-- Posted 19 August, 2011 | |
| Close | Gain/Loss | On Week |
Gold | $1849.10 | +$30.25 | +6.22% |
Silver | $42.28 | +$1.63 | +8.24% |
XAU | 210.44 | +1.90% | +1.88% |
HUI | 581.26 | +2.32% | +3.03% |
GDM | 1697.67 | +2.53% | +3.34% |
JSE Gold | 2696.56 | -17.91 | +0.81% |
USD | 73.97 | -0.21 | -0.84% |
Euro | 143.95 | +0.65 | +1.02% |
Yen | 130.69 | +0.09 | +0.40% |
Oil | $82.26 | -$0.12 | -3.65% |
10-Year | 2.071% | -0.012 | -7.42% |
Bond | 140.21875 | +0.59375 | +2.40% |
Dow | 10817.65 | -1.57% | -4.01% |
Nasdaq | 2341.84 | -1.62% | -6.62% |
S&P | 1123.53 | -1.50% | -4.69% |
The Metals:
Gold rose to a new record high of $1876.93 by about 6:45AM EST before it fell back off a bit in New York, but it still ended with a gain of 1.66%. Silver soared to as high as $42.60 and ended with a gain of 4.01%.
Euro gold jumped to a new record high above €1284, platinum gained $29.75 to $1865.00, and copper climbed slightly to about $3.98.
Gold and silver equities gained about 2.5% at the open and remained near that level for the rest of the day.
The Economy:
Fed could launch 'Operation Twist' instead of QE3 Yahoo
Get Ready for 2012 Social Security, Medicare Changes Yahoo
Unemployment in July rose in 28 states, fell in 9 Yahoo
Biden seeks to reassure China on U.S. debt Reuters
Fed's Pianalto: years to lower unemployment Reuters
Banks Lower U.S. Economic Growth Forecasts Bloomberg
Inflation May Embolden Foes of Fed Stimulus Bloomberg
All of this week’s other economic reports:
NAHB Housing Market Index - August | 15 v. 15 |
Next week’s economic highlights include New Home Sales on Tuesday, Durable Goods Orders on Wednesday, Initial Jobless claims on Thursday, and GDP and Michigan Sentiment on Friday. Friday also marks that start of the fed’s Jackson Hole meeting, but China will not be attending.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower on worries over falling energy demand.
The U.S. dollar index fell on relative calm in Europe that sent the euro higher.
Treasuries rose as the Dow, Nasdaq, and S&P ultimately dropped over 1% on worries about the economy.
Treasury 30-Year Yields Poised for Biggest 5-Day Drop Since 2008 Bloomberg
Among the big names making news in the market Friday were RIM, HP, AIG, IBM, Bank of America, and Clorox.
The Commentary:
Mining Share ratio to gold back at pre QE1 levels
“I wanted to post a few comments about the Silver market for some of those who have been asking me to do so. As mentioned in previous posts here, silver is finding itself caught in a war between those running out of risk trades who are selling commodities and equities, and those who are buying it as a safe haven metal.
That tug of war has prevented it from surging alongside of gold but nonetheless, even in the face of such selling, it has been attracting enough buyers that its technical chart picture is slowly but steadily improving.
I want to first note that it has regained its footing above the 50 day moving average having bounced firmly off of that key technical level last week. Since then it has established a nice little uptrend which has taken it back to the region where it has encountered selling resistance over the last month or so. I am speaking specifically about the region near and just above the $40 level.
If you will also note, all four of the major moving averages that I use in tracking this market, are now moving higher with the silver price ABOVE those ma's. That is bullish. What I would like to see and what it appears that we are likely to soon get, is for the 10 day moving average (blue line) to move up and crossover the 20 day moving average (red line). That would put the market solidly in an uptrend as it will take some stability at these current price levels for such an event in the moving averages to occur.
If, and this is an important "IF" from a technical perspective, silver can close out the week tomorrow on a firm note, preferably with a push through the $41.30 - $41.50 level, it will enter the following week on very solid technical ground and set up a run to the $44 level for starters.
It still has some downside support first near $39.50 which is followed by another level of support near the $38 level. It would have to breach that latter level for a move towards $35 again.
At some point, as gold continues to move sharply higher, silver will become increasingly attractive to value-based buyers as it is still very affordable if one considers the current options in what can be termed "precious metals", platinum ($1845), palladium( $758), and gold ($1835). None of these metals are cheap any longer ( in the sense that the common man on the street can plunk down some loose change for an ounce) making the little grey metal, "poor man's gold", likely to outperform on a percentage basis in the coming months.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Mark O'Byrne: Venezuela's gold withdrawal threatens short squeeze
Putin calls U.S. 'parasite' as Russia gorges on U.S. debt
J.S. Kim: How to smack down the global banking cartel with gold and silver
Grandich interviewed about GATA conference, gold, and silver
Jason Hommel: What's pushing gold to new highs? GATA!
The Statistics:
Activity from: 8/18/2011
Gold Warehouse Stocks: | 11,575,304 | +124,420 |
Silver Warehouse Stocks: | 105,694,470 | -808,886 |
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 | 1286.825 | 41,372,713 | US$76,440m |
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$6,859m |
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$7,506m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,756 | US$845m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 46.14 | 1,483,378 | US$2,741m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: N Change in Total Tonnes from yesterday’s data: SPDR added 14.84 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.68 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,745.28: +18.18 change from yesterday’s data.
The Miners:
Eldorado’s (EGO) study results, ECU Silver’s (ECU.TO) drill results, and Excellon’s (EXN.TO) resumed production were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Golden Star | GSS +6.80% $2.20 |
2. Jaguar | JAG +6.70% $5.73 |
3. Great Panther | GPL +6.67% $3.04 |
LOSERS
1. Entree | EGI -7.50% $1.85 |
2. Ivanhoe | IVN-4.68% $18.13 |
3. Extorre | XG -4.66% $10.85 |
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:
Debut Diamonds Inc. Completes Private Placement - More
- August 19, 2011 | Item | ShareThis
Foundation Updates on its Ontario Projects - More
- August 19, 2011 | Item | ShareThis
Strathmore to Clarify Technical Disclosures Related to Gas Hills Technical Report & Church Rock Scoping Study - More
- August 19, 2011 | Item | ShareThis
Darnley Bay Resources Announces Option Exercise - More
- August 19, 2011 | Item | ShareThis
Sphere Resources Completes $4.5 Million Settlement With Kaldora and Lodges Alcourt Property NI43-101 on SEDAR - More
- August 19, 2011 | Item | ShareThis
Cypress Development Amends Agreement for 21 Silver-Gold Claims, Nevada - More
- August 19, 2011 | Item | ShareThis
Eldorado Gold Announces Results of the Kisladag Expansion Study, Higher Production Continued Low Costs - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the "Company" or "we") (TSX: ELD.TO - News)(NYSE: EGO - News)(ASX: EAU.AX - News) is pleased to provide results from a study carried out by Eldorado and its consultants to examine the potential for expansion of the 100% owned Kisladag mine operation located in western Turkey. Since operations began at Kisladag in 2006, continued exploration of the deposit has resulted in a doubling of the proven and probable reserve ounces to 10.2 million ounces as of January 1, 2011. The objective of the study was to determine and detail a production expansion appropriate to this expanded reserve in a manner which enhances the financial performance of this asset." More
- August 19, 2011 | Item | ShareThis
Minera IRL Limited Notice of Annual General Meeting - More
- August 19, 2011 | Item | ShareThis
Alix Completes Two Deep Holes Into the Golden Zone Breccia Pipe at Golden Zone, Alaska - More
- August 19, 2011 | Item | ShareThis
Matamec Concludes AGM and Grants Stock Options - More
- August 19, 2011 | Item | ShareThis
Viper Gold Options Campbell Lake Gold Property Near Matachewan, Ontario, Canada - More
- August 19, 2011 | Item | ShareThis
Dawson Gold Announces Toro Project Update, Private Placement and Proposed Share Consolidation - More
- August 19, 2011 | Item | ShareThis
Golden Dawn announces new drilling program on the Wild Rose - Tam O'Shanter Property, British Columbia, Canada - More
- August 19, 2011 | Item | ShareThis
Tyhee To Finalize Termination of Shareholders Rights Plan and Redemption of all Outstanding Rights Issued Under Plan. Tyhee Retains GT Investor Relations Inc. - More
- August 19, 2011 | Item | ShareThis
Western Copper Enters Into Arrangement Agreement to Spin Out Assets to Shareholders and Announces Name Change - More
- August 19, 2011 | Item | ShareThis
Argentex Closes C$10,005,000 Bought-Deal Financing - More
- August 19, 2011 | Item | ShareThis
Lupaka Gold Corp. Granted Registered Concession Within Crucero Gold Property, and Updates Exploration Activities - More
- August 19, 2011 | Item | ShareThis
Golden Hope Mines: Drill Update and Drill Extension - More
- August 19, 2011 | Item | ShareThis
Energizer Resources Inc. Initiates Process for Mine Permit and Provides Update on Preliminary Economic Assessment - More
- August 19, 2011 | Item | ShareThis
Portage Minerals Inc. Announces Proposed Private Placement of Up to $3 Million - More
- August 19, 2011 | Item | ShareThis
LIM Reports First Quarter Financial Results and Operational Update - More
- August 19, 2011 | Item | ShareThis
Caledonia Mining Corporation: Update on Indigenisation at the Blanket Mine in Zimbabwe - More
- August 19, 2011 | Item | ShareThis
Canaco Announces Preliminary Economic Assessment Program for Magambazi and Appoints Sean Waller to Advisory Board - More
- August 19, 2011 | Item | ShareThis
ECU Silver Finds New Mineralization in Upper Levels of the Santa Juana Mine - "ECU Silver Mining Inc. (TSX: ECU.TO - News) is pleased to announce that through its ongoing underground development, it has uncovered the upward continuity of several mineralized veins known as the "A" veins package. These veins were mined individually on level 17 and are currently being mined on the lower levels 18 and 19. In the upper levels, from level 14 to 17, the veins were mined intermittently. The total height of the active mining area where these veins are located, between levels 12 and 19, is 260 meters (853 feet). The upward continuity of the "A" veins package, from level 12 to surface is 300 meters (984 feet)." More
- August 19, 2011 | Item | ShareThis
Excellon Resumes Production at La Platosa - "Excellon Resources Inc. (TSX: EXN.TO - News) (the "Company" or "Excellon") is pleased to announce the resumption of full production at its La Platosa mine. Discussions among Company officials, the Mexican authorities and the demonstrators has ended the previously announced demonstration and access to the project has been restored." More
- August 19, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 19 August, 2011 | |
