-- Posted 3 August, 2011 | |
| Close | Gain/Loss |
Gold | $1663.60 | +$21.20 |
Silver | $41.67 | +$1.55 |
XAU | 209.80 | +0.75% |
HUI | 563.36 | +0.96% |
GDM | 1640.27 | +1.16% |
JSE Gold | 2565.94 | +66.08 |
USD | 74.03 | -0.43 |
Euro | 143.19 | +1.26 |
Yen | 129.86 | +0.12 |
Oil | $91.93 | -$1.86 |
10-Year | 2.599% | -0.025 |
T-Bond | 131.28125 | +0.46875 |
Dow | 11896.44 | +0.25% |
Nasdaq | 2693.07 | +0.89% |
S&P | 1260.34 | +0.50% |
The Metals:
Gold rose to as high as $1661.40 in afterhours access trade yesterday and surged almost 2% to $1672.43 in Asia before it stalled out a bit in London and New York, but it still ended at a new all-time high with a gain of 1.29%. Silver soared to as high as $42.014 by early afternoon in New York and ended with a gain of 3.86%.
Euro gold climbed to a new all-time high above €1162, platinum lost $11.50 to $1776.75, and copper dropped 7 cents to about $4.32.
Gold and silver equities traded mostly modestly higher and ended with about 1% gains.
Emerging world buys $10 bln in gold as West wobbles Reuters
Analysis: HSBC's China gold futures foray harbinger of change Reuters
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | July | 114K | 100K | 145K |
ISM Services | July | 52.7 | 53.7 | 53.3 |
Factory Orders | June | -0.8% | -1.0% | 0.6% |
El-Erian Says S&P Will Cut U.S. AAA Rating If It Holds to July 14 Outlook Bloomberg
China Joins Russia in Blasting U.S. Borrowing After Debt Ceiling Agreement Bloomberg
Moody’s Affirms U.S. Rating, Warns of Downgrades Bloomberg
Debt relief replaced with recession fear Reuters
Gov't will borrow $72B in debt auctions next week Yahoo
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/30 expected at 405,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil extended lower after the Energy Information Administration reported that crude inventories rose 1.0 million barrels, gasoline inventories rose 1.7 million barrels, and distillates rose 400,000 barrels.
The U.S. dollar index fell on this morning’s poor ISM Services report. “The Swiss National Bank announced a shock cut in interest rates and threatened more action to cap a soaring Swiss franc, but the impact was expected to be short-lived given the currency's safe-haven appeal amid mounting concerns about global growth.”
Treasuries rose while the Dow, Nasdaq, and S&P reversed early losses and ended higher for the first time in nine days.
Among the big names making news in the market today were Wal-Mart, Clorox, Comcast, Verizon, MasterCard, and Google.
The Commentary:
“My Dear Friends,
I am on the road again. This time it is to speak at the GATA conference in London Friday afternoon.
The key concept in the gold market is that it has in no way performed like a classic blow-off hyperbolic top.
The price travel between $1600 and $1764 is fraught with points of resistance. The price journey in the next chapter founded by the fundamental reasons by Alf Fields and Martin Armstrong will soon be shown as correct. They will be the predictors of merit.
There is no reason to drop or reduce your gold hedges.
There is as always good reason not to carry any margin in a protective gold spread. Gold will only gain in volatility that will frustrate the greed driven mad margin trader.
Two major chapters in the growth of gold to reserve currency of the people’s choice are completed.
The last chapter is still coming going into 2015 and will be spectacular.
I will be in touch with you from the airport and hotel. I hope to see you at the conference.
Respectfully,”- Jim Sinclair, JSMineset.com
“The plunge in the stock indices in [yesterday's] trading has wiped out the entirety of paper gains for the year. There are several things I wish to note about this.
The first is that the so-called "debt ceiling agreement" was supposed to be friendly towards stocks. Remember the soaring indices in Sunday evening trade as the news broke that the agreement had been reached. The market has put all that behind it and is now focusing on the pathetic growth rate in the US economy and the fact that lawmakers and the administration will now proceed to saddle this generation of Americans and the next with even more debt. That debt weighs like an anchor on future economic growth and this is not being lost on traders/investors. As I said in a previous post - only in modern day America could a bunch of hapless politicians congratulate themselves for sinking their nation and their countrymen deeper into a morass of indebtedness. Words cannot express my contempt and disdain for this bunch of pitiful "statesmen". They make Nero look like a genuine patriot by comparison. He at least did something constructive while his city burned. He played his fiddle. Our jokers played us instead.
Secondly - I made a point a while back that the one relatively bright spot for consumers was that even though gasoline prices were soaring higher and still remain stubbornly high, even though food prices continue to trek upwards and consumers leave the grocery stores with fewer goods in their bags for the same amount of money spent, even though medical costs continue to rocket higher, even though their home values continue to sink lower leaving more and more mortgages underwater, even though the employment situation reeks to high heaven, at least, at least, their 401K's and retirement plans were a bit in the black for the year. That has now evaporated like the morning dew. Can you even imagine what the next Consumer Confidence numbers are going to look like?
Friends and readers - this week will be one for the history books in my opinion as it will mark the beginning of the steady decline of the US economic might unless there is a drastic, and I do mean "drastic" change at the ballot box next year. It might even possibly be too late for even that to do any good at this point as the mathematics is now working against us all.
The markets are said to illustrate the combined wisdom of a host of individual traders/investors/players, who survey the current scene and then based on that survey, make decisions accordingly. Based on that alone the markets are saying that looking ahead, the environment for stocks in general is rapidly deteriorating and that we are heading back into Recession.
All eyes will then turn to the Fed for some further round of QE although I doubt it will be called that for political reasons. Either way, should that indeed happen, the floor under the Dollar will collapse.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
GATA's international press release on its London conference, which starts Thursday
Good raises end South African gold miners' strike
GATA Chairman Murphy on CNBC Europe Thursday, GoldMoney's Turk on Friday
Emerging world buys $10 billion in gold as West wobbles
Today's currency intervention: Switzerland tries to kick traders out of its franc
Will China let HSBC paperize its gold market?
Ambrose Evans-Pritchard: Europe's money markets freeze as crisis builds in Italy, Spain
Fed may weigh more stimulus amid slow recovery
Paul proposes bill to cancel $1.6 trillion in U.S. debt to Federal Reserve
The Statistics:
Activity from: 8/02/2011
Gold Warehouse Stocks: | 11,432,725 | -579 |
Silver Warehouse Stocks: | 105,756,152 | +751,709 |
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 | 1281.754 | 41,209,661 | US$68,763m |
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$6,174m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 126.23 | 4,058,350 | US$6,751m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,842 | US$759m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 47.72 | 1,534,267 | US$2,513m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,952 | US$8m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 18.174 tonnes to a new 6 month high.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.62: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,824.93: No change from yesterday’s data.
The Miners:
Ivanhoe’s (IVN) interest in Altynalmas Gold, IAMGOLD’s (IAG) resumed operations, Keegan’s (KGN) option agreement with Sky Gold Mines, Alexco’s (AXU) second quarter production, Endeavour’s (EXK) second quarter results, and Silvercorp’s (SVM) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI +11.01% $2.42 |
2. Alexco | AXU +5.71% $7.96 |
3. Pan American | PAAS +4.58% $32.65 |
LOSERS
1. Golden Star | GSS -4.85% $2.55 |
2. Paramount | PZG -3.32% $2.91 |
3. Midway | MDW-3.11% $2.49 |
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:
Liberty Star Discovers Geochemical Anomalies Indicative of a Buried Porphyry Copper-Gold System at the Tombstone Caldera Porphyry Precious Metals Project - More
- August 03, 2011 | Item | ShareThis
Calibre and B2Gold Begin Second Phase Exploration Program at Primavera Gold-Copper Prospect, Nicaragua - More
- August 03, 2011 | Item | ShareThis
Bralorne Gold Update - More
- August 03, 2011 | Item | ShareThis
Santa Fe Gold Closes $5 Million Senior Secured Loan - More
- August 03, 2011 | Item | ShareThis
Quarterly Update on Pancontinental Uranium Corporation/Crossland Uranium Mines Limited Joint Venture Activities - More
- August 03, 2011 | Item | ShareThis
Gold Hawk announces issuance of Aquifer Protection Permit - More
- August 03, 2011 | Item | ShareThis
Explor Encounters Large Gold System on the Destor Gold Property - More
- August 03, 2011 | Item | ShareThis
Nevada Exploration Closes Final Tranche of $560,000 Private Placement - More
- August 03, 2011 | Item | ShareThis
Ruby Creek Resources to Appear at the San Francisco MoneyShow August 10th - 12th - More
- August 03, 2011 | Item | ShareThis
North Bay Resources Inc. (NBRI) Acquires Two Rare Earth (REE) Properties - More
- August 03, 2011 | Item | ShareThis
Alexis Completes Takeover Agreement on Rouyn-Noranda Joint Venture Properties - More
- August 03, 2011 | Item | ShareThis
Stina Reports on Dime Exploration and GeoMagnetic Results - More
- August 03, 2011 | Item | ShareThis
Bison Gold Resources Inc.'s Strategic Alternative Review Committee Provides Progress Update - More
- August 03, 2011 | Item | ShareThis
Lydian Announces EBRD Investment in Armenian Operations - More
- August 03, 2011 | Item | ShareThis
Ucore Receives Priority Permitting Assistance from US Dept of Agriculture - More
- August 03, 2011 | Item | ShareThis
General Metals Announces Annual Meeting September 16, 2011, Reno, NV - More
- August 03, 2011 | Item | ShareThis
Goldspike Exploration Inc. Announces Closing of Initial Public Offering - More
- August 03, 2011 | Item | ShareThis
Goldeye Updates Its Gold-Silver-Copper Project in Central Chile - More
- August 03, 2011 | Item | ShareThis
Critical Elements Start Summer Program on Rocky Mountain Rare Earths Properties - More
- August 03, 2011 | Item | ShareThis
Cascadero Copper Corporation: Core Drilling Program Completed on MEX Copper Gold Porphyry Prospect - More
- August 03, 2011 | Item | ShareThis
Dynasty Gold Announces Opinaca D 2011 Exploration Program - More
- August 03, 2011 | Item | ShareThis
Riverstone Reports Thick Gold Intercepts at Goulagou I - More
- August 03, 2011 | Item | ShareThis
Fjordland Updates Tak-Milligan Project, BC; Drilling Planned on Moffat Property - More
- August 03, 2011 | Item | ShareThis
Crazy Horse Drills 164m of 0.36% Copper, 0.09 Grams Gold and 1.14 Grams Silver at Taysan Copper-Gold Project - More
- August 03, 2011 | Item | ShareThis
Vantex Sells 50 % of Its Cookie Monster Property - More
- August 03, 2011 | Item | ShareThis
Avalon Rare Metals Inc. Announces Closing of Public Offering of Common Shares and Partial Exercise of Over-Allotment - More
- August 03, 2011 | Item | ShareThis
Lydian Intersects First Deep High-Grade at Erato and Extends Erato Gold Zone Over A Strike Distance of At-Least 1 Kilometer at Amulsar; Armenia - More
- August 03, 2011 | Item | ShareThis
Lomiko Adds another 3,684 Ha to Vines Lake Property - More
- August 03, 2011 | Item | ShareThis
Argentum Hires James Robinson to Prepare Technical Reports on Victoria and Coyote Silver-Gold Projects - More
- August 03, 2011 | Item | ShareThis
Vanstar Sells a 50 % Interest of Little Monster - More
- August 03, 2011 | Item | ShareThis
Coro Provides Exploration Update Including Initial Results at Chacay - More
- August 03, 2011 | Item | ShareThis
Orestone Mining Corp. Declares Phase One Copper and Gold Exploration Beginning at Captain Project - More
- August 03, 2011 | Item | ShareThis
Columbus Gold Announces Drill Results from Stevens Basin Project in Nevada - More
- August 03, 2011 | Item | ShareThis
Wolverine Updates Exploration Activities on Dawson Range Projects in the Yukon - More
- August 03, 2011 | Item | ShareThis
Tyhee Starts Diamond Drill Program On Yellowknife Gold Project, NWT, Canada - More
- August 03, 2011 | Item | ShareThis
Exploration Update on the Sierra Mojada Project, Coahuila, Mexico - More
- August 03, 2011 | Item | ShareThis
Luna Gold Announces the Addition of Augusto Baertl as Advisor to Management and Board - More
- August 03, 2011 | Item | ShareThis
Alderon: Metallurgical Testwork Indicates Marketable Sinter Feed Product - More
- August 03, 2011 | Item | ShareThis
Majescor Announces the Closing of the 1st Tranche of a Non-Brokered Private Placement for $3,390,000 - More
- August 03, 2011 | Item | ShareThis
General Moly Announces Second Quarter 2011 Results - More
- August 03, 2011 | Item | ShareThis
Mariana Drilling Intersects 30.1 Metres at 3.9 g/t AuEq (2.2 g/t Au and 101 g/t Ag) at Sierra Blanca Gold-Silver Project, Southern Argentina - More
- August 03, 2011 | Item | ShareThis
New Metallurgical Tests by Apogee on Leachable Silver in the Oxide Layer Demonstrate Recoveries Up to 81% - More
- August 03, 2011 | Item | ShareThis
Falcon Gold Signs LOI With Markinch Resources on Maki Midas Project - More
- August 03, 2011 | Item | ShareThis
Calypso Uranium Announces Uranium Mineralization Discovery at the San Jorge Basin Project and Provides an Update of the Neuquen Basin Drilling Programs - More
- August 03, 2011 | Item | ShareThis
Stillwater Mining Reports Record Quarterly Earnings - More
- August 03, 2011 | Item | ShareThis
Northcore Resources Signs a Letter of Intent to Purchase a 50% Interest in the Little Monster Property With Vanstar Mining Resources - More
- August 03, 2011 | Item | ShareThis
Champion Minerals' Drilling at Fire Lake North Nears Completion and Continues to Delineate High-Grade Zones of Coarse-Grained, Specular Hematite-Rich Mineraliz. - More
- August 03, 2011 | Item | ShareThis
El Capitan Precious Metals Announces the Receipt of Arrakis Data - More
- August 03, 2011 | Item | ShareThis
DynaResource Reports Recent Drilling Results from San Jose de Gracia: 13.93 g/t Gold Intercepted Over 4.75 Meters - More
- August 03, 2011 | Item | ShareThis
Pilot Gold Announces New Gold Discovery at Brik Project in Emerging Stateline District, Nevada - More
- August 03, 2011 | Item | ShareThis
INV Metals Files Technical Report on the Okohongo Deposit, Namibia - More
- August 03, 2011 | Item | ShareThis
Conquest Intersects New Shear Zone in Drilling Program at Red Lake - More
- August 03, 2011 | Item | ShareThis
Yukon-Nevada Gold Corp. Plans to Enter Into A Prepaid Forward Gold Purchase Agreement - More
- August 03, 2011 | Item | ShareThis
Timmins Gold Announces Appointment of New Director and Chair of Audit Committee - More
- August 03, 2011 | Item | ShareThis
Molycor Gold Corp.: Resource and Block Modeling Analysis Completed for the Tami-Mosi Magnesium Project - More
- August 03, 2011 | Item | ShareThis
American Manganese Inc.: Drilling on South Manganese Mesa Extends Mineralization - More
- August 03, 2011 | Item | ShareThis
Meadow Bay Gold Update on Drilling at Atlanta Gold Mine in Nevada - More
- August 03, 2011 | Item | ShareThis
Altynalmas Gold's New Upgraded and Confirmed Bakyrchik East Mineral Resource Gold Deposit Boosts Total Gold Resources at Kyzyl Project in Kazakhstan - "Robert Friedland, founder and Chief Executive Officer of Ivanhoe Mines (TSX: IVN - News)(NYSE: IVN - News)(NASDAQ: IVN - News) and Chairman of Altynalmas Gold, and David Woodall, President and Chief Executive Officer of Altynalmas Gold, announced today a NI 43-101-compliant Mineral Resource estimate for the new Bakyrchik East Deposit at Altynalmas Gold's Kyzyl Gold Project in northeastern Kazakhstan. Ivanhoe Mines owns 50% of Altynalmas Gold." More
- August 03, 2011 | Item | ShareThis
IAMGOLD's Rosebel Gold Mine Resumes Operation - "IAMGOLD Corporation (TSX: IMG.TO - News)(NYSE: IAG - News)(BOTSWANA: IAMGOLD) ("IAMGOLD" or the "Company") announced that a 36-hour work stoppage of the mill at the Company's Rosebel Gold Mine in Suriname ended this morning when agreement was reached with regard to a possible change in shift scheduling. The Company and union have committed to continue to meet, starting immediately, to resolve all outstanding issues. Rosebel has resumed operation and is on target to meet its 2011 production guidance of between 360,000 and 380,000 ounces of gold." More
- August 03, 2011 | Item | ShareThis
Alexco Reports Increased Production in Second Quarter of Calendar 2011 - "Alexco Resource Corp. (TSX: AXR - News)(AMEX: AXU - News) is pleased to report second quarter calendar 2011 production results from the Bellekeno mine in the Keno Hill Silver District, Yukon. Mill throughput increased by 4.9% and silver production increased by 3.8% over first quarter calendar 2011 performance, with lead and zinc production increasing 10.7% and 32.8% respectively." More
- August 03, 2011 | Item | ShareThis
Keegan More Than Doubles Size of Esaase Gold Project Regional Property With Addition of Skygold Concession - "Keegan Resources Inc. (TSX: KGN - News)(AMEX: KGN - News) ("Keegan") is pleased to announce that it has entered into an option agreement (the "Agreement") with Sky Gold Mines Limited ("SGM") to acquire 100% interest in a four-part concession (hereinafter described as the "Sky Gold Concession") within the Asankrangwa gold belt, where its flagship Esaase Deposit occurs. The cumulative land position of the Sky Gold Concession is over 118 sq km, which, when added to the existing property, brings Keegan's total land position to more than 216 sq. km. The Agreement requires Keegan to make cash payments of US$400K and to issue 50,000 KGN shares on or before the third anniversary of signing. Of these amounts US$140,000 has been paid; the remaining cash and share payments are optional. SGM retains a 2%NSR, which Keegan has a first right of refusal to purchase." More
- August 03, 2011 | Item | ShareThis
Endeavour Silver Reports $10.6 Million Adjusted Earnings in Q2, 2011 Thanks to Rising Silver-Gold Production and Precious Metal Prices - "Endeavour Silver Corp. (TSX: EDR - News)(NYSE: EXK - News)(Frankfurt: EJD.F - News) announced today its financial and operating results and unaudited financial statements for the Second Quarter, 2011. Endeavour owns and operates two high-grade, underground, silver-gold mines in Mexico, the Guanacevi Mines in Durango State and the Guanajuato Mines in Guanajuato State." More
- August 03, 2011 | Item | ShareThis
Silvercorp Reports Net Income Up 82% to $25.6 Million or $0.15 Per Share and Cash Flow Up 46% to $33.9 Million or $0.19 Per Share for 1st Quarter of Fiscal 2012 - "Silvercorp Metals Inc. (TSX: SVM - News)(NYSE: SVM - News) ("Silvercorp" or the "Company") today reported its unaudited financial and operating results for the first quarter ended June 30, 2011 ("Q1 2012"). Record silver production, coupled with increasing silver prices, resulted in record quarterly sales. The following financial results are expressed in US dollars (US$) unless stated otherwise." More
- August 03, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 3 August, 2011 | |
