-- Posted 4 August, 2011 | |
| Close | Gain/Loss |
Gold | $1656.40 | -$7.20 |
Silver | $39.44 | -$2.33 |
XAU | 197.12 | -6.04% |
HUI | 531.85 | -5.59% |
GDM | 1548.04 | -5.62% |
JSE Gold | 2533.32 | -32.62 |
USD | 75.19 | +1.16 |
Euro | 141.21 | -2.05 |
Yen | 126.37 | -3.44 |
Oil | $86.63 | -$5.30 |
10-Year | 2.458% | -0.141 |
T-Bond | 133.50 | +2.21875 |
Dow | 11383.68 | -4.31% |
Nasdaq | 2556.39 | -5.08% |
S&P | 1200.07 | -4.78% |
The Metals:
Gold waffled near unchanged in Asia and London before it shot up to a new record high of $1681.74 by late morning in New York, but it then fell back off rather markedly midday and ended $15.45 from its late session low of $1640.95 with a loss of 0.43%. Silver rose to as high as $42.213 before it also fell back off in late trade and ended near its late session low of $39.16 with a loss of 5.35%.
Euro gold climbed to a new all-time high above €1170, platinum lost $52.25 to $1724.50, and copper dropped another 9 cents to about $4.23.
Gold and silver equities fell throughout most of trade and ended with about 6% losses.
'Gold Cartel’ Losing, Price to Top $3,000: Association CNBC
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/30 | 400K | 405K | 401K |
US borrowing tops 100% of GDP: Treasury Yahoo
Rate on 15-year mortgage falls to decades low Yahoo
Tomorrow at 8:30AM EST brings July’s jobs data. Nonfarm Payrolls are expected at 84,000, the Unemployment Rate is expected at 9.2%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.3. At 3PM is Consume Credit for June expected at $5.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell almost 6% to its lowest since February 18th on increased worries over falling energy demand in a slowing global economy.
The U.S. dollar index jumped higher as the yen fell over 2% after “Japan intervened to curb its strength to support the country's export-led economy.” “The dollar extended gains against the euro Thursday after European Central Bank President Jean-Claude Trichet took steps that implied he is more worried about the continent’s sovereign-debt crisis spreading to larger economies and bond markets.”
Japanese Monetary Authorities finally show up
Treasuries rose as the Dow, Nasdaq, and S&P fell about 5% more on lingering fears about debt and a possible recession.
Among the big names making news in the market today were Southwest, Kraft, GM, Fidelity, Limited, and Macy’s.
The Commentary:
“The Breach of overhead resistance at the $1650 level set up a run towards resistance at $1680, which is, for charting purposes, effectively where gold has now run. It came in a bit shy of the actual number but as you can see from the chart, has encountered likely bullion bank opposition at the level noted.
You might also note that this resistance level is very near the top of the channel that has been formed over the last month's worth of price action. The angle of ascent for gold is much steeper than it has been in the past but it is certainly no where near parabolic. It has just moved to a bit more sharper angle as investor fears have grown. Even at that, the word "PANIC" is no where yet found (it will be later).
As long as we still hear commentators and analysts talking up how "CHEAP" stock valuations have become, you can rest assured we are no where near any sort of panic stage. Just look at how eager these guys are to back up the truck and reload it once again with equities. It is as if the entire generation has been conditioned to buy dips no matter what the hell is going on in the nation or the globe for that matter. I can see them still buying up stocks when the overall national debt of the nation heads to $20 trillion, then $25 trillion and then $30 trillion. "Buy 'em". Rating agency downgrade - "buy 'em". QE 5 - "Buy 'em". QE6 - "Buy 'em"... and so on and so on and so on. We just don't believe that there is any such thing as a BEAR market - those are no longer possible in this new day and age in which the Fed can print lots and lots of money to fix everything".
Today's big rumors and pit musings were started by Bill Gross of PIMCO commenting on the Federal Reserve preparing for another round of stimulus. A couple of other folks joined in on that parade and that was enough to pull the S&P 500 back from the brink. Yep - that is just what we need - more money printing! Then again, there is no other arrow left in their quiver except that one as the federal government is not going to provide another round of stimulus (not that it would do any good anyway). It was this chatter about another round of QE that knocked the props out from under the US Dollar and took some of the wind out of the long bond today which has recently been on a one way trip due north. I think Bill must be kicking himself still on that previous Treasury bond call.
In an odd manner, Federal Reserve bond buying programs are currently being viewed as NEGATIVE for bond prices. The idea is that once its sets out the punch bowl again, no one else will be buying bonds as they will all be rushing back to get their fill of equities as they load their boats with those and dump all the Treasuries they just stuffed under their mattresses. Yes, this is called "investing" in this day and age. Madness is how I prefer to describe it as another round of QE will do as much good in curing the structurally rooted problems in the US economy as the first two rounds did - mainly NOTHING.
News flash to this gang - QE will not create jobs. It has already been tried twice and been proven to be an abysmal failure. Many corporations are showing good profits but that is because some of them have eliminated their single biggest expense - their payrolls! Think about it - the combined QE1 and QE2 was close to if not more than $2.5 TRILLION Dollars and how many jobs did it create?
This is what the monetary authorities of the US economy and that of the EuroZone have been reduced to - money printing. They think that by providing liquidity they can fix years of overspending and massive indebtedness. I don't know whether to laugh at such ignorant stupidity or cry because of where these people are taking us all. I sometimes wonder if we are under a divine curse that has inflicted upon us fools for leaders and policy makers. They act as if they are somehow immune from History. Or could it be that their hubris suggests to themselves that they are actually wiser and more learned than previous generations and know how to accomplish those things which their unfortunate predecessors could not?
It really does not matter at this point as the die are already cast and the drama now waits to be acted out to reach its inevitable conclusion. Debt has consequences not the least of which is it cannot be endlessly multiplied and renamed prosperity without corrupting those who are liable for it. Perhaps I am hopelessly antiquated but I learned that it is the SAVERS and the LENDERS who hold the true power and not the CREDITORS and BORROWERS. The FORMER become the masters; the latter become the slaves.
Back to gold however - it now needs to take out today's high and plow through $1680 to set up a run at $1695 - $1700. It should find some light buying support down first near $1650 and then better support near $1625, levels at which it encountered some selling resistance of the way up. Take a look at the chart and you can see the markings.
Open interest has begun to rise again which is a healthy sign - as long as it does, the market will move higher.
Silver finally made it to its target of $42 today before setting back some. It is basically running in $2 increments so look for a move to $44 should it be able to clear $42 and hold that level. Support in silver is back down near $40 for now.
Copper has rolled over on the price chart and seems to have confirmed a top in there. Any indication that another round of QE is on the way and this market will undoubtedly reverse to the upside once again. For now it is signaling a slowdown in global growth is the dominant view.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Mineweb: GATA Gold Rush looking to make its mark in London
Is some sort of worldwide currency intervention on the way?
CNBC notes GATA chairman's attack on 'gold cartel'
CNBC Europe posts video of GATA chairman's interview
Japan intervenes to tame yen
Eric Sprott and David Baker: The real banking crisis
After buying most of it, China gets mad at U.S. for issuing so much debt
The Statistics:
Activity from: 8/03/2011
Gold Warehouse Stocks: | 11,439,929 | +7,204 |
Silver Warehouse Stocks: | 105,296,732 | -459,420 |
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 | 1286.297 | 41,355,739 | US$69,430m |
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$6,169m |
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$6,757m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,836 | US$757m |
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 4.543 tonnes to a new 6 month high.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 157.58: +0.96 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,858.92: +33.99 change from yesterday’s data.
The Miners:
Almaden’s (AAU) completed project sale, Ivanhoe’s (IVN) award, Gold Resource’s (GORO) mine development, Randgold’s (GOLD) second quarter results, AngloGold’s second quarter results, United Silver’s (USC.TO) joint venture with Gold Finder (GFN.V), Silvercorp’s (SVM) dividend, and Extorre’s (XG) PEA update were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. Randgold | GOLD+3.16% $93.60 |
LOSERS
1. Avino | ASM -14.81% $2.30 |
2. Endeavour Silver | EXK -14.04% $9.12 |
3. Northern Dynasty | NAK -12.78% $9.28 |
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:
Emerick Resources Options Major Land Package in NWT, Plans $2 Million Financing - More
- August 04, 2011 | Item | ShareThis
HudBay Minerals to Present at Jefferies 2011 Global Industrial and A&D Conference - More
- August 04, 2011 | Item | ShareThis
Anconia Resources Announces Commencement of Activities and Provides an Exploration Update on Its' Nunavut Properties - More
- August 04, 2011 | Item | ShareThis
South American Gold Reports on Santacruz Gold Project - More
- August 04, 2011 | Item | ShareThis
Southeast Asia Mining Announces Revocation of Cease Trade Orders and Corrects Certain Disclosure in Its March 1, 2011 Press Release - More
- August 04, 2011 | Item | ShareThis
Golden Valley Mines Ltd./New Option Agreement Signed: Centremaque Prospect-Boulamaque Township, Quebec - More
- August 04, 2011 | Item | ShareThis
North American Nickel Announces a 200 Metre Long EM Anomaly, at 55 Metres Depth, Over Offset Dyke at Post Creek, North Range, Sudbury Basin, Ontario - More
- August 04, 2011 | Item | ShareThis
Almaden Minerals Ltd. Completes the Sale of Elk Gold Project - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM - News)(AMEX: AAU - News) is pleased to announce that it has completed the sale to Gold Mountain Mining Corporation ("Gold Mountain"; formerly Beanstalk Capital Inc.) of a 100% interest in the Elk Gold Project located near Merritt, British Columbia (the "Elk Gold Project"). Effective July 7, 2011, Beanstalk Capital Inc. changed its name to Gold Mountain Mining Corporation, the common shares of which are now trading on Tier 1 of the TSX Venture Exchange (the "Exchange") under the symbol GUM." More
- August 04, 2011 | Item | ShareThis
Romarco provides company update - More
- August 04, 2011 | Item | ShareThis
Geodex Announces Dungarvon Acquisition and Drill Program Focused on Molybdenum-Tungsten-Tin Potential - More
- August 04, 2011 | Item | ShareThis
Carlisle Goldfields Initiates Preliminary Economic Assessment - More
- August 04, 2011 | Item | ShareThis
Stronghold Metals Inc. Enters Into Letter of Intent to Sell Tucuma Gold Project to Kensington Court Ventures Inc. - More
- August 04, 2011 | Item | ShareThis
Eagle Plains and MMG Announce Two Property Option Agreements - More
- August 04, 2011 | Item | ShareThis
Pershimco Options Gold Properties from Abitex Resources - More
- August 04, 2011 | Item | ShareThis
Athabasca Uranium Completes Keefe Lake Option First Phase - Prepares to Drill - More
- August 04, 2011 | Item | ShareThis
Rodinia Lithium Provides Update on the Salar de Diablillos Project - More
- August 04, 2011 | Item | ShareThis
Stans Energy Announces Addition of VNIIHT Director Dr. Gennady Sarychev to Advisory Board - More
- August 04, 2011 | Item | ShareThis
Southern Arc Drilling Program Underway at the Mencanggah Prospect, West Lombok, Indonesia - More
- August 04, 2011 | Item | ShareThis
High Desert Gold Discovers New Areas of Gold/Silver Mineralization on its 100%-Owned San Antonio Project, Sonora, Mexico - More
- August 04, 2011 | Item | ShareThis
Angus Announces Completion of $1.3 Million Non-Brokered Private Placement - More
- August 04, 2011 | Item | ShareThis
KWG Completes Sale of 1% NSR to Anglo Pacific Group for $18 Million - More
- August 04, 2011 | Item | ShareThis
Auriga Gold Announces Initial Resource Estimate for the Maverick Gold Project, Manitoba: Indicated Resources of 174,000 oz Au and Inferred Resources of 558,000 - More
- August 04, 2011 | Item | ShareThis
Aldrin Commences Drilling at IND Project - More
- August 04, 2011 | Item | ShareThis
Axiom Gold and Silver Corp. Aurora Project Update - More
- August 04, 2011 | Item | ShareThis
Nuinsco Completes Two Tranches of Flow-Through Financing - More
- August 04, 2011 | Item | ShareThis
Bearing Resources Begins $2 Million Exploration Program at the Zymo Copper-Gold Project in British Columbia - More
- August 04, 2011 | Item | ShareThis
Golden Phoenix Secures $1 Million Bridge Loan to Advance Santa Rosa Gold Mine in Panama; Enters Into Term Sheet for $15.5 Million Gold Stream Debt Facility - More
- August 04, 2011 | Item | ShareThis
Siga Resources Announces Big Bear Joint Venture Funding and Initiation of Field Program - More
- August 04, 2011 | Item | ShareThis
Bravo Starts Drilling on Homestake Ridge Project; Closes Second Tranche of $5 Million Flow-Through Private Placement - More
- August 04, 2011 | Item | ShareThis
NMC Reports Substantial Production Increase at NMC Moland Mine - More
- August 04, 2011 | Item | ShareThis
Redhawk Resources Receives Conditional Approval for Listing on the Toronto Stock Exchange - More
- August 04, 2011 | Item | ShareThis
Full Metal Zinc's Exploration Program Underway at the Fortymile Silver-Lead-Zinc Project, Alaska - More
- August 04, 2011 | Item | ShareThis
Canamex Commences Exploration Activities on Aranka North Property, Guyana - More
- August 04, 2011 | Item | ShareThis
Highland Resources Enters Into the Formal Joint Venture Agreement to Acquire Copper Resources Located in Keweenaw and Houghton Counties, Michigan - More
- August 04, 2011 | Item | ShareThis
Commerce Resources Corp. Confirms Middle and Heavy Rare Earth Enrichment at Ashram Rare Earth Deposit, Eldor Property, Quebec - More
- August 04, 2011 | Item | ShareThis
Prodigy Drills 104 metres Grading 1.01 gpt Gold Including 36 metres Grading 2.33 gpt Gold at Magino - More
- August 04, 2011 | Item | ShareThis
Gold Canyon Intercepts 24 Meters at 17.48 Grams Per Tonne Gold at Springpole Gold Project - More
- August 04, 2011 | Item | ShareThis
Baja Mining Provides Project Update at Boleo - More
- August 04, 2011 | Item | ShareThis
Midland Announces the Start of a Helicopter-Borne VTEM Electromagnetic Survey on Its Casault Gold Property East of Detour Lake - More
- August 04, 2011 | Item | ShareThis
MDN Reports its Financial Results for the Second Quarter of 2011: Royalty Revenues of $1.2 Million - More
- August 04, 2011 | Item | ShareThis
Dr. Christopher JV Wheatley Joins Board of Nubian Resources Ltd - More
- August 04, 2011 | Item | ShareThis
Sono Resources Exploration Program Harnesses Mobile Metal Ion Exploration Procedures to Assist in the Discovery of Ore Deposits at Depth - More
- August 04, 2011 | Item | ShareThis
Cameco Reports Second Quarter Financial Results - More
- August 04, 2011 | Item | ShareThis
Centerra to Continue Drilling Redstar Gold's Oasis Project - More
- August 04, 2011 | Item | ShareThis
Matamec Outlines a Simple Metallurgical Process for the Kipawa Deposit - More
- August 04, 2011 | Item | ShareThis
Spanish Mountain Provides Update on Environmental Assessment, Permit Progress and Project Scope - More
- August 04, 2011 | Item | ShareThis
BonTerra Completes Drilling the First 10,000 Metres & 40 Drill Holes on the Eastern Extension Property, Quebec - More
- August 04, 2011 | Item | ShareThis
Oceanic Iron Ore Corp. Agrees Letter of Intent With Inuit of Nunavik - More
- August 04, 2011 | Item | ShareThis
All American Gold Corp Announces Appointment of Dr. Gaspar Gonzalez Jr. as New CFO - More
- August 04, 2011 | Item | ShareThis
Avion Intersects Significant Gold Mineralization at Betea Zone, Kofi Property, Mali Including 3.50 g/t Au Over 57.0 Metres and 1.85 g/t Au Over 48.0 Metres - More
- August 04, 2011 | Item | ShareThis
Alamos Gold Reports Second Quarter 2011 Results - More
- August 04, 2011 | Item | ShareThis
Canasia to Re-Commence Operations on Clone - More
- August 04, 2011 | Item | ShareThis
Northland Signs a Letter of Intent with Logistics Specialists to Manage the Kaunisvaara Logistics Solution - More
- August 04, 2011 | Item | ShareThis
Ivanhoe Mines, CEO Robert Friedland and Management Team Recognized With Dealmaker of the Year Award by Australia's Leading Mining Forum - "Ivanhoe Mines (TSX: IVN - News)(NYSE: IVN - News)(NASDAQ: IVN - News), its Chief Executive Officer and founder Robert Friedland and the company's management team have been awarded Dealmaker of the Year honours by Australia's Diggers and Dealers Mining Forum. The award recognizes Ivanhoe Mines' ongoing development of the Oyu Tolgoi Project in Mongolia and 62%-owned subsidiary Ivanhoe Australia's development of its Cloncurry projects in the Australian state of Queensland." More
- August 04, 2011 | Item | ShareThis
United Silver Corp. (TSX: USC) and Gold Finder (TSX VENTURE: GFN) Announce Expanded Joint Venture Crescent Silver Mine Project - "United Silver Corp. (formerly United Mining Group, Inc.) ("USC" or the "Company") (TSX: USC.TO - News)(OTCQX: USCZF)(Frankfurt: UM8.F - News) and Gold Finder Explorations Ltd. ("Gold Finder") (TSX-V: GFN), announce that Gold Finder has agreed to include the Bunker Hill claims in the Crescent Silver Mine project located in Silver Valley, Idaho, in the Coeur d'Alene Mining District. The Bunker Hill claims are contiguous to the Crescent Mine property that Gold Finder acquired and granted to USC its earn in right in December, 2009. The Bunker Hill claims were recently purchased by USC and under its Earn In Agreement with Gold Finder, USC offered this property to be joint ventured with Gold Finder under the same terms as the original property." More
- August 04, 2011 | Item | ShareThis
Silvercorp Announces First Quarter Dividend of CAD$0.02 - "Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM - News)(NYSE: SVM - News) today announced that its Board of Directors has declared its first quarter fiscal 2012 dividend of CAD$0.02 per share, to be paid on or before October 21, 2011 to shareholders of record at the close of business on September 30, 2011. The dividends are considered eligible dividends for Canadian tax purposes." More
- August 04, 2011 | Item | ShareThis
Extorre Announces Update to Cerro Moro Preliminary Economic Assessment 8 Year Mine Life - "Extorre Gold Mines Limited (AMEX: XG - News)(TSX: XG - News)(Frankfurt: E1R.F - News)(OTCQX: EXGMF) ("Extorre" or the "Company") is pleased to announce significant benefits for an expanded Cerro Moro project, as reported in a new Preliminary Economic Assessment ("PEA-2", or the "Study")." More
- August 04, 2011 | Item | ShareThis
Gold Resource Corporation's Arista Mine Develoment Reaches Level Seven Baja and Arista High-Grade Veins - "Gold Resource Corporation (AMEX: GORO - News) reports its Arista underground mine development has now reached level seven and intercepted the deposit's primary Baja and Arista high-grade veins. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $22 million to shareholders in special monthly dividends since declaring commercial production July 1st, 2010." More
- August 04, 2011 | Item | ShareThis
Randgold announces 2nd Quarter Results - "Profits up 180% quarter on quarter and 253% on Q2 prior year. Production up 33% quarter on quarter and 97% on Q2 prior year. EPS for the first six months up 188% compared to prior year period." More
- August 04, 2011 | Item | ShareThis
AngloGold Ashanti Earnings Surge to Record $342M; Ups Dividend - "Adjusted headline earnings in the three months to June 30 were $342m, or 89 US cents a share, compared with $203m, or 53 US cents a share the previous quarter. The Continental Africa operations were a significant contributor, with the Geita and Obuasi mines both delivering cost and production improvements. The South African operations increased production by 7% and contained cost increases to 8%, despite inflationary pressures including annual power-tariff increases and a stronger local currency." More
- August 04, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 4 August, 2011 | |
