-- Posted 18 August, 2011 | |
| Close | Gain/Loss |
Gold | $1818.85 | +$29.35 |
Silver | $40.65 | +$0.35 |
XAU | 206.52 | -2.82% |
HUI | 568.13 | -1.73% |
GDM | 1655.90 | -1.80% |
JSE Gold | 2714.47 | +3.13 |
USD | 74.18 | +0.45 |
Euro | 143.39 | -0.85 |
Yen | 130.61 | +0.04 |
Oil | $82.38 | -$5.20 |
10-Year | 2.083% | -0.082 |
T-Bond | 139.625 | +1.6875 |
Dow | 10990.58 | -3.68% |
Nasdaq | 2380.43 | -5.22% |
S&P | 1140.65 | -4.46% |
The Metals:
Gold soared to a new record high of $1826.28 by about 10AM EST before it fell back off a bit in the last few hours of trade, but it still ended with a gain of 1.64%. Silver climbed to as high as $40.858 and ended with a gain of 0.87%.
Euro gold jumped to a new record high above €1271, platinum gained $0.50 to $1835.25, and copper fell 6 cents to about $3.97.
Gold and silver equities fell throughout most of trade and ended with about 2% losses.
Gold expected to shrug off Q2 demand dip-WGC Reuters
Chavez Preparing Government Takeover of Venezuela’s Gold Mining Industry Bloomberg
Asian Axis of India and China Continues to Advance Gold Demand Yahoo
Gold Demand Falls 17%: World Gold Council Bloomberg
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 8/13 | 408K | 400K | 399K |
CPI | July | 0.5% | 0.2% | -0.2% |
Core CPI | July | 0.2% | 0.2% | 0.3% |
Existing Home Sales | July | 4.67M | 4.87M | 4.84M |
Philadelphia Fed | Aug | -30.7 | 1.0 | 3.2 |
Leading Indicators | July | 0.5% | 0.2% | 0.3% |
“The Federal Reserve Bank of Philadelphia’s general economic index plunged to minus 30.7 this month, the lowest since March 2009, from 3.2 in July. The August gauge exceeded the most pessimistic projection in a Bloomberg News survey in which the median estimate was 2. Readings less than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware.”
Confidence is collapsing around us MarketWatch
U.S. Mortgage Rates Hit 50-Year Low Bloomberg
Rate on 30-year mortgage falls to lowest on record Yahoo
Obama Plans Package to Boost Economy Bloomberg
Consumers More Negative on U.S. Economy Bloomberg
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index and treasuries rose on reinforced worries about the global economy that sent the Dow, Nasdaq, and S&P about 4% lower.
U.S. bond yields plunge as economy fears mount Reuters
Treasury Yields Tumble Amid Concern Worldwide Economic Growth Is Slowing Bloomberg
Among the big names making news in the market today were HP, MGM, AOL, and BofA.
The Commentary:
“Are we having fun yet?
Here I go again!
The financial heroin provided by the FED merely postponed the inevitable “payback is a bitch” era for the years of America robbing Peter to Pay Paul and for living way beyond our means. As noted near the start of the year, the economy has indeed fallen off a cliff come July and all the “Don’t Worry, Be Happy” crowd that litter “TOUT-TV” (not including the one sane and correct voice Rick Santelli) and Wall Street won’t be able to put the Humpty Dumpy economy back together again no matter how many QE’s the Fed end up employing.
Let me remind you for the umpteen time that I believe the U.S. Stock market is going to end up tracing out a similar pattern as did the Japanese market did from 1989 on. I remind you that despite the overwhelming loss over 20+ years, that market managed to have several major bear market rallies. It’s been my argument that the rally from March 2009 to earlier this year was the first and we shall see more but the absolute minimum downside target remains the March 2009 lows. I do think down 550 is going to be bought into and won’t surprise me to see a strong comeback (thanks in part from you know who).
If I had a dollar for every email I already received with the 10-Year U.S. Treasury “briefly” (and I do mean briefly) under 2% asking have I shot myself yet (not counting the emails that just ask for me to shoot myself, period)? I said shoot me if I don’t end shorting bonds on such a “sustained” move (more than minutes hours or maybe even a few days). It’s my intention to and you will know ASAP.
Mining Shares – My line in the sand has held as in this sell-off the shares are not anywhere near the selling pressure they saw last time around. I’m cautiously optimistic that despite another shot in their face, mining and exploration shares are finally in a place where they can truly begin to prosper from the great gains in the physical metals. The fact that most people can no longer accept that, are disgusted and have already thrown in the towel, adds to my confidence.”- Peter Grandich, Grandich Letter
GATA Posts:
John Embry: Precious metals poised for next move up
Think gold may lose some luster? Eric Sprott sees a silver lining
Fund manager David Tice interviewed by James Turk
Venezuela also wants gold back from Morgan, Barclays, Standard Chartered, and Scotia
Miner Gold Resource Corp. starts treating gold and silver as money
The Statistics:
Activity from: 8/16/2011
Gold Warehouse Stocks: | 11,469,764 | -62,948 |
Silver Warehouse Stocks: | 105,924,898 | +635,173 |
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 | 1271.985 | 40,895,587 | US$74,578m |
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$6,748m |
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$7,384m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,762 | US$834m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 46.14 | 1,483,395 | US$2,706m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 9.086 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.68: +0.45 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,727.10: +21.21 change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRE) drilling program, Great Panther’s (GPL) concentrate shipment, and Apogee’s (APE.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +5.60% $2.45 |
2. Avino | ASM +5.33% $2.57 |
3. Great Panther | GPL +3.64% $2.85 |
LOSERS
1. Golden Star | GSS -9.25% $2.06 |
2. Ivanhoe | IVN -8.65% $19.02 |
3. Freeport | FCX-8.07% $42.85 |
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:
Greenwood Gold Resources Inc. Update - More
- August 18, 2011 | Item | ShareThis
Goldgroup Completes Earn-In of Its Caballo Blanco Interest - More
- August 18, 2011 | Item | ShareThis
Sutter Provides A Development Update for the Lincoln Project - More
- August 18, 2011 | Item | ShareThis
Duluth Metals Information Bulletin Re Dividend of Special Warrants to its Shareholders - More
- August 18, 2011 | Item | ShareThis
Orezone Confirms Heap Leach Potential of Sulphide Resources at Sega - More
- August 18, 2011 | Item | ShareThis
Wesgold Completes $2.0 Million Financing; Appoints Chairman of the Board - More
- August 18, 2011 | Item | ShareThis
Great Panther Silver Commences Shipment of Silver-Gold Concentrates From Guanajuato to New Buyer - "GREAT PANTHER SILVER LIMITED (TSX: GPR.TO - News)(AMEX: GPL - News) (the "Company") is pleased to announce that it has commenced the shipment of silver-gold pyrite concentrates from its Guanajuato operation to a new buyer in Mexico. The first delivery of 100 tonnes started today and is the first of many shipments which will allow the Company to reduce the backlog of concentrates at its Guanajuato mine. While second quarter revenue was lower as a result of the unsold concentrates, it is considered to be a short-term issue. The additional new sales are expected to return strong revenues in the third and fourth quarters. Great Panther also operates the Topia silver-gold-lead-zinc mine located in Durango State, which sells its silver-rich lead and zinc concentrates under a separate contract." More
- August 18, 2011 | Item | ShareThis
Seafield Appoints CFO and Announces Two New Hires for Its Colombia Operations - More
- August 18, 2011 | Item | ShareThis
Drilling Underway at Miranda Gold%u2019s Coal Canyon Project - More
- August 18, 2011 | Item | ShareThis
Brixton Intersects Gold, Silver and Copper Mineralization at Kiska's Thorn Property, BC - More
- August 18, 2011 | Item | ShareThis
International Lithium Corp.: Drill Program Commences at Mavis Lake-Fairservice Lithium and Rare Metals Project, Ontario - More
- August 18, 2011 | Item | ShareThis
AM Gold Inc.: Announces Progress on Red Mountain Exploration Program - More
- August 18, 2011 | Item | ShareThis
Mill Bay Ventures Announces 3,000 Tonne Bulk Sample on Valentine Mountain - More
- August 18, 2011 | Item | ShareThis
Apogee Reports Assays from 15 Drill Holes Including 3.0 Meters Grading 468.7 g/t Silver, and Further Commences Underground and Oxide Drilling Programs - "We continue to be very encouraged by the latest assay results from Pulacayo. The drill holes delineating the deposit along strike east of the current estimated resources continue to return high silver grades across widths that are expected to be minable. Assay results also include the initial results from drill holes along strike to the west of the current estimated resources including some very high grade silver intercepts. Additional drilling in this area is clearly warranted." More
- August 18, 2011 | Item | ShareThis
Golden Phoenix Completes Note Settlement With Win-Eldrich for 2% Ashdown Royalty, 3 Million Shares WEX Stock, 1.25 Million Shares of American Mining Corporation - More
- August 18, 2011 | Item | ShareThis
Tanzanian Royalty Announces Commencement of Detailed Resource Definition and Exploration Drilling Program on its Buckreef Gold Project in Tanzania - "Tanzanian Royalty Exploration Corporation (the “Company” or “TRX”) is pleased to announce that an infill reverse circulation (RC) drilling program has commenced on the Buckreef project, the Company’s advanced stage exploration gold project located in the Lake Victoria Goldfields of northern Tanzania within the Rwamagaza Greenstone Belt." More
- August 18, 2011 | Item | ShareThis
Northern Gold Announces Three Additional Drills (Five in Total) on Its Garrison Gold Property/Garrcon Deposit - More
- August 18, 2011 | Item | ShareThis
Northaven Geophysical Surveys Underway - More
- August 18, 2011 | Item | ShareThis
Cartier Cuts 392.10 g/t Silver on Cadillac Extension - More
- August 18, 2011 | Item | ShareThis
Strait Gold Outlines Porphyry Copper Zone at Alicia, Completes Airborne Geophysics, Plans Drilling - More
- August 18, 2011 | Item | ShareThis
Corvus Gold Announces 2011 Exploration Update at the Chisna Project, Alaska - More
- August 18, 2011 | Item | ShareThis
Dennis Bordin, P.Eng-Joins Apella's Board of Directors - More
- August 18, 2011 | Item | ShareThis
Ranger Gold Starts Drill Program on CX Property and Completes Biological and Cultural Surveys on Truman - More
- August 18, 2011 | Item | ShareThis
Duluth Metals Information Bulletin Re Dividend of Special Warrants to its Shareholders - More
- August 18, 2011 | Item | ShareThis
Expedition Mining Identifies Numerous Multi-Element Anomalies on Joy Property - More
- August 18, 2011 | Item | ShareThis
Goldstrike Discovers Coffee Creek Style Gold Mineralization - More
- August 18, 2011 | Item | ShareThis
Wealth Minerals Ltd.: Drilling Expands Mineralized Channel System at Bororo Nuevo Project in San Jorge Basin, Argentina - More
- August 18, 2011 | Item | ShareThis
William Hensley Appointed to Andover's Board of Directors - More
- August 18, 2011 | Item | ShareThis
Southern Hemisphere Mining Limited: Further Major Copper Intercepts from Llahuin Porphyry Project, Chile - More
- August 18, 2011 | Item | ShareThis
Columbus Gold Announces Drill Results from Golden Mile Project in Nevada - More
- August 18, 2011 | Item | ShareThis
Greystar Changes Name to Eco Oro Minerals Corp. - More
- August 18, 2011 | Item | ShareThis
Anglo Swiss Appoints Jari Paakki to CEO & David Constable to Chairman - More
- August 18, 2011 | Item | ShareThis
Soldi Ventures Inc. Acquires the Split Lake Gold Property, Ontario - More
- August 18, 2011 | Item | ShareThis
Rhyolite Drills 5.4 Grams Gold Over 13.2 Meters - More
- August 18, 2011 | Item | ShareThis
Sonora Resources Signs LOI to Acquire Claims Surrounding Recently Acquired Silver Properties - More
- August 18, 2011 | Item | ShareThis
Outcrop Grab Sampling at Lakanfla Uncovers 31.71 GPT Au At New Zone 4 - More
- August 18, 2011 | Item | ShareThis
Fission Commences 2,000m Drill Program at Dieter Lake Uranium Property, Quebec - More
- August 18, 2011 | Item | ShareThis
Cream Minerals Reports Drill Results for the Nuevo Milenio Silver-Gold Project, Mexico - More
- August 18, 2011 | Item | ShareThis
China Gold International Resources Corp. Ltd.: Jiama Operations Receives Top Honor - More
- August 18, 2011 | Item | ShareThis
Southern Arc Secures West Lombok Property for Resumption of Drilling in September - More
- August 18, 2011 | Item | ShareThis
Rusoro Responds to Comments Concerning Venezuelan Gold Sector - More
- August 18, 2011 | Item | ShareThis
Oro Mining's CEO to Present at Rodman & Renshaw Conference - More
- August 18, 2011 | Item | ShareThis
Indigo Continues Diamond Drilling at Moule - More
- August 18, 2011 | Item | ShareThis
Prosperity Goldfields Updates Kiyuk Gold Project Drilling - More
- August 18, 2011 | Item | ShareThis
Mountain Lake Reports Analytical Results from Drill Program at Little River Gold /- Antimony Property - More
- August 18, 2011 | Item | ShareThis
Sunridge Gold Announces New Resource Estimate for Debarwa Deposit, Asmara Project, Eritrea - More
- August 18, 2011 | Item | ShareThis
Dr. Douglas Boateng Takes the Helm at Douglas Lake Minerals - More
- August 18, 2011 | Item | ShareThis
Rencore Commences Initial Drill Program on Its Mining Claims in the Ring of Fire Area - More
- August 18, 2011 | Item | ShareThis
NQ Intersects 11.55 t/t Au Over 1.30 Metres at its Lac Shortt Project - More
- August 18, 2011 | Item | ShareThis
Sono Reports Updated High Resolution Airborne Survey Aids in Identifying Drill Targets at Its Bonnyridge Copper/Silver Project in Botswana, Africa - More
- August 18, 2011 | Item | ShareThis
Sulliden Continues to Report Positive Drill Results from the Shahuindo Gold/Silver Project - More
- August 18, 2011 | Item | ShareThis
VMS Ventures Intersects 1.61 Metres Grading 2.13 g/t Gold in Hole CP-11-013 on its Copper Project, Near Snow Lake, Manitoba - More
- August 18, 2011 | Item | ShareThis
American Manganese Begins Pilot Plant Testing - More
- August 18, 2011 | Item | ShareThis
Orosur Mining Inc. Announces Results for the Full year Ended May 31, 2011 - More
- August 18, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 18 August, 2011 | |
