-- Posted 23 August, 2011 | |
| Close | Gain/Loss |
Gold | $1858.80 | -$30.10 |
Silver | $42.24 | -$1.12 |
XAU | 211.60 | -2.54% |
HUI | 583.58 | -3.55% |
GDM | 1703.14 | -3.57% |
JSE Gold | 2717.24 | -64.43 |
USD | 73.81 | -0.30 |
Euro | 144.41 | +0.80 |
Yen | 130.42 | +0.31 |
Oil | $85.44 | +$1.02 |
10-Year | 2.137% | +0.049 |
T-Bond | 139.03125 | -1.125 |
Dow | 11176.76 | +2.97% |
Nasdaq | 2446.06 | +4.29% |
S&P | 1162.35 | +3.43% |
The Metals:
Gold climbed to a new record high of $1911.54 in afterhours access trade late yesterday before it fell to as low as $1849.19 by early afternoon in New York today and then bounced back higher in the last hour of trade, but it still ended with a loss of 1.59%. Silver rose to as high as $44.18 in late trade yesterday before it fell to as low as $41.995 in New York today and ended with a loss of 2.58%. Both are also falling even lower in today’s afterhours access trade.
Euro gold fell to under €1289, platinum lost $22.25 to $1873.75, and copper gained 4 cents to about $4.00.
Gold and silver equities fell throughout most of trade and ended with about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
New Home Sales | July | 298K | 310K | 300K |
FDIC: Number of problem banks fell to 865 in Q2 Yahoo
Administration moves plan to ax hundreds of rules Yahoo
Tomorrow at 8:30AM EST brings Durable Goods Orders for July expected at 1.9%. Excluding transportation, order are expected at -0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index fell on relative calm in Europe that sent the euro higher.
Treasuries remained lower after today’s $35 billion 2-year note auction sold at a high yield of 0.222% with a bid to cover of 3.44.
The Dow, Nasdaq, and S&P rose about 3% on hopes for more stimulus from the fed at this weekend’s meeting in Jackson Hole.
Among the big names making news in the market today were BofA, S&P, UBS, Apple, McGraw-Hill, HP, and Morgan Stanley.
The Commentary:
“Stocks are rallying in today's session on anticipation of another round of QE to be announced by Chairman Bernanke this Friday at the annual Jackson Hole, Wyoming meeting of various monetary officials.
As a matter of fact, the commodity complex is rallying as well with the CCI (Continuous Commodity Index) moving back towards the top of its recent trading range. It certainly appears that the hedge funds are trying to send a signal to Bernanke to bring his bag of market jelly beans to the meeting.
What every one of these reckless money changers are remembering is last year's meeting where the first hint that another round of Quantitative Easing was in the works was announced during Bernanke's speech at this very same event. The hedge funds are hoping that lightning will strike twice. Methinks that they are going to be seriously disappointed.
Politically Bernanke is in no position to announce another round of QE. If he were to try this route once again, a route which has obviously been an abject failure considering that between QE1 and QE2 over $2.5 TRILLION was spent with nothing to show for it except a collapsing Dollar and rampant inflation in energy and food prices, he would unleash a firestorm of protest here in the US and certainly abroad by our largest creditors, China in particular.
The Chinese have already made quite clear their extreme displeasure with the impact that the QE programs are having on that portion of their reserves which are Dollar-based. One cannot continue to poke their banker in the eye without generating an unpleasant response.
I should note here something I consider extremely telling - if the equity bulls are getting giddy over the prospect of more Fed-dispensed Jelly Beans, the bond market is not buying it. Bonds should be getting hammered with both equities and commodities moving higher and the Dollar lower. Instead, they are barely lower with any dips down generating additional buying. One gets the sense that the bond bulls are just itching to snare the shorts once again and proceed to generate yet another short squeeze.
The prospect of another round of QE, instead of generating buying in gold and silver, is leading to selling. With gold being so overextended to the upside, this is welcome. With silver however it is "Heads - I win; Tails - You lose" for the silver bears. They are talking up silver as a safe haven metal which will not be needed if another round of QE is unleashed and the Fed comes to the rescue of the markets once again. The problem for those guys is that if the RISK trades come back on, then silver is going to be very difficult to keep down, especially if the copper market starts rising.
I would like to see silver keep its footing above the $42.00 level, especially after yesterday's strong showing, if it is going to move back up and revisit resistance near the $44 level.
The HUI needs to hold above 580 to prevent another round of selling in the mining shares.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Kazakhstan central bank will buy all domestically produced gold
At least Vietnam does its gold market rigging openly
Vietnam tries to cope with new bout of gold fever
James Turk interviews Ben Davies during GATA's London conference
The Statistics:
Activity from: 8/19/2011
Gold Warehouse Stocks: | 11,575,175 | -129 |
Silver Warehouse Stocks: | 106,271,716 | +577,246 |
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 | 1284.402 | 41,294,821 | US$77,449m |
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$6,893m |
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$7,543m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,735 | US$834m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 45.65 | 1,467,744 | US$2,753m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,950 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 6.36 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.67: +0.3 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,763.46: +18.18 change from yesterday’s data.
The Miners:
ITH’s (THM) updated preliminary economic assessment, Paramount’s (PZG) expanded land position, Allied Nevada’s (ANV) updated mineral reserve and resource estimates, Nevsun’s (NSU) finalized agreement, ECU Silver’s (ECU.TO) assay results, and Extorre’s (XG) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +19.87 $20.75 |
2. Entree | EGI +6.15% $1.90 |
3. Comstock | LODE+3.17% $2.93 |
LOSERS
1. Extorre | XG -9.42% $9.90 |
2. Gold Fields | GFI-7.31% $16.11 |
3. Exeter | XRA -6.70% $4.18 |
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:
Paget Minerals' Option Partner Rare Earth Industries Samples High Grade Rare Earths Including 10.86% TREO at Mount Bisson - More
- August 23, 2011 | Item | ShareThis
Kilo Drilling Intersects 3.86 g/t Gold Over 34.30 Metres on the Adumbi Prospect, Somituri Project, DRC - More
- August 23, 2011 | Item | ShareThis
Fire River Gold Announces Further Drill Results - More
- August 23, 2011 | Item | ShareThis
Imperial Reports Mount Polley Mine Underground Drilling Intersects 35 metres of 4.80% Copper, 2.76 g/t Gold and 39.17 g/t Silver - More
- August 23, 2011 | Item | ShareThis
State of Colorado Approves Energy Fuels' Request to Defer Financial Assurance Payments - More
- August 23, 2011 | Item | ShareThis
Calvista Gold Corporation Acquires Properties in the California Valley - More
- August 23, 2011 | Item | ShareThis
Eurasian Minerals Drill Results Confirm Recent Discovery With Oxide Intercept of 102.2 Meters Averaging 0.57 g/t Gold at the Akarca JV Project, Turkey - More
- August 23, 2011 | Item | ShareThis
AM Gold Adopts Shareholder Rights Plan - More
- August 23, 2011 | Item | ShareThis
Constantine's Partner Reports Update on 25 Hole Drill Program at Trapper Gold Project, British Columbia - More
- August 23, 2011 | Item | ShareThis
Newton Gold Starts Work Program at Wholly Owned Chuchi Property - More
- August 23, 2011 | Item | ShareThis
Yorbeau Announces NI 43-101 Compliant Gold Resources on Augmitto Deposit - More
- August 23, 2011 | Item | ShareThis
Stans Energy Announces Commencement of Exploration Drilling at Kutessay II and the Aktyuz Deposits - More
- August 23, 2011 | Item | ShareThis
Loncor Reports Further High Grade Drilling Results for Its Makapela Prospect, Ngayu Project, DRC - More
- August 23, 2011 | Item | ShareThis
Barkerville Gold Mines Ltd.: Acquisition of Antler Creek Property - More
- August 23, 2011 | Item | ShareThis
ECU Silver Receives Assays for the Deep Drilling in Santa Juana Mine - "ECU Silver Mining Inc. (TSX: ECU.TO - News) is pleased to announce that it has received the assays for the announced intercept in hole SJ-18-21B. The calcite-rich section averaged 2.09 g/t gold, 122.4 g/t silver, 0.35% lead, 0.63% copper and 0.35% zinc over a core length of 16.55 meters (54.3 feet) corresponding to a 6.02 meters (19.8 feet) true width. This was followed by a massive sulfides section grading 0.17 g/t gold, 51.1 g/t silver, 0.16% lead, 0.55% copper and 6.78% zinc over a core length of 2.25 meters (7.4 feet) corresponding to a 0.82 meters (2.7 feet) true width. The following table contains all the assays for the mineralized zone which extended from 1016.15 to 1035.45 meters in the hole." More
- August 23, 2011 | Item | ShareThis
Probe Mines Announces Initial Resource Estimate for Its Borden Lake Gold Project: 0.305 Million Ounces (Indicated) and 3.755 Million Ounces (Inferred) - More
- August 23, 2011 | Item | ShareThis
Stina Announces Dime Gold Exploration Update & Trench Results - More
- August 23, 2011 | Item | ShareThis
Puma Exploration: 1,330 g/t Ag, 17.4 g/t Au, 6.3% Pb and 2.3% Zn at Nicholas-Denys Puma's Silver Project, New Brunswick - More
- August 23, 2011 | Item | ShareThis
Pacific Ridge Reports Full Exercise of August 20th Warrants - More
- August 23, 2011 | Item | ShareThis
Mukuba Begins Drilling Program on Congolese Copper Project - More
- August 23, 2011 | Item | ShareThis
CuOro to Acquire Barranco De Loba Gold Project, Colombia - More
- August 23, 2011 | Item | ShareThis
Dunav Resources Announces Exercise of Option to Acquire Serbian Assets - More
- August 23, 2011 | Item | ShareThis
Foundation Resources Inc.: 5.56 g/t Gold Over 3.5 Metres Intersected at the East Coldstream Deposit, Ontario - More
- August 23, 2011 | Item | ShareThis
Corvus Gold Announces Completion of Phase 2 Drilling Program at LMS Project, Alaska - More
- August 23, 2011 | Item | ShareThis
Emgold Announces Commencement of its 2011 Core Drilling Program-Stewart Property, B.C. - More
- August 23, 2011 | Item | ShareThis
Eagle Star Receives Notice That Transnordestina Railway Track Will be Relocated to Pass Through its Property - More
- August 23, 2011 | Item | ShareThis
IronOne Inc. Commences Diamond Drilling on the Maguse River Iron Project in Southern Nunavut - More
- August 23, 2011 | Item | ShareThis
Minco Silver Receives Extension for the Fuwan Exploration Permit - More
- August 23, 2011 | Item | ShareThis
B2Gold Corp. and Radius Gold Inc. Provide Nicaragua Update: Trebol East Trench Returns 18.00 Metres at 2.56 Grams Per Tonne Gold - More
- August 23, 2011 | Item | ShareThis
El Tigre Silver Progress Report - More
- August 23, 2011 | Item | ShareThis
Northern Freegold Resources Ltd.: Aggressive Exploration Program Underway at Freegold Mountain, Yukon - More
- August 23, 2011 | Item | ShareThis
Athabasca Uranium Appoints Nuclear Energy and Uranium Expert Thomas S. Drolet to Advisory Committee - More
- August 23, 2011 | Item | ShareThis
Metanor Resources Inc.: Shaft Sinking Complete at Bachelor Lake; Bachelor/Hewfran Drill Campaign Underway - More
- August 23, 2011 | Item | ShareThis
EurOmax Discovers New Gold Zones at its Trun Gold Project, Bulgaria - More
- August 23, 2011 | Item | ShareThis
African Gold Group, Inc. Mali Minister of Mines Grants Extension of Kobada License in Order to Complete Feasibility Study for Kobada, Mali Gold Project - More
- August 23, 2011 | Item | ShareThis
Drilling at Empire's Bursa-Karapinar Target Intersects 60 Metres of Chalcocite Enrichment Grading 0.93% Copper, 0.11 gpt Gold and 0.017% Molybdenum - More
- August 23, 2011 | Item | ShareThis
Cap-Ex Ventures Ltd.: Porky Lake Returns 62% and 54% Iron in Channel Samples - More
- August 23, 2011 | Item | ShareThis
Lithium Exploration Group CEO Meets with East Coast Vendor - More
- August 23, 2011 | Item | ShareThis
American Vanadium Announces Private Placement of up to $1 Million And Appointment of New Chief Financial Officer - More
- August 23, 2011 | Item | ShareThis
Lac Seul First Nation and Newstrike Resources Ltd. Sign Negotiation Protocol - More
- August 23, 2011 | Item | ShareThis
Financing Agreement for Up to $25 Million Signed by Geopulse Exploration - More
- August 23, 2011 | Item | ShareThis
Argentex Mining Corporation: Ivonne Vein Returns 3.30 Meters of 4.69 g/t Gold at Pinguino, Including 1.80 Meters of 8.30 g/t Gold - More
- August 23, 2011 | Item | ShareThis
International Tower Hill Announces Surface Mine Measured & Indicated Resource Expansion to 16.5 Moz Contained Gold and Robust Preliminary Economic Assessment - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX: ITH.TO - News)(AMEX: THM - News)(Frankfurt: IW9) announces the results of an updated preliminary economic assessment (PEA) demonstrating robust project economics for the Company's 100% owned Livengood Gold Project located near Fairbanks, Alaska. The PEA results (all USD) demonstrate project financial highlights of $3.1 billion pre-tax cash flows and a $1.2 billion Net Present Value (NPV) at a 5% discount rate at a Base Case gold price of $1,100/oz. In addition, an updated resource estimate has significantly expanded the surface mine mineralization to 16.5 million ounces gold contained in the Measured & Indicated categories and 4.1 million ounces gold contained in the Inferred resource category." More
- August 23, 2011 | Item | ShareThis
Rogue Resources Commences 10,000 Meter Drill Program at Radio Hill Iron Project - More
- August 23, 2011 | Item | ShareThis
Tournigan Geotechnical Drilling Hits Uranium Mineralization at Much Higher Grade Than Expected at Kuriskova - More
- August 23, 2011 | Item | ShareThis
Focus Gold Corp Successfully Makes Its First Semi Annual Option Payment on Its CILA Claims in Nayarit, Mexico - More
- August 23, 2011 | Item | ShareThis
Fjordland Exploration Inc.: Drilling at Woodjam South (Southeast Zone) Yields 280 m Grading 0.38% Copper, 0.05 g/t Gold and 0.021% Molybdenum - More
- August 23, 2011 | Item | ShareThis
Industry Website Rare Metal Blog Interviews Rare Earth Industries' President Alastair Neil - More
- August 23, 2011 | Item | ShareThis
Salman Partners Inc. Initiates Analyst Coverage of Rodinia Lithium Inc. - More
- August 23, 2011 | Item | ShareThis
Evolving Gold Updates Three Active Drill Programs - More
- August 23, 2011 | Item | ShareThis
Paramount Gold Expands Nevada Land Position Along Sleeper-Sandman Trend - "Paramount Gold and Silver Corp. (AMEX: PZG - News)(TSX: PZG - News)(Frankfurt: P6G.F - News)(WKN: A0HGKQ) ("Paramount") announced today it has entered into an agreement to acquire 606 unpatented lode mining claims (the "Claims" or the "Dunes Project") in northwestern Nevada covering a total of 12,520 acres strategically located between Paramount's Sleeper Gold Project and also adjacent to Newmont's Sandman Gold Project which lies just 11 miles south of Sleeper." More
- August 23, 2011 | Item | ShareThis
Rockland Minerals Corp.: Retty Lake Cu-Ni-PGM Core Sampling Completed, Quebec - More
- August 23, 2011 | Item | ShareThis
International Northair Mines Intersects 51.45 Metres of 85.70 g/t Silver at La Cigarra, Mexico - More
- August 23, 2011 | Item | ShareThis
Jayden Resources Announces More High-Grade Results from Silver Coin: 25.24 g/t Gold over 8.0 m including 99.99 g/t over 2.0 m in Hole SC11-361 - More
- August 23, 2011 | Item | ShareThis
Redstar Adds New Gold Project on Cortez Trend in Nevada - More
- August 23, 2011 | Item | ShareThis
Black Iron Continues to Report Successful Results from Its Shymanivske Twin Hole Program With Iron Grades Exceeding 30% - More
- August 23, 2011 | Item | ShareThis
Caledonia Mining Corporation: Update on Indigenisation at the Blanket Mine in Zimbabwe - More
- August 23, 2011 | Item | ShareThis
Allied Nevada Significantly Increases Hycroft Mineral Reserves to 10.2 Million Ounces of Gold and 388.6 Million Ounces of Silver (17.0 Million Ounces AuEq(1)) - "Allied Nevada Gold Corp. ("Allied Nevada", "ANV" or the "Company") (TSX: ANV - News)(AMEX: ANV - News) is pleased to announce a summary of the updated mineral reserve and resource estimates for its wholly owned Hycroft Mine located near Winnemucca, Nevada." More
- August 23, 2011 | Item | ShareThis
The Run Up on the Path to Production at Amulsar - More
- August 23, 2011 | Item | ShareThis
Crocodile Gold Intersects 7.1 g/t Au Over 4.5 Meters Including 11.2 g/t Au Over 2.6 Meters at the Union Reefs Project, Prospect Deposit - More
- August 23, 2011 | Item | ShareThis
Alto Ventures Ltd.: 5.56 g/t Gold over 3.5 Metres Intersected at the East Coldstream Deposit, Ontario - More
- August 23, 2011 | Item | ShareThis
NEVADO Drills 71 Metres Grading 65.2% Fe2O3 and 19.7% Tio2 (FT-10-25) at Farrell-Taylor Occurrence - More
- August 23, 2011 | Item | ShareThis
Extorre Announces Results for 20 Holes Drilled at the Puntudo Project Silver-Gold Discovery in Argentina - "Extorre Gold Mines Limited (TSX: XG.TO - News)(AMEX: XG.TO - News)(Frankfurt: E1R.F - News) ("Extorre" or the "Company") announces results for 20 additional holes from the Renaldo Area on Extorre's 100% owned Puntudo Project in Santa Cruz Province." More
- August 23, 2011 | Item | ShareThis
Timmins Gold Intersects 4.57 Metres Grading 8.134 Grams Per Tonne Gold - More
- August 23, 2011 | Item | ShareThis
Firebird Resources Inc. Drills 38.67m of 4.19 g/t Gold on Buzzard Project, South Carolina; Adds Second Rig - More
- August 23, 2011 | Item | ShareThis
Technical Paper on American Manganese's Proprietary Process Accepted for Publication in SME's Minerals and Metallurgical Processing Journal - More
- August 23, 2011 | Item | ShareThis
Nevsun Resources Ltd.: Bisha Purchase Arrangement Finalized - "Nevsun Resources Ltd. (TSX: NSU.TO - News)(AMEX: NSU.TO - News) is pleased to advise that it has finalized its arrangements with the State of Eritrea regarding the purchase of 30% of the Bisha mine by the Eritrean National Mining Corporation (Enamco). The agreed price is US$253.5 million, which will be settled from the after tax cash flows generated by the Bisha mine." More
- August 23, 2011 | Item | ShareThis
Habanero Resources Inc.: Phase One of Haldane Silver Prospect Completed Resulting in Selected Samples as High as 2520 g/t Silver - More
- August 23, 2011 | Item | ShareThis
Kalimantan Gold-Jelai Update - More
- August 23, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 23 August, 2011 | |
