-- Posted 12 August, 2011 | |
| Close | Gain/Loss | On Week |
Gold | $1740.75 | -$9.15 | +5.07% |
Silver | $39.06 | +$0.54 | +1.82% |
XAU | 206.55 | -1.01% | +5.35% |
HUI | 564.16 | -1.23% | +7.03% |
GDM | 1642.80 | -1.17% | +6.99% |
JSE Gold | 2674.95 | -60.28 | +7.59% |
USD | 74.60 | -0.03 | +0.13% |
Euro | 142.50 | +0.07 | -0.25% |
Yen | 130.17 | -0.05 | +2.13% |
Oil | $85.38 | -$0.34 | -1.73% |
10-Year | 2.237% | -0.099 | -12.55% |
Bond | 136.9375 | +1.71875 | +3.23% |
Dow | 11269.02 | +1.13% | -1.53% |
Nasdaq | 2507.98 | +0.61% | -0.96% |
S&P | 1178.81 | +0.53% | -1.72% |
The Metals:
Gold waffled near unchanged in Asia and London before it fell to as low as $1722.45 by about 10:45AM EST, but it then rallied back higher in late trade and ended with a loss of just 0.52%. Silver fell to $38.085 in London, but it then climbed to as high as $39.094 in New York and ended with a gain of 1.4%.
Euro gold fell to about €1222, platinum gained $8.90 to $1791.75, and copper rose slightly to about $4.01.
Gold and silver equities fell a little over 1% at the open and remained near that level for the rest of the day.
Panning for gold: You could profit or just have fun Reuters
As gold prices surge, cash-for-gold frenzy fades Yahoo
Don't let anyone tell you gold isn't golden MarketWatch
CME: Comex gold margins hiked to protect investors MarketWatch
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | July | 0.5% | 0.5% | 0.3% |
Retail Sales ex-auto | July | 0.5% | 0.2% | 0.2% |
Michigan Sentiment | Aug | 54.9 | 62.5 | 63.7 |
Business Inventories | June | 0.3% | 0.5% | 0.9% |
All of this week’s other economic reports:
Next week’s economic highlights include Empire Manufacturing, Net Long-Term TIC Flows, and the NAHB Housing Market Index on Monday, Housing Starts, Building Permits, Export and Import Prices, Industrial Production, and Capacity Utilization on Tuesday, PPI on Wednesday, and Initial Jobless Claims, CPI, Existing Home Sales, the Philadelphia Fed, and Leading Economic Indicators on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded modestly lower for most of the day, but it then sold off in the last hour of trade and ended with a small loss as traders positioned themselves ahead of the weekend.
The U.S. dollar index traded mostly slightly lower on mixed economic data that sent treasuries higher.
The Dow, Nasdaq, and S&P rose on relief over decent retail sales data and relative calm in Europe with regards to debt problems.
Among the big names making news in the market Friday were J.C. Penney, Fiat, and BNY Mellon.
The Commentary:
“Dear CIGAs,
Now that we have reached $1752.20 gold, what should you do?
Stay firm in your disciplines. During this entire market chasing strength in gold has proven dangerous more often than not. Angels should be looked at for the mad trader as areas to lighten, not double up. You can win this game with a ruler, but you will have to stay up 24 hours a day. We have not had a blow off top in gold but there has been epic short covering in world markets. That type of action weakens short term markets. The best buys now are identified by a simple ruler with more complex firming internals.
The holder of the right position that shows the patience of Seligman and Livermore always take the greatest prize. Gold has made no meaningful top, but volatility has only one way to go and that is up. Our respected colleague Alf Fields would agree that traders better have karma on their side, but the gold market is nowhere near full valuation. Be careful traders but stand strong those of us who have hedged against the insolvable problems of the entire Western World. Your successful protection is my reward greater than money, greater than matter. See you in the morning.
1. Those holding gold to hedge the systemic risks of the Western Financial world simply stay in your position.
2. Traders lighten up your positions as gold approaches the next two Angels.
3. No market fails to have reactions at some point.
4. Reactions in this market will be deep, but brief when they occur.
5. The undervaluation of good gold shares has passed manic.
6. Utilization of some of your gold profits into good gold shares is pure logic.
Respectfully,”- Jim Sinclair, JSMineset.com
“In almost 30 years in and around Wall Street, I have never seen such volatility and so many different and unique situations impacting so many markets at the same time. Knowing those of us who use a crystal ball for a living end up learning how to eat a lot of broken glass, I will try to sum up the markets I follow in short (but hopefully precise) terms.
U.S. Stock Market – Since late 2007, I’ve acted under the assumption that America has been robbing Peter to pay Paul but Peter is tapped out. I thankfully saw and sidestepped the financial crisis of the first decade in the new millennium, caught the bulk of the incredible bear market that followed and have operated under the belief since 2007 that the U.S. stock market can end up looking similar to what took place in Japanese stock market since 1989.
Barring a complete collapse in Europe (which sadly can’t be ruled out), I think the U.S. stock market made a short-term low last week. I suspect the “Don’t Worry, Be Happy” crowd on Wall Street to spin the sheep into believing the bad news is actually good because now America will fix its problems –NOT!
Remember, you can toss the typical Wall Street “Talking Head” off the top of The Empire State Building and all the way down he or she would say the same thing – “so far so good.”
Precious Metals – With gold over $1,800, I became quite concerned that any further parabolic rise immediately from there would actually hinder the “mother” of all bull markets. I’m delighted to see gold pausing and would even welcome further consolidation with $1,675- $1,700 an area that would make the bullish boat in which we’ve been riding since 2003 get less crowded again.
Base Metals – I’m basically neutral on most base metals as we’re clearly engulfed by a worldwide economic slowdown. I don’t think it’s reason enough to bail out of commodities in general thanks to what now looks like Europe’s decision to have its own QE 1 and the near certainly that Helicopter Ben will keep the printing presses running at full tilt.
U.S. Bonds – The ultimate bubble of a lifetime but I continue to thankfully not short it despite an awful lot of temptation to do so. It’s just a gut feeling but my bones suggest we’re going to hear sometime in the future the U.S. 10-year Treasury under 2%. If and when that time comes, shoot me if I don’t go short.
U.S. Dollar – The only thing saving the U.S. Dollar Index from falling under 70 is the absolutely horrific situation in Europe. It’s a toss-up on who’s the lesser of two evils – Europe or the U.S.
Oil and Natural Gas – Because I think the world economic slowdown is gaining serious momentum, I’m limiting my bullish zone for oil to $75 and under. I do like natural gas anytime under $4 and see $7-$8 in next 12 months.”- Peter Grandich, Grandich Letter
GATA Posts:
Mimicking central bank yen market rigging is great fun for commercial banks
Chris Powell: It's the dollar, not S&P
GoldSeek Radio interviews GATA Chairman Bill Murphy
Ted Butler: The public be damned
Desperate Swiss eye euro peg to repel safe-haven flood
The Statistics:
Activity from: 8/11/2011
Gold Warehouse Stocks: | 11,540,844 | +166,877 |
Silver Warehouse Stocks: | 105,699,185 | +856,363 |
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 | 1272.894 | 40,924,818 | US$71,034m |
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$6,437m |
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$7,046m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,794 | US$795m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 47.72 | 1,534,267 | US$2,513m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 23.625 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.05: +0.92 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,772.56 - No change from yesterday’s data.
The Miners:
WINNERS
1. Northern Dynasty | NAK +4.48% $10.02 |
2. Entree | EGI +2.93% $2.11 |
3. Vista Gold | VGZ +2.86% $3.24 |
LOSERS
1. Paramount | PZG -7.81% $2.36 |
2. Gold Reserve | GRZ -7.76% $2.26 |
3. Great Panther | GPL -7.27% $3.06 |
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:
CB Gold Inc.: Financial and Operating Highlights for the Second Quarter Ended June 30, 2011 - More
- August 12, 2011 | Item | ShareThis
Tanzanian Royalty Announces Closing of $30 million Bought Deal Offering - "Tanzanian Royalty Exploration Corporation (TSX:TNX.to - News) (the “Company”) is pleased to announce that it has closed a USD$30 million financing pursuant to an underwriting agreement with Casimir Capital Ltd. (the “Underwriter”). The Company issued 5,263,158 units (the “Units”) to the Underwriter on a bought deal basis at a price of US$5.70 per Unit, for distribution to the public in Canada and the United States." More
- August 12, 2011 | Item | ShareThis
Z-Gold Exploration Inc.: Private Placement - More
- August 12, 2011 | Item | ShareThis
Elissa Resources Announces Director Resignation - More
- August 12, 2011 | Item | ShareThis
St. Eugene Updates Shareholders on Amisk Drill Program, Appoints Interim Chief Financial Officer and Grants Stock Options - More
- August 12, 2011 | Item | ShareThis
Crystallex Reports Q2 Results - More
- August 12, 2011 | Item | ShareThis
Molycorp Announces Major Rare Earth Supply Agreement with Hitachi Metals - More
- August 12, 2011 | Item | ShareThis
Mega Uranium Ltd. Releases Unaudited Results for the Three and Nine Months Ended June 30, 2011 - More
- August 12, 2011 | Item | ShareThis
Carpathian Closes $20 Million Strategic Placement by Barrick Gold Corporation - More
- August 12, 2011 | Item | ShareThis
Field Assessment of Nickel Targets on Diamonds North's Amaruk Property - More
- August 12, 2011 | Item | ShareThis
Khan Files Third Quarter 2011 Financial Results - More
- August 12, 2011 | Item | ShareThis
IEMR Update for Current Exploration Program at Pine Tree - More
- August 12, 2011 | Item | ShareThis
Gowest Closes $2.9 Million Private Placement - More
- August 12, 2011 | Item | ShareThis
Midlands Minerals Corp.: Update on Financing - More
- August 12, 2011 | Item | ShareThis
Corvus Gold Announces Commencement of 2011 Drill Program at the Terra Project, Alaska - More
- August 12, 2011 | Item | ShareThis
Eagle Star Minerals Corp. Closes Financing - More
- August 12, 2011 | Item | ShareThis
WestMountain Initiates 2011 Drilling Program at Its Bonanza Terra Gold Project in Alaska - More
- August 12, 2011 | Item | ShareThis
Victoria's Step-Out Drilling at Eagle Demonstrates Expanded Potential and New Mineralization is Delineated Along the Adjacent Potato Hills Trend at Dublin Gulch - More
- August 12, 2011 | Item | ShareThis
Colorado Resources-2011 Exploration Update - More
- August 12, 2011 | Item | ShareThis
Douglas Stewart Joins Atna as Chief Operating Officer - More
- August 12, 2011 | Item | ShareThis
Andover Announces Assay Results From Three Discovery Holes on the S.W. Sun "VMS" Target - More
- August 12, 2011 | Item | ShareThis
Prominex Resource Corp.: Newfoundland Exploration Plans - More
- August 12, 2011 | Item | ShareThis
Pershimco Releases Additional Positive Results on the Quemita Target With 100 Meters Grading 1.02 g/t Gold Equivalent at the Cerro Quema Project (Panama) - More
- August 12, 2011 | Item | ShareThis
Northquest Ltd. Commences Drilling at the Pistol Bay Gold Project, Nunavut, Canada - More
- August 12, 2011 | Item | ShareThis
Mega Files NI 43-101 Technical Report for the Gold Resources at the Monument Bay Project in Manitoba - More
- August 12, 2011 | Item | ShareThis
First Uranium Corporation - Fatality at the Ezulwini mine - More
- August 12, 2011 | Item | ShareThis
Sprott Resource Lending Corp. Reports Second Quarter Results, Continues to Grow Resource Loan Portfolio and Announces the Commencement of its Dividend - More
- August 12, 2011 | Item | ShareThis
First Quantum Minerals Announces Chief Financial Officer's Resignation - More
- August 12, 2011 | Item | ShareThis
TVI Pacific Inc. Completes 23rd Shipment of Copper Concentrate and 1st Shipment of Zinc Concentrate - More
- August 12, 2011 | Item | ShareThis
Selective Chip Sample Assays of 13.2 g/t and 17.2 g/t Gold; and 185.0 g/t and 2,430.0 g/t Silver Announced by Enertopia - More
- August 12, 2011 | Item | ShareThis
St. Augustine Gold & Copper Limited Announces Positive New Drill Data, 80% Completion of the Feasibility Drill Program and Site Audit Report - More
- August 12, 2011 | Item | ShareThis
Caledonia Mining 2011 Second Quarter and Half Year Results and Management Conference Call - More
- August 12, 2011 | Item | ShareThis
Metals Creek Resources Corp. Announces Appointment of New Director and Grant of Stock Options - More
- August 12, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 12 August, 2011 | |
