-- Posted 22 August, 2011 | |
| Close | Gain/Loss |
Gold | $1888.90 | +$39.80 |
Silver | $43.36 | +$1.08 |
XAU | 217.12 | +3.17% |
HUI | 605.02 | +4.08% |
GDM | 1766.13 | +1.03% |
JSE Gold | 2781.67 | +85.11 |
USD | 74.11 | +0.14 |
Euro | 143.65 | -0.37 |
Yen | 130.20 | -0.45 |
Oil | $84.12 | +$1.86 |
10-Year | 2.088% | +0.017 |
T-Bond | 140.15625 | -0.0625 |
Dow | 10854.65 | +0.34% |
Nasdaq | 2345.38 | +0.15% |
S&P | 1123.82 | +0.03% |
The Metals:
Gold climbed to a new record high of $1894.40 in Asia before it fell back to $1857.80 by a little after 8:30AM EST, but it then rallied back higher in New York and ended near its earlier high with a gain of 2.15%. Silver soared to as high as $44.022 before it pulled back to $42.46, but it also rallied back higher in New York and ended near its earlier high with a gain of 2.55%.
Euro gold jumped to a new record high at about €1314, platinum gained $31 to $1896, and copper fell a couple of cents to about $3.96.
Gold and silver equities rose about 4% by late morning and remained near that level for the rest of the day.
SPDR Gold Wrests ETF Crown From S&P 500 Fund as Turmoil Reigns Bloomberg
Gold Goes Off Charts as Prices Heading ’Parabolic’ Bloomberg
Gold Seen Heading for Biggest Annual Gain in 32 Years on Flight to Safety Bloomberg
Analysis: Gold shines as Swiss franc's haven appeal dims Yahoo
The Economy:
More Americans at risk of foreclosure in Q2 Yahoo
Bernanke to aid recovery with gradual boost in dosage Reuters
Jackson Hole Central Bankers Reflect on QE2 Amid Pressure for New Stimulus Bloomberg
Retailers Brace for Weak Second Half Bloomberg
Homebuyers Spooked by Stock Drop Bloomberg
Goldman Cuts U.S. Full-Year Growth Forecast on Signs Recovery Has Stalled Bloomberg
There were no major economic reports today. Tomorrow at 10AM EST brings New Home Sales for July expected at 310,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in New York while Brent crude fell on news that “the regime of Libya’s Col. Moammar Gadhafi appears to be in its last throes.”
The U.S. dollar index ended slightly higher while treasuries fell on speculation about what the fed may say at this weekend’s meeting in Jackson Hole.
The Dow, Nasdaq, and S&P rose in early trade on hopes that the fed will announce some kind of plan to stimulate the economy, but that rally soon faded and all three indices ended with only slight gains.
Among the big names making news in the market today were Wells Fargo, Lowe’s, Ford and Toyota, BofA, and Verizon.
The Commentary:
“Following are two separate charts tracking the ratio of the price of gold to the price of crude oil.
The first is Brent Crude, the global benchmark for crude prices and the second is WTI crude, which is the Nymex benchmark and the one most often quoted by American wire services and news organizations.
The reason for the charts is that which Eric King and I discussed on this past Friday's KWN Weekly Metals Wrap where we talked about the severe undervaluation of the gold mining stocks. The point we were discussing was the direct impact that lower energy costs have on mining operations. The rise in the price of gold with a simultaneous fall in the price of crude oil, is lowering input costs for mining companies at the same time the price they are receiving for their finished product is rising rapidly. That is a surefire recipe for increased profitability moving forward. Given the fact that one of the arguments against buying the miners has been that their input costs have been rising at the same rate that gold has been rising, this effectively kills that argument.
It does seem from the price action of today's session, that some of the market players are finally catching on to this. If even one or two of the major shorts in the gold shares begin covering in size, the resultant buying wave will take prices of many of these shares through technical resistance levels on their price charts, resulting in further short covering as the hedgies which foolishly overstayed their welcome and attempted to squeeze the last 20% out of an otherwise profitable trade, begin to get snared by their own greed.
A closing monthly push through the all time high marked on the chart should see the miners do some rapid catching up to the gold price and reverse the downward trend in the HUI/Gold ratio.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Wall Street aristocracy got $1.2 trillion in secret loans from Fed
Things that make you go ... holy ----!" (Anybody seen our gold?)
Gold shines as Swiss franc's haven appeal dims
Scrap gold sales peter out in India
Lawrence Williams: Will Venezuela's gold repatriation prove GATA's case?
Venezuela formally asks Bank of England to return its gold
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 | 1290.762 | 41,499,296 | US$77,896m |
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$7,006m |
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$7,667m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,740 | US$864m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 46.14 | 1,483,329 | US$2,785m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,951 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.937 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.37: +0.69 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,745.28: No change from yesterday’s data.
The Miners:
Pretivm’s (PVG.TO) drilling update, Ivanhoe’s (IVN) early gold production potential, and Silvercorp’s (SVM) acquired property were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Minerals | AUMN+13.9% $13.19 |
2. Avino | ASM +10.19% $2.92 |
3. Endeavour Silver | EXK +9.84% $11.39 |
LOSERS
1. Ivanhoe | IVN-4.52% $17.31 |
2. Entree | EGI -3.24% $1.79 |
3. Minco | MGH-3.05% $1.27 |
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:
Pretium Resources Inc.: Brucejack Project Drilling Update - "Pretium Resources Inc. ("Pretivm") (TSX: PVG.TO - News) is pleased to report drilling results from the Brucejack Project where ongoing drilling in the Valley of the Kings Zone continues to intersect high-grade gold mineralization, and the potential for high-grade structures has been identified in other zones on the property." More
- August 22, 2011 | Item | ShareThis
Cadan Arranges a Non-Brokered Private Placement of $2,500,000 - More
- August 22, 2011 | Item | ShareThis
Victoria's Newly Elected Board Adds Considerable Development and Operations Experience - More
- August 22, 2011 | Item | ShareThis
International Samuel Exploration Acquires Jewelry Box Property - More
- August 22, 2011 | Item | ShareThis
Osisko Director Resigns - More
- August 22, 2011 | Item | ShareThis
Meadow Bay Gold Reports First Assays From Atlanta Gold Mine in Nevada - More
- August 22, 2011 | Item | ShareThis
Canadian Zinc and Government of the Northwest Territories Sign Socio-Economic Agreement for Prairie Creek Mine - More
- August 22, 2011 | Item | ShareThis
Lions Gate Metals Inc.: Phase 2 Diamond Drill Program Commences at Poplar/Webinar Scheduled for Wednesday August 24th 2011 - More
- August 22, 2011 | Item | ShareThis
Northquest Ltd. Reports Surface Sampling Results and an Update on Diamond Drilling at the Pistol Bay Gold Project, Nunavut, Canada - More
- August 22, 2011 | Item | ShareThis
"Bay Street Connect" engaged for Investor Relations - More
- August 22, 2011 | Item | ShareThis
Gulfside Acquires Three Iron Ore Projects - More
- August 22, 2011 | Item | ShareThis
Lucky Strike Strengthens Technical and Management Team - More
- August 22, 2011 | Item | ShareThis
CaNickel Announce New CEO and Change to the Board - More
- August 22, 2011 | Item | ShareThis
Cayden Resources Discovers New Mineralized Zone at Morelos Sur Gold Property and Provides Update on Projects - More
- August 22, 2011 | Item | ShareThis
Silver Pursuit Appoints Robertson as President and CEO - More
- August 22, 2011 | Item | ShareThis
Colorado Rare Earths, Inc. Completes Acquisition of U.S. Rare Earths, Inc. - More
- August 22, 2011 | Item | ShareThis
Olympus Restructures Management Team and Appoints New Chief Operating Officer to Meet Growth Demands of the Bau Gold Field - More
- August 22, 2011 | Item | ShareThis
Solomon Stakes Nis and Sek Claim Groups in Southwest Yukon, Acquires Epithermal Gold Targets in Rhyolite Creek Volcano-Plutonic Complex - More
- August 22, 2011 | Item | ShareThis
Calibre Mining Options 65% Interest in the Rosita D Concession, Nicaragua to Alder Resources - More
- August 22, 2011 | Item | ShareThis
Concentrate Samples Show Visible Gold at Lucky Thirteen - More
- August 22, 2011 | Item | ShareThis
Iberian Minerals Provides Aguas Tenidas Labour Update - More
- August 22, 2011 | Item | ShareThis
Teslin River Announces New Gold/Silver Mineralized Zone Discovered at Mustang Property in Nevada - More
- August 22, 2011 | Item | ShareThis
Highland Resources Appoints Vice President-Exploration for Copper Project in Keweenaw and Houghton Counties, Michigan - More
- August 22, 2011 | Item | ShareThis
Wealth Drills High-Grade Rare Earth Element Mineralization at Rodeo de los Molles Project, Argentina - More
- August 22, 2011 | Item | ShareThis
Kent Updates Flagstaff Barite Mining Operations - More
- August 22, 2011 | Item | ShareThis
American Vanadium Announces First Production of Vanadium Pentoxide and Vanadium Electrolyte - More
- August 22, 2011 | Item | ShareThis
Brazilian Gold Intersects 4.28 Grams/Tonne Gold over 14 Metres at Pista Manual Project - More
- August 22, 2011 | Item | ShareThis
Shear Announces the Partial Closing of $1.05 Million Private Placement, Officer Appointments and Grant of Incentive Stock Options - More
- August 22, 2011 | Item | ShareThis
Prophecy Drills 49.5 Meters Grading 1.27 g/t PGM Au, 0.71% Ni, 0.45% Cu within 472 Meters Grading 0.43% NiEq at Yukon Wellgreen Project - More
- August 22, 2011 | Item | ShareThis
i-minerals inc.: Incorporation of Optimization Strategies to Reduce Capital and Operating Costs Expected to Delay Release of Feasibility Study Results About 90 - More
- August 22, 2011 | Item | ShareThis
Niblack Joint Venture Receives Priority Permitting Approval from US Forest Service - More
- August 22, 2011 | Item | ShareThis
Trade Winds Intersects 3.08 g/t gold over 20.8 metres on Block A - More
- August 22, 2011 | Item | ShareThis
Linear Metals Increases Nyanza Gold and Base Metal Property Portfolio by 60% - More
- August 22, 2011 | Item | ShareThis
Rare Earth Industries Samples High Grade Rare Earths Including 10.86% TREO At Its Mount Bisson Project - More
- August 22, 2011 | Item | ShareThis
Sunridge Gold Joins the OTCQX - More
- August 22, 2011 | Item | ShareThis
Bralorne Drills Multi-Ounce Gold - More
- August 22, 2011 | Item | ShareThis
First Point Announces Expanded Drilling Program to Define Resource at the Decar Nickel-Iron Alloy Project - More
- August 22, 2011 | Item | ShareThis
Lone Star Gold Inc. Introduces Seasoned Leadership Team - More
- August 22, 2011 | Item | ShareThis
Foran McIlvenna Bay Project Update - More
- August 22, 2011 | Item | ShareThis
Alder Enters Option to Acquire 65% Interest in Rosita in Nicaragua - More
- August 22, 2011 | Item | ShareThis
Matamec Emphasizes Low Cost Metallurgy - More
- August 22, 2011 | Item | ShareThis
Paladin Energy Ltd-Uranium Sales Agreements Signed - More
- August 22, 2011 | Item | ShareThis
Goldrush Acquires Four Highly Prospective Permits Adjacent to Producing Gold Mines, Deposits and New Discoveries in Burkina Faso, West Africa - More
- August 22, 2011 | Item | ShareThis
Lake Shore Gold Completes Acquisition of Fenn-Gib Project from Barrick Gold, Work Progressing on Initial NI 43-101 Resource - More
- August 22, 2011 | Item | ShareThis
Largo Announces High Grade Drill Results from Its Maracas Project in Bahia, Brazil - More
- August 22, 2011 | Item | ShareThis
Frontier Rare Earths Appoints Vivian Wu as Business Development Director-Greater China - More
- August 22, 2011 | Item | ShareThis
Driven Samples 2,770 g/t Silver and Commences Drilling at Lyn - More
- August 22, 2011 | Item | ShareThis
Medusa Mining Limited: Co-O Mine Mineral Reserve Estimate - More
- August 22, 2011 | Item | ShareThis
North American Nickel Initiates Exploration on its Bell Lake Offset Dyke Property, Southwest Sudbury Basin - More
- August 22, 2011 | Item | ShareThis
American Manganese Initiates Detailed Exploration on Their 100% Owned Rocher Deboule Iron Oxide Copper Gold Target - More
- August 22, 2011 | Item | ShareThis
Petaquilla Minerals Ltd.: Proxy Voting Firms Recommend that Shareholders Vote FOR the Issuance of Shares in Connection with the Acquisition of Iberian Resources - More
- August 22, 2011 | Item | ShareThis
Minera IRL Commences Drilling on the Michelle Exploration Project, Patagonia - More
- August 22, 2011 | Item | ShareThis
Gold and Silver to Generate up to 50% of Total Annual Revenues at Ivanhoe Mines' Oyu Tolgoi Project During Early Mining From Gold-Rich Open-Pit Mine - "Ivanhoe Mines' (TSX: IVN.TO - News)(NYSE: IVN.TO - News)(NASDAQ: IVN.TO - News) Chief Executive Officer and founder Robert Friedland said today that the recent start of pre-stripping of the open-pit that will mine the gold-rich Southern Oyu and Central Oyu deposits serves to underscore the early gold production potential of the company's Oyu Tolgoi Project in southern Mongolia." More
- August 22, 2011 | Item | ShareThis
Silvercorp Acquires High Grade XBG Silver-Gold-Lead-Zinc Property in Luoyang, Henan Province, China - "Silvercorp Metals Inc. (TSX: SVM.TO - News)(NYSE: SVM.TO - News) ("Silvercorp" or the "Company") is pleased to announce that its 77.5% owned subsidiary, Henan Found Mining Co. ("Henan Found"), signed a share purchase agreement to acquire a 90% equity interest in Zhongxing Mining Co. Ltd. ("Zhongxing") and Chuanxin Mining Co. Ltd. ("Chuanxin"), two local private mining companies, with common owners, in Luoyang City, Henan Province." More
- August 22, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 22 August, 2011 | |
