-- Posted 7 September, 2011 | | Discuss This Article - Comments:

The Metals:

Gold fell all the way to $1792.80 by a little after 10AM EST before it rallied back higher in the last few hours of trade, but it still ended with a loss of 2.96%.  Silver dropped to as low as $40.406 before it also rebounded in late trade, but it still ended with a loss of 0.62%.

Euro gold fell to about €1291, platinum lost $27 to $1817.75, and copper gained nearly 8 cents to about $4.12.

Gold and silver equities fell over 2% in the first hour of trade, but they then rallied back higher for most of the rest of trade and ended with slight gains at or near new all-time highs.

The Economy:

The fed’s Beige Book “said the economy grew at a slower pace in some regions of the country as shoppers limited their spending and factories curbed production.”

Fed's Evans Calls for Further Stimulus  Bloomberg

US drops to 5th place in global competitiveness  msnbc

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/03 expected at 400,000 and the Trade Balance for July expected at -$51.5 billion.  At 3PM is Consumer Credit for July expected at $5.0 billion.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil rose as the U.S. dollar index fell on euro strength.

Treasuries fell as the Dow, Nasdaq, and S&P rose over 2% on relief over support in Germany for a bailout plan to help solve debt problems in Europe.

Among the big names making news in the market today were Ford, Chrysler, BofA, Yahoo, and AT&T.

Feds say Bank of America worse than Countrywide  MarketWatch

The Commentary:

“If it is not obvious by now, it should be -an attempt by the Central Banks of the West to derail the rise in the gold price is currently underway.

I mentioned in my midday comments that an effort would take place to prevent gold from moving beyond $1900 in an attempt to paint a double top on the daily price chart and induce a round of technically related selling from speculators on the long side.

This effort can clearly be seen in the following ONE MINUTE BAR CHART which reveals an enormous spike of 4,000+ contracts in the middle of the evening during a time period in the gold trading not normally known for this sort of volume. The question must now be raised - if this was a hedge fund blowing out of a long gold position, why wait for such a low liquidity environment in which to execute to trade knowing full well that by so doing, one would be guaranteed the worst possible exit price for the trade. Also, since the price of gold has been RISING and NOT FALLING, why would any gold long be forced to unload a position. It certainly is not under any duress from price action.

We can probably eliminate this as the cause therefore since only the rankest of fools would attempt such a thing.

The next question that must then be raised is if this were a hedge fund doing the selling to establish a fresh short position, why would they sell in such size at such an hour guaranteeing themselves to be filled with a fresh short position at the worst possible price by selling into a hole? The logical answer is that they would not do such a thing.

By the process of elimination and due to the fact that a major attempt by a Western Central Bank (the Swiss National Bank) to deliberately debase their currency occurred less than 24 hours previous to this selling barrage, added to the fact that an obvious raid took place on gold knocking it down below $1900 during the time frame in which the Swiss Franc devaluation was announced, this huge sell order must be therefore traced back to the Western Central Banks which are now going after the gold price in an attempt to cloak their utterly incompetent, impotent and predictable response to the current economic woes of the West.

To assume that the ECB, the Federal Reserve, the Bank of England, the Bank of Canada, and any other major Central Bank of the West did not have previous knowledge of the plans by the Swiss National Bank to debase the Franc is to live in a fantasy land and be devoid of all sound wisdom. Of course they knew beforehand as something of this importance would not be done unilaterally by the Swiss.

The attack on Gold is therefore an effort by these modern day alchemists who are attempting to achieve prosperity by magically altering slips of paper into something that might constitute value in the eyes of the beholder to discredit the yellow metal and send it careening lower.

China must be watching this with both disgust and delight. Disgust in seeing the depths of corruption that ails the Western monetary system and delight in the fact that the machinations of these conjurers is providing a discount in the price of the metal which they will be more than pleased to accept.

Take a look at the following chart and tell me with a straight face that this is NORMAL trading action. Any trader worth his salt knows this chart looks amazingly like a chart of a currency facing INTERVENTION PRESSURE from a Central Bank.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

Agitation against gold price suppression can produce good stuff

Tree-hugging terrorists in the Berkshires!

James Turk: Mining stocks on the runway, ready for takeoff

Romania wants to double gold reserves, maybe by buying domestic production

Gold is leaving other markets behind, Naylor-Leyland tells CNBC Europe

Ted Butler: The death of liqudity

The Statistics:

Activity from: 9/02/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.21: +0.27 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,782.15: No change from yesterday’s data.

The Miners:

Rubicon’s (RBY) new director, NovaGold’s (NG) updated feasibility study, Comstock’s (LODE) drill results, Barrick’s (ABX) discoveries, Brigus Gold’s (BRD) drill results, and Kirkland’s (KGI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Falcon Gold Signs Option Agreement on Fenton Property - More
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Paget Minerals Provides Exploration Plan for Ball Creek Gold-Copper Property in B.C. - More
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Augustine Proceeds to Resource Definition at Wawa Gold Project - More
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Galore's Warrant Extension Accepted - More
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Ireland, Inc. to Present at Rodman & Renshaw Conference - More
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Santa Fe Gold Corporation Agrees to Acquire Columbus Silver Corporation for $0.20 per Share in Cash - More
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Santa Fe Gold to Acquire Columbus Silver in an All Cash Transaction - More
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Trueclaim Exploration Inc. Signs Options on Gold Prospects in Cook Township, Guibord Township and Boston Township, Ontario - More
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Athabasca Uranium provides Keefe Lake exploration update - More
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St-Georges Platinum and Base Metals Ltd.: New Mineralized Zone Expanding to the West at Villebon - More
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Golden Peaks Limited - Tanoyan Continues to Deliver Positive Drilling Results - More
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Victory Resources Corporation - Expansion of 2nd stage drilling program - More
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Dr. Gaetan Lavalliere Joins Cartier Team - More
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Galahad Retains Trident Financial Corp. - More
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Ruby Creek Purchases More Mining Equipment - More
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Trevali Extends Magistral North and South Deposits to Depth at Santander Mine Project-Peru - More
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Tajiri Resources Corp. Retains RBL Communications and Commences Social Media Program - More
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Liberty Star Announces JV with Sagebrush Gold LTD. For Uranium North Pipes Super Project, Arizona - More
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Correction: Riverstone Reports 62.8 g/t Gold over 16 metres at Yaramoko - More
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Roxgold Drills 16 Meters Grading 62.74 Grams Per Tonne Gold at Yaramoko Gold Concession, Burkina Faso, West Africa - More
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First American Silver Corp. Commences Drill Program on Its Mount Jackson Property - More
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Silver Range Resources Ltd. Drilling Returns 70.55 g/t Silver Over 104.7 Metres at Keg Main Zone, Southern Yukon - More
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Erdene Announces Significant New Gold Discovery in Southwest Mongolia, Commences Drill Program - More
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Riverstone Reports 62.8 g/t Gold over 16 metres at Yaramoko - More
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Dunav Resources Confirms Strong, Near Surface, Porphyry-Style Copper-Gold Mineralization at Kiseljak, Tulare Project, Serbia - More
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Copper Mountain Mine ships first load of concentrate to Japan - More
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Goldex Drills 15g/t Au Over 4.5m at El Pato - More
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Advanced Explorations Inc. Progressing With Feasibility Study - More
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Riverside Resources and Partner Sierra Madre Developments Inc. Commence Drilling at the Penoles Project in Durango, Mexico - More
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Pershimco Keeps Validating the Cerro Quema Footprint Towards the East with Results of 75 Meters of 2.25 g/t Gold Equivalent and 94 Meters Grading 1.11 g/t Gold - More
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Baja Mining Commences Underground Mining at Boleo - More
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Bear Lake Gold Announces Start of Drilling Program at Larder Lake - More
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Kshish property acquisition completed - More
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Woulfe Mining Receives Clearance for Sangdong Construction from Office of Cultural Heritage - More
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Astral Commences Drilling on Los Crestones Gold-Silver Project, Mexico - More
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Stronghold Announces a Letter of Intent to Acquire Mowasi Gold's Property Adjacent to the Company's Eagle Mountain Project in Guyana - More
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Rhyolite Drills 14.2 g/t Gold Over 2.8 Meters at Low: Significantly Increases Land Package at Paxson - More
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Sonora Resources Acquires Corazon Silver Prospect - More
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Teuton Cuts 229.5m of 0.73 g/t Gold Equiv. at Tennyson - More
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Firebird Resources Inc. Drills 36.1 Meters of 6.53 g/t Gold in Second Hole on Buzzard Project, South Carolina - More
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GeoMegA Launches Phase 2 Drill Program at Montviel - More
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East Asia Minerals Provides Mongolia Uranium Program Update - More
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Otis Drills Discovery Holes at Prospect Ridge; Mine Ridge Deposit Continues to Grow - More
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Pacific Ridge Provides Exploration Update from the Mariposa Gold Property - More
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Cypress Announces Drill Program on Broulan Reef Gold Project in Red Lake, Ontario - More
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Rare Earth Industries Seeks to Expand Land Position Surrounding Its Mount Bisson Project - More
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Tahoe Resources Inc. to Present at Rodman & Renshaw Global Investment Conference 2011 on Sep. 12, 2011, in New York, NY, US - More
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Corrected Announcement: Mariana Commences Fourth Drilling Programme at Las Calandrias Gold-Silver Project, Argentina - More
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Nevada Copper Corp.: Mineralization Continues to Expand, Intersecting Over 600 Feet of Mineralization Including 323 Feet of 1.82% Copper - More
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New Dimension Options Copper-Gold Porphyry Project in Yukon - More
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Drilling Begins at Evrim's Suaqui Verde Copper Project - More
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Jeff Pontius Joins Redstar Gold Corp. Board - More
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Balmoral Commences Follow-Up Drilling of Grasset Gold Discovery - More
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Probe Mines Announces Memorandum of Understanding With Brunswick House, Chapleau Cree and Chapleau Ojibwe First Nations for Its Borden Lake Gold Project - More
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San Marco Samples 83.4m of 1.44 g/t AuEq at Tecomate - More
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Paladin Energy Ltd.-Kayelekera Mine, Malawi; Update on Start-Up-1 Week Delay - More
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Pele Mountain Files Preliminary Economic Assessment for Eco Ridge, Providing Road Map to Sustainable Development of Low-Cost Rare Earths and Uranium Production - More
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Alexis Continues to Define the Apex Zone at Lac Herbin Mine in Quebec, Intersecting Up to 10.0 g/t Au Over 6.9 Metres - More
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Lithium Americas Announces Successful Production Well Pump Test Results From Its Cauchari-Olaroz Lithium Brine Project - More
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Goldrush Discovers Two Gold Anomalies on Pompoi Permit, Adjacent to Roxgold Yaramoko Permit in Burkina Faso, West Africa - More
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BONTERRA QUEBEC EASTERN EXTENSION GOLD ASSAYS - More
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Colossus Minerals Drilling Extends the GT Zone and High-Grade Subzones in the Central Mineralized Zone and Intersects 74.40 Metres at 31.17 g/t Gold - More
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Pancon/Crossland Announce Commencement of Drilling at Chilling Project, NT, Australia - More
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Orestone Mining Corp.: Large Drill Targets Outlined at Captain Copper-Gold Project - More
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Santa Fe Metals Corp.: Don Indio Channel Samples Return Up To 5.63% Copper and 25.3 oz/t Silver - More
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Minera IRL Announces Substantial Maiden Mineral Resource Concurayoc Zone, Ollachea Project, Peru - More
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Rubicon Minerals Adds Operational Expertise to the Board with the Appointment of a New Director - "Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) ("Rubicon") is pleased to announce the appointment of Mr. Michael Winship as a director of Rubicon. Mr. Winship is currently Chief Operating Officer for Quadra FNX Mining Ltd. (QUX:TSX) and has more than 30 years extensive and varied experience in the development and operation of mining operations including 18 years specifically related to underground gold mining in Canada and Internationally. This includes his role as General Manager, at the Campbell Mine in Red Lake from 1995 - 1997." More
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NovaGold Reports Preliminary Capital Costs for Its Donlin Gold Project - "NovaGold Resources Inc. (TSX: NG.TO - News)(AMEX: NG.TO - News) The feasibility study completed on the Donlin Gold Project (formerly Donlin Creek) in 2009 is being updated to include power generation utilizing natural gas delivered to site via aproposed 500-kilometer natural gas pipeline from the Cook Inlet to the mine site. Utilizing natural gas is expected to lower costs to generate power and reduce operating risk. In connection with this update, Donlin Gold LLC, owned equally by wholly owned subsidiaries of NovaGold Resources Inc. ("NovaGold") and Barrick Gold Corporation ("Barrick"), has provided its owners with preliminary capital cost estimates of approximately US$6billion for the Project with an additional approximately US$1 billion for the natural gas pipeline. The previous capital cost estimate for the Project released in April 2009 was US$4.5 billion and did not include a natural gas pipeline. NovaGold was advised by Barrick that it will also discuss these preliminary capital costs estimates for the Donlin Gold Project at its Investor Day taking place today in Toronto, Canada." More
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Comstock Mining Announces Drill Results on the Dayton Resource Area - "Comstock Mining Inc. ("Comstock Mining" or "the Company") (NYSE Amex: LODE) announced today the second-phase drilling results at its Dayton Resource Area (the "Dayton"). The drilling program included 20 Reverse Circulation (RC) holes, totaling 8,170 feet and two core holes totaling 1,106 feet. Significant mineralization was encountered in all 22 holes, including continuously mineralized intervals of greater than 100 feet in eight of those holes." More
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Barrick Announces Two Gold Discoveries in Nevada - "Barrick Gold Corporation (NYSE: ABX - News)(TSX: ABX - News) announced today that it has made two significant gold discoveries on the Company's 100%-owned Cortez property in Nevada(1). These two discoveries, known as Red Hill and Goldrush, are located on highly prospective ground, six kilometers southeast of the Cortez Hills mine and 24 kilometers southeast of the Pipeline mine. Based on the results of wide spaced drilling, the Company has outlined two zones of gold mineralization along a seven kilometer long trend. The mineralization is primarily hosted in a favorable carbonate unit and has a tabular geometry. The new discoveries are geologically similar in style to Barrick's Cortez Hills and Goldstrike mines. The majority of the mineralization intersected to date is refractory and occurs at depths between 150 and 500 meters." More
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Brigus Reports High-Grade Gold Assays at the Contact Zone of the Black Fox Complex - "Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE Amex: BRD) (TSX:BRD.to - News) is pleased to announce that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays. Drilling at the Contact Zone (“Contact Zone”), 400 metres north of the recently discovered 147 Zone, has intersected 16.18 grams per tonne (“gpt”) over 4.50 metres (“m”) that included 83.04 gpt over 0.75m. To date, Brigus has outlined an area of mineralization approximately 400 m in strike length. The Zone remains open along strike to the north and open at depth." More
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Kirkland Lake Gold-Queenston Joint Venture Report New Drill Results; 0.44 Ounces of Gold per Ton Over 22.1 Feet TW, SMC Extended East - "Kirkland Lake Gold Inc. ("KL Gold") (TSX: KGI.TO - News)(AIM: KGI.TO - News) and Queenston Mining Inc. ("Queenston") (TSX: QMI.TO - News)(Frankfurt: QMI.TO - News)(STUTTGART: QMI.TO - News) are pleased to announce the results from the recently completed drilling on the jointly held (50%-50%) South Claims and HM Claim Joint Venture properties within the South Mine Complex ("SMC") located south of KL Gold's Macassa Mine in Kirkland Lake, Ontario. Previous joint venture drilling results were reported in a news release dated September 20, 2010. The HM claim was jointly purchased by KL Gold and Queenston in 2009 (see KL Gold and Queenston press releases dated February 12, 2009). The HM claim is subject to net smelter return royalties of 3%." More
- September 07, 2011 | Item | ShareThisShareThis

- Chris Mullen, Gold Seeker Report

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