | ShareThis

Fjordland Closes Tranche 1 of Financing - More
- July 27, 2011 | Item | ShareThis

Uranium outlook goes bush with the Premier - More
- July 27, 2011 | Item | ShareThis

US Gold Appoints William Faust Chief Operating Officer - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce the appointment of William Faust as Chief Operating Officer, effective August 1, 2011. Mr. Faust will direct US Gold's mining operations in Mexico and Nevada, including the development, construction and operation of the El Gallo and Gold Bar projects. Mr. Faust has over 30 years of engineering and management experience, particularly in open pit mining in Mexico and the Western United States." More
- July 27, 2011 | Item | ShareThis

Kimber intercepts 10 metres of 11g/t gold below Carmen gold-silver deposit, Monterde Project - "The intercept of 10 metres of 11 g/t gold from the extension of hole MTC-117 is significant as it continues to extend the potential for high grade gold-silver mineralization below the currently defined mineral resource contained in the Carmen deposit," said Gordon Cummings, President and CEO of Kimber Resources. "Based on the excellent results of the Carmen Deep program this year, we have expanded the size of the original drill program from 30,000 metres to 38,000 metres by adding a further 10 holes. Drilling is now expected to continue over the rest of this year and the program may be further expanded, depending on results." More
- July 27, 2011 | Item | ShareThis

Claude Resources Inc. Intercepts 169.38 Grams of Gold per Tonne Over 1.2 Metres True Width at Seabee Deep - "Underground exploration at Santoy 8 continues to prove up additional mineral resources. As a result, we are looking to increase tonnage output from Santoy 8 in 2012. Seabee Deep continues to demonstrate down plunge extensions with high grade shoots at depth in both the 2b and 2c ore bodies. The new L62 zone looks very promising with two holes (U11-345 and U11-347) reporting economic grades and widths. Based on these encouraging results, we have moved a second diamond drill rig to accelerate exploration of this new zone." More
- July 27, 2011 | Item | ShareThis

Allied Nevada Reports Preliminary Second Quarter 2011 Operating Results With Production of 22,783 Ounces of Gold and 93,221 Ounces of Silver - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX: ANV - News)(AMEX: ANV - News) is pleased to announce preliminary operating results for the second quarter of 2011 for its wholly owned Hycroft mine, located near Winnemucca, Nevada. The mine produced 22,783 ounces of gold and 93,221 ounces of silver in the second quarter of 2011. Second quarter 2011 gold sales were as expected with 20,293 ounces while silver sales of 85,092 ounces at a total cash cost(1)of approximately $465 per ounce. Gold production was as expected, while silver production exceeded expectations due to higher than planned grades mined." More
- July 27, 2011 | Item | ShareThis

Pretium Resources Inc.: Brucejack Drilling Continues to Intersect Bonanza-Grade Gold at Valley of the Kings Zone; High-Grade Gold Identified at Gossan Hill Zone - "Pretium Resources Inc. (TSX: PVG - News) ("Pretivm") is pleased to report that drill results from its Brucejack Project continue to demonstrate the continuity of high-grade gold mineralization in the Valley of the Kings Zone, and drilling has also identified at least one high-grade gold structure in the Gossan Hill Zone." More
- July 27, 2011 | Item | ShareThis

Alexco Announces Initial Resource Estimates for Lucky Queen and Onek - "The results from Lucky Queen and Onek significantly expand Alexco's resource base within the Keno Hill Silver District, giving us additional strategic flexibility as we look to grow our District mining operations beyond the currently-producing Bellekeno mine. The identification of Lucky Queen as a new high-grade silver resource is very important to our future development plans in the eastern portion of the District, and we've already initiated rehabilitation of the historical Lucky Queen 500 Level portal." More
- July 27, 2011 | Item | ShareThis

Buenaventura Announces Second Quarter 2011 Results - "Net income in the second quarter reached US$204.2 million, an 83% increase when compared to the figure reported in 2Q10 (US$111.6 million). EBITDA from Buenaventura's Direct Operations was US$179.2 million, 103% higher than the figure reported in 2Q10 (US$88.4 million), while EBITDA including Yanacocha and Cerro Verde increased 64%, from US$245.6 million in 2Q10 to US$403.1 million in 2Q11." More
- July 27, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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