-- Posted 9 September, 2011 | |
| Close | Gain/Loss | On Week |
Gold | $1857.00 | +$2.00 | -0.92% |
Silver | $41.49 | -$0.89 | -3.51% |
XAU | 223.21 | -1.68% | +0.19% |
HUI | 628.22 | -1.08% | +1.65% |
GDM | 1824.69 | -1.13% | +1.42% |
JSE Gold | 2847.91 | +52.08 | +4.67% |
USD | 77.15 | +0.91 | +3.24% |
Euro | 136.63 | -2.22 | -3.74% |
Yen | 129.02 | -0.02 | -0.89% |
Oil | $87.24 | -$1.81 | +0.91% |
10-Year | 1.915% | -0.071 | -4.06% |
Bond | 142.50 | +1.15625 | +0.66% |
Dow | 10992.13 | -2.69% | -2.21% |
Nasdaq | 2467.99 | -2.42% | -0.50% |
S&P | 1154.23 | -2.67% | -1.68% |
The Metals:
Gold climbed $30.75 to $1885.75 in Asia before it plummeted down to $1823.10 by about 6:30AM EST, but it then rallied back higher in New York and ended with gain of 0.11%. Silver rose to $42.67 before it dropped down to $41.258 and then also rallied back higher in New York, but it still ended with a loss of 2.1%.
Euro gold climbed to a new record high at almost €1357, platinum lost $16.75 to $1827, and copper dropped 14 cents to about $3.99.
Gold and silver equities fell a little over 1% by midafternoon and remained near that level for the rest of trade.
Ancient Meteorites Showered Earth With Gold: Study NBC New York
Marc Faber: Gold is “Dirt Cheap” — Price Could Reach $10,000 per Ounce Yahoo
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | July | 0.8% | 0.7% | 0.6% |
Obama tax cut would boost typical pay by $1,500 Yahoo
Housing sector seen limping along: Reuters poll Reuters
Bernanke Says Tighter Budget May Hurt Growth Bloomberg
Obama faces tough slog to sell pivotal jobs plan Reuters
Economic gloom piles pressure on G7 finance talks Reuters
Republicans make nice, but wary of Stimulus 2 Yahoo
Obama asks $450B to lift economy, mostly tax cuts Yahoo
All of this week’s other economic reports:
Next week’s economic highlights include Export and Import Prices and the Treasury Budget on Tuesday, PPI, Retail Sales, and Business Inventories on Wednesday, Initial Jobless Claims, CPI, Empire Manufacturing, the Current Account Balance, Industrial Production, Capacity Utilization, and the Philadelphia Fed on Thursday, and Net Long-Term TIC Flows and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose as the euro dropped on increased worries over European debt problems after Jürgen Stark, a top E.C.B. official, announced that he will resign his post.
Treasuries rose as the Dow, Nasdaq, and S&P fell over 2% on concerns about Europe.
A Top E.C.B. Official to Resign Yahoo
ECB's Stark to leave over bond-buying row: sources Reuters
Among the big names making news in the market Friday were McDonald’s, Apple, Bank of America, and Dell.
The Commentary:
“US based analysts continue to approach the gold market with blinders on as they focus exclusively on the US Dollar price of Gold and draw all their views of the market from that perspective. An apt comparison would be looking at the Dollar price of RICE and extrapolating future price action for the global price of this international food without even considering its price in Japan or Malaysia for example. This is shortsighted at least and foolish at worst as it betrays a flawed understanding of the role of gold in the international arena and its function as the currency of last resort.
With the vast majority of Central Banks around the world embarking on policies and practices designed to deliberately debase their respective currencies, those investors around the globe seeking to protect their wealth from such depredations are buying gold. That is why it continues to make one new high after another across a variety of global currencies.
Consider the price of Gold in Swiss Francs or "Swissie Gold". Ever since the SNB decided to debauch their currency and kill its historic safe haven status, gold has been soaring in terms of the Franc. Do you think that those Swiss who are financially savvy were going to sit idly by while their Central Bank plundered and looted their wealth?
Or consider the chart of Euro Gold, Gold priced in terms of the Euro. It too is making one new all time high after another. It is responding to the circus in Europe as the monetary authorities and political leaders there provide living testimony why one should not "put their trust in princes". The resignation of the ECB's Stark is yet another straw on that camel's back.
Think citizens in Britain have any more confidence in their leaders than the rest of the Euro Zone? Guess again!
Judging from the price action of the US equity markets this morning, the investing community has as much confidence in the Obama Administration's efforts to create jobs and turn the economy around as the passengers and crew of the Titanic had in their captain to save them from their collision with that enormous iceberg. This is the reason that while the Central Bank attack on gold continues, they have not been successful in derailing it. No one trusts the hapless clods to fix anything.
Do you get the distinct impression that there seems to be a rising lack of confidence across most of the globe in their respective governments? Personally I shudder to think where the S&P 500 would be without the surreptitious buying of the Exchange Stabilization Fund.
Considering the debacle unfolding in the equity markets today, the HUI or mining shares index, is once again holding remarkably firm as this sector continues to outperform the rest of the broad market.
Not surprisingly, the US Dollar has become the safe haven currency for the time being not based on any merits of its own, but only because the alternatives are even worse. It is attempting an upside breakout above a key chart level in today's session would which confirm a bottom is in for the intermediate term as it flirts with the 25% Fibonacci retracement level from the decline that began last May. It still looks like a rally in an ongoing bear market however. It could push as high as 79 - 80 on this leg if it sees some follow through gains next week but I frankly would dismiss any long term sustained strength unless it could convincingly clear the 81 level.
In the meantime this Dollar strength is engendering selling in the commodity complex by the hedgie algorithms once again. This is where some of the pressure in SILVER is coming from today. For the time being, the slowing global economic growth theme is currently outweighing the fears of currency debauchment when it comes to commodity pricing.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Dan Norcini: Central banks waging war on gold
Join GATA at the Toronto Resource Investment Conference next week
GoldMoney interviews GATA's Ed Steer at London conference
Silver Summit has Eric Sprott as keynote speaker and Murphy-Christian debate
If Gaddafi had sold all the gold, maybe NATO would have let him stay
Now even Goldman Sachs talks openly of gold price manipulation
Julian Phillips and even Dennis Gartman see gold price suppression
The Statistics:
Activity from: 9/07/2011
Gold Warehouse Stocks: | 11,553,468 | -32 |
Silver Warehouse Stocks: | 104,362,188 | +1,291,520 |
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 | 1231.405 | 39,590,909 | US$73,249m |
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$6,888m |
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$7,532m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,644 | US$849m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 45.28 | 1,455,795 | US$2,695m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,950 | US$9m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.909 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.06: +1.12 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,847.28: -7.57 change from yesterday’s data.
The Miners:
Barrick’s (ABX) inclusion in the Dow Jones Sustainability World Index, NovaGold’s (NG) endorsement of Barrick’s comments on the Donlin Gold Project, and Alexco’s (AXU) filed technical reports were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Entree | EGI +6.51% $2.29 |
2. Gold Fields | GFI +3.61% $17.22 |
3. Claude | CGR +1.78% $2.29 |
LOSERS
1. Northgate | NXG-7.83% $4.00 |
2. Paramount | PZG -6.30% $2.38 |
3. Revett | RVM-5.78% $4.24 |
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:
VMS Updates Progress on its 2011 Exploration Programs in the Flin Flon-Snow Lake Greenstone Belt, Manitoba - More
- September 09, 2011 | Item | ShareThis
Romios is Pleased at the Granting of a Contract for the Design and Construction of the Northwest Transmission Line - More
- September 09, 2011 | Item | ShareThis
Puma Exploration Announces Results of Annual and Special Meeting of Shareholders - More
- September 09, 2011 | Item | ShareThis
Alexco to Release Fiscal 2011 Results on September 14th, and Files Lucky Queen and Onek Technical Reports - "Alexco Resource Corp. (TSX: AXR.TO - News)(AMEX: AXU - News) is pleased to announce it will release financial results for its fiscal year ended June 30, 2011 on Wednesday, September 14, 2011, after market close. An audio webcast conference call will be held to discuss these results at 11 a.m. Eastern (8 a.m. Pacific) on Thursday, September 15, 2011." More
- September 09, 2011 | Item | ShareThis
Gossan Options Vermillion Gold Property - More
- September 09, 2011 | Item | ShareThis
First Mexican Grants Options - More
- September 09, 2011 | Item | ShareThis
Philippine Metals Inc.: Malitao Ruling Update - More
- September 09, 2011 | Item | ShareThis
Zacks Investment Research Initiates Coverage on Golden Phoenix With Outperform Rating - More
- September 09, 2011 | Item | ShareThis
HudBay Minerals Announces Completion of Sale of Fenix Project and Key Management Appointments - More
- September 09, 2011 | Item | ShareThis
Phase II Drilling Starts on Miranda Gold's Big Blue Project - More
- September 09, 2011 | Item | ShareThis
Bard Ventures Ltd.: Drilling Results - More
- September 09, 2011 | Item | ShareThis
Barrick Named to Dow Jones Sustainability World Index - "Barrick Gold Corporation has been ranked as a global leader in corporate social responsibility for the fourth consecutive year by the Dow Jones Sustainability World Index (DSJI). This also marks the fifth year that Barrick has been included on the North American listing of the DJSI." More
- September 09, 2011 | Item | ShareThis
Victoria Gold Corp to Present at the Rodman & Renshaw Global Investment Conference in New York, Monday September 12 at 11:40am. - More
- September 09, 2011 | Item | ShareThis
Canamex Resources Corp.: Corporate Update - More
- September 09, 2011 | Item | ShareThis
Dunav Resources Ltd. Announces Grant of Options and Sale of Dingo Peak - More
- September 09, 2011 | Item | ShareThis
Avala Resources Grants Stock Options - More
- September 09, 2011 | Item | ShareThis
Dynacor Gold Mines Announces an Increase in its Gold Custom Milling Capacity - More
- September 09, 2011 | Item | ShareThis
Queenston Adds to its Resource Base in Kirkland Lake with a New NI 43-101 Mineral Resource at Amalgamated Kirkland - More
- September 09, 2011 | Item | ShareThis
Eagle Plains and Partners Commence Major Airborne Geophysical Survey in East Kootenay Region - More
- September 09, 2011 | Item | ShareThis
Coronado Resources Ltd. Arranges a private placement - More
- September 09, 2011 | Item | ShareThis
Douglas Lake to Present at the Rodman & Renshaw Investment Conference - More
- September 09, 2011 | Item | ShareThis
TNR Gold Contests Drilling by Minera Andes on Escorpio IV Property, Argentina - More
- September 09, 2011 | Item | ShareThis
Galantas Reports Award of Incentive Stock Options - More
- September 09, 2011 | Item | ShareThis
Mega Completes Phase 1 Drilling of the North Madsen, Buffalo Extension - More
- September 09, 2011 | Item | ShareThis
Erdene Strengthens Management Team - More
- September 09, 2011 | Item | ShareThis
Drilling to Resume at Marifil's San Roque Project - More
- September 09, 2011 | Item | ShareThis
Hudson Drills Highest Grade Intervals to Date at Its Greenland Rare Earth Project - More
- September 09, 2011 | Item | ShareThis
Williams Creek Gold Limited Commences Phase II Exploration Program on its Barkerville Properties - More
- September 09, 2011 | Item | ShareThis
Creso Announces Results of Surface Sampling at West Shining Tree - More
- September 09, 2011 | Item | ShareThis
Altius Minerals Corporation: Alderon Releases Positive Preliminary Economic Assessment - More
- September 09, 2011 | Item | ShareThis
JOURDAN Releases Lithium Assays from the Winter 2011 Diamond Drilling Programs at the Pivert-Stairs Rare Metals Project - More
- September 09, 2011 | Item | ShareThis
East Asia Minerals Announces New Director - More
- September 09, 2011 | Item | ShareThis
Ruby Creek's New Kapinga Property Agreement - More
- September 09, 2011 | Item | ShareThis
Mariana Files NI 43-101 Technical Report on Las Calandrias Project. Amended Announcement. - More
- September 09, 2011 | Item | ShareThis
Romios Drilling Intersects Significant Sulphide Mineralization at Its Dirk Property - More
- September 09, 2011 | Item | ShareThis
Sunridge Gold Reports Drilling Resumes at Gupo Gold Deposit, Asmara Project, Eritrea - More
- September 09, 2011 | Item | ShareThis
Mustang Minerals Corp.: Corporate Update - More
- September 09, 2011 | Item | ShareThis
Sama Resources Resumes Drilling at its Samapleu Poly-Metallic Project and Announces New Results at its Samapleu Ni-Cu Deposit and Sipilou South Ni Laterite - More
- September 09, 2011 | Item | ShareThis
INFILL SAMPLING OF BA-10-08 WIDENS GOLD INTERCEPT - More
- September 09, 2011 | Item | ShareThis
Northland Resources S.A.: Swedish Government Confirms its Commitment to Increase Capacity on Malmbanan Rail Line - More
- September 09, 2011 | Item | ShareThis
Court OKs Hecla Superfund settlement - "The U.S. District Court in Idaho approved a $263.4 million settlement with Hecla Mining Co., the silver producer said Friday, which would bring closer to an end one of the nation's largest Superfund lawsuits.
The Department of Justice said in June that the miner would distribute funds to the U.S., Idaho and the Coeur d'Alene tribal governments for releasing mining wastes improperly." More
- September 09, 2011 | Item | ShareThis
NovaGold Strongly Endorses Barrick's Comments on the Donlin Gold Project - "NovaGold Resources Inc. (TSX: NG.TO - News)(AMEX: NG.TO - News) During its Investor Day, which took place on September 7, 2011, Barrick Gold Corporation ("Barrick") expressed its view of the Donlin Gold Project ("Donlin Gold") located in Alaska. Donlin Gold is owned equally by a wholly-owned subsidiary of NovaGold Resources Inc. ("NovaGold" or "the Company") and a wholly-owned subsidiary of Barrick. NovaGold strongly endorses Barrick's stated position regarding Donlin Gold." More
- September 09, 2011 | Item | ShareThis
Hecla Receives Court Approval on the Coeur d’Alene Basin Environmental Settlement - "Hecla Mining Company (“Hecla”)(NYSE:HL) is pleased to report that the U.S. District Court for the District of Idaho has approved and entered Hecla’s Consent Decree, which resolves all claims of the United States, the Coeur d’Alene Tribe, and the State of Idaho against Hecla Limited for historic environmental liability in the Coeur d’Alene Basin Superfund Site." More
- September 09, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 9 September, 2011 | |
