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-- Posted 27 October, 2011 | |
| Close | Gain/Loss | Gold | $1746.20 | +$24.20 | Silver | $35.17 | +$1.92 | XAU | 203.36 | +2.08% | HUI | 568.21 | +2.04% | GDM | 1637.64 | +1.82% | JSE Gold | 2996.45 | +28.27 | USD | 74.95 | -1.22 | Euro | 141.88 | +2.85 | Yen | 131.74 | +0.48 | Oil | $93.96 | +$3.76 | 10-Year | 2.395% | +0.192 | T-Bond | 135.40625 | -3.375 | Dow | 12208.55 | +2.86% | Nasdaq | 2738.63 | +3.32% | S&P | 1284.59 | +3.43% |
The Metals: Gold fell $15.85 to $1706.15 by a little after 6AM EST, but it then rallied back higher for most of the rest of trade and ended near its late session high of $1748.07 with a gain of 1.41%. Silver dropped back to $33.135 in London before it also stormed back higher in New York and ended near its late session high of $35.346 with a gain of 5.77%. Euro gold fell to about €1230, platinum gained $50.25 to $1634.75, and copper climbed 20 cents more to about $3.69. Gold and silver equities rose about 2% by midmorning and remained near that level for the rest of the day. The Economy: Report | For | Reading | Expected | Previous | GDP | Q3 | 2.5% | 2.3% | 1.3% | GDP Deflator | Q3 | 2.5% | 2.5% | 2.5% | Initial Claims | 10/22 | 402K | 402K | 404K | Pending Home Sales | Sep | -4.6% | -0.9% | -1.2% |
Europe Bolsters Crisis-Fighting Tools Bloomberg Rate on 30-year fixed mortgage falls to 4.10 pct. Exclusive: China eyes creation of ASEAN Bank Reuters Euro deal leaves much to do on rescue fund, Greek debt Reuters Tomorrow at 8:30AM EST brings Personal Income for September expected at 0.3%, Personal Spending expected at 0.6%, Core PCE Prices expected at 0.1%, and the third quarter Employment Cost Index expected at 0.6%. At 9:55 is Michigan Sentiment for October expected at 58.0. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose over 4% as the U.S. dollar index and treasuries fell markedly on a supposedly successful European debt deal that sent the Dow, Nasdaq, and S&P over 2% higher. Today’s $29 billion 7-year note auction sold at a high yield of 1.791% with a bid to cover of 2.59. “Europe’s currency, stocks and bonds rose after 10 hours of talks ended in Brussels with governments boosting the heft of their rescue fund to 1 trillion euros ($1.4 trillion) and persuading bondholders to take 50 percent losses on Greek debt. Measures also included a recapitalization of European banks and a potentially bigger role for the International Monetary Fund in strengthening the bailout fund.” “Euro zone leaders struck a last-minute deal to limit the damage from the currency bloc's debt crisis early on Thursday but are still far from finalizing plans to slash Greece's debt burden and strengthen their rescue fund.” “Europe's sweeping agreement, reached after an all-night summit meeting, is aimed at preventing the Greek government's inability to pay its debt from escalating into another financial crisis like the one in September 2008 after the collapse of Lehman Brothers.” “With their late-night deal to cut Greece's debt and support other wobbly countries, European leaders bought time to work out more lasting solutions to the crisis plaguing the euro currency bloc. How much time the markets will give them will depend, in part, on their speed and skill in filling in financial complexities of the debt swap and bond insurance plan they outlined. Along with that, countries with sluggish economies, particularly Italy, will have to show that they are becoming better places to do business and improving growth -- the key to paying down debt in the long run.” Among the big names making news in the market today were Altria, Lazard, Aflac, Avon, Visa, RIM, Procter & Gamble, Sony, Exxon, Bristol-Meyers, and Costco. The Commentary:  “U.S. Stock Market – All is well with Europe again… NOT! While I’m glad to have been short-term bullish on equities and not getting killed as many shorts are/will, please don’t confuse a countertrend rally with a new bull market. You’re going to hear a lot of hype from the “Don’t Worry, Be Happy” crowd, especially if and when we approach key resistance of 1275 on the S & P 500 (my target for my short-term bullishness).
As day always turns into night, rest assured as we get through Thanksgiving the “happy” people will be out in force (using their favorite home, TOUT-TV) telling us one of their great fables, the Santa Claus Rally. I would use this anticipated run towards 1275 as an opportunity to prune portfolios as Europe is not only far from okay, but only the opening act to the real coming disaster unfolding here in the U.S. Bonds – AVOID!!! Gold – One again the death of the “mother’ of all bull markets has been greatly exaggerated. For several years now, I’ve suggested $2,000+ gold is a question of when, not if. Never have I been more confident in that assessment. U.S. Dollar Index – How many times must the dollar bulls have their feet cut out from underneath them before they realize poor Uncle Sam is terminally ill. But don’t think for even a minute that the Euro is anymore special. Choosing between them is like picking your poison. The only paper currency I’m comfortable with holding is the Canadian Dollar (so long as they don’t put Roberto Luongo picture on the front). Oil and Natural Gas – I’m neutral on oil but see a pop over $100 before year is out. I l really like natural gas but the shares trade as if the price was $7 not half that. Special Note – I will be on Michael Campbell’s Moneytalks radio show this Saturday at 9AM pacific time and also his keynote speaker at his conference in November.”- Peter Grandich, Grandich Letter “"Let the good times roll" is once again the motto of the stock market perma bulls as the Europeans graced the world financial markets with a gigantic sized punch bowl to help slake the thirst of the liquidity junkies. Mix in a dose of a better than expected US GDP number and it was "RISK ON" in a big way.
Silver, as expected when the risk trades are in full force, outperformed gold to the upside putting on nearly 6% against gold's 1.5% gain.
Note the chart and you can see that it has climbed exactly to the key Fibonacci 50% retracement level of its recent decline off the August high. It has also punched slightly above the 40 day moving average (dotted line) which a large number of fund traders monitor and is not far from the 50 day moving average.
If you recall the recent Commitment of Traders data, it showed a very low level of hedge funds on the net long side of this market, most of them having washed out over the past few months. If that crowd becomes convinced that the Europeans have effectively dealt with the sovereign debt crisis (papering over the losses of the banks), they will pour money back into silver with a vengeance. Just take one look at what they have done to the copper and crude oil markets.
A push through today's session high puts silver on a path to make a run at $37.30 - $37.50.
Downside support is back near $33 followed by $32.50”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/ GATA Posts: 
John Embry: Gold market maelstrom likely a false alarm China's gold frenzy gives birth to small bourses Venezuela scrambles to bring home gold reserves The Statistics: Activity from: 10/26/2011 Gold Warehouse Stocks: | 11,235,780 | -13,564 | Silver Warehouse Stocks: | 105,806,647 | -126,324 |
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 | 1244.156 | 40,000,857 | US$68,701m | 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$6,437m | 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$7,044m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,387 | US$799m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.47 | 1,365,585 | US$2,342m | NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,947 | US$9m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.21: No change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 9,734.81: No change from yesterday’s data. The Miners: New Gold’s (NGD) discovery, Timberline’s (TLR) completed sale, Nevsun’s (NSU) drill results, Barrick’s (ABX) third quarter results, Gold Resource’s (GORO) dividend, Pretivm’s (PVG.TO) drill results, and Extorre’s (XG) response to Argentina’s new foreign currency transfer regulations were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Entree | EGI +15.61% $1.94 | 2. Avino | ASM +13.68% $2.16 | 3. Gold Resource | GORO+12.33% $22.50 |
LOSERS 1. Agnico | AEM-4.99% $42.67 | 2. Minefinders | MFN-1.42% $14.60 | 3. Nevsun | NSU -0.57% $5.25 |
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: Decade Resources Ltd.: New Copper-Gold Discovery on the Prince John Prospect - More
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Minsud Appoints New Director and Grants Stock Options - More
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Ethos Samples 7.3 g/t Gold Over 50 Meters From Mercedes Trenching, Betty Property, White Gold District, Yukon - More
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Bold Ventures Inc. Signs Exploration Agreement With Kasabonika Lake First Nation - More
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Monarques Resources Discovers a 25 km Massive Sulphide Zone at Bourier - More
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Rencore Resources Announces the Signing of Exploration Agreement with Kasabonika Lake First Nation - More
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Critical Elements Discovers Multiple New Mineralized Zones at Rose Grading Up to 806 ppm Ta2O5 and 2.27% Li2O - More
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American Bonanza Nears Startup of Copperstone Gold Mine - More
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Continental Gold Achieves 97.04% and 95.65% Gold and Silver Recoveries Respectively from Metallurgical Test Work for the Buritica Project - More
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Mosquito Appoints Two Directors - General Merrill McPeak of Lake Oswego, Oregon, and Mr. Paul Kessler of Los Angeles, California - More
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Golden Predator Reports Discovery of New Zone and Further Progress at Brewery Creek Project, Yukon - More
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Fire River Gold Corp. Announces NI 43-101 Update & 2012 Exploration Plan - More
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Auryx Gold Announces Filing of NI 43-101 Preliminary Economic Assessment - More
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Red Crescent Successfully Wet Commissions Semi-Mobile Gravity Concentrator Plants for Zinc Ores in South Africa - More
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Sage Gold Continues Activities in Furtherance of Private Placement - More
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Eastmain Resources Inc. Congratulates Dr. John A. Hansuld on Induction to the Canadian Mining Hall of Fame - More
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Moly Mines Reports Quarter Highlights - More
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Platinex Identifies Six Additional Gold Dispersion Targets at Shining Tree, Ontario - More
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Golden Tag Resources Ltd./Update-San Diego Project, Durango State, Mexico - More
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KWG Commences Drilling on Big Daddy - More
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General Metals Corporation Authorizes Preparation of the Preliminary Economic Assessment for the Independence Gold Project - More
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Aldrin Receives Assays From IND Project - More
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Edgewater Completes Acquisition of 100% Interest in the Corcoesto Gold Project, Spain: Preliminary Economic Assessment Nearing Completion - More
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Silver Sun Commences Commercial Production at Cherry Hill Gold Mine - More
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Linear Metals Increases Private Placement Financing to Up to $1.5million - More
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SEMAFO: Infill Drilling Confirms High-Grade Mineralization at Mana's Kona Zone: Results Include 6.18 g/t Au over 18 Meters - More
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Aben Resources Completes 2011 Exploration Programs in Yukon and NWT - More
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Athabasca Uranium Commences Drill Program - More
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Astral Completes First-Pass Drilling in Mexico, Commences Airborne Survey in British Columbia - More
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Jayden Reports 7.97 g/t Gold Over 14.3 Meters Including 12.54 g/t Over 8.2 Meters and 2.86 g/t Over 44.9 Meters - More
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IBC Signs Memorandum of Understanding With Ceramic Tubular Products to Advance Nuclear Fuel Technologies - More
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Malbex Files Technical Report on Inferred Resource Estimate for Rojo Grande Gold-Silver Deposit - More
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Tosca Drills 365 Metres (1199 Ft) of 0.084% Mo Including 177 Metres (580 Ft) of 0.101% Mo and 64 Metres (210 Ft) of 0.80% Cu and 0.067% Mo - More
- October 27, 2011 | Item | ShareThis
Lake Victoria Reports Initial High Grade Drill Results from Uyowa Gold Project - Including One Meter of 103 Grams Per Ton of Gold - More
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Luna Gold Drills 13.50 Meters @ 3.15 G/T Au Including 3.00 Meters @ 8.12 G/T Au at Aurizona - More
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Alderon Appoints Executive VP, Project Execution and New CFO - More
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New Gold-Silver Discovery at the El Gallo Complex - "US GOLD CORPORATION (NYSE: UXG - News)(TSX: UXG - News) is pleased to announce that exploration drilling within the El Gallo Complex, located in Sinaloa State, Mexico, has intersected significant gold and silver mineralization at the San Dimas prospect. To date, results have been received from 7 holes. Highlights are shown below, with remaining results contained in Table 1. An additional 7 holes have been completed and assays are pending." More
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Northern Precious Metals 2011 Limited Partnership - More
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Minera Andes Provides a Comment on Argentina's Decree Affecting Mining Exporters - More
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Black Iron to Release Preliminary Economic Assessment for the Shymanivske Iron Ore Project on October 31, 2011 - More
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Lara Exploration Ltd.: Progress Report on the Curionopolis Iron Project in Brazil - More
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Intrepid Mines Limited Releases Activities Report for the Third Quarter - More
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Virgin Metals Releases the Historic Resource Estimates for its Recently Acquired Potreritos Project - More
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Magma Metals Limited: Quarterly Report for the Period Ended September 30, 2011 - More
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ASX/TSX Announcement: Orocobre Responds to New Argentine Foreign Currency Transfer Regulations - More
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EPA Approves Construction of Energy Fuels' Pinon Ridge Mill - More
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Gowest Gold Annouces Agreement With Mattagami First Nation and Matachewan First Nation - More
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Mountain Lake Intersects More High-Grade in Heart of Gold Area of Leprechaun Deposit in Central Newfoundland - More
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Hathor Provides Update on Posting of Circular Documents and Filing of Preliminary Economic Assessment on Roughrider - More
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Alto Ventures Ltd.: 254.00 g/t and 7.05 g/t Gold Intersected over 0.50 m and 3.20 m Respectively at Iris Lake in Northwestern Ontario - More
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Driven Concludes 2011 Field Work at Kuyakuz - More
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Kivalliq Energy Corporation: First High Grade Assays Reported From New Eastern Extension Zone - More
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U3O8 Corp's Infill Drilling Confirms Continuity of Uranium & Multi-Commodity Mineralization Through the Southern Part of the Berlin Project, Colombia - More
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Foundation Resources Inc.: 254.00 g/t and 7.05 g/t Gold Intersected Over 0.50 m and 3.20 m, Respectively, at Iris Lake, Northwestern Ontario - More
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Charter Pacific Announces Mauritania Iron Ore Exploration Programme Proceeds to Next Stage - More
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CuOro Resources Airborne Magnetics Identifies New Anomalies - More
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Timberline Resources Completes Definitive Agreement To Sell Its Contract Drilling Subsidiary - "Timberline Resources Corporation (TSX-V: TBR.V)(AMEX: TLR) ("Timberline" or the "Company") announced today that it has completed the negotiations and executed the definitive agreement for the sale of its wholly-owned contract drilling subsidiary, Timberline Drilling, Inc. ("TDI"). The sale, which is expected to close within the next week, is to a private company formed by a small group of investors, including TDI's current senior management team. No management or directors of Timberline Resources are affiliated with the buyer." More
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Nevsun Drills 37.5m of 8.26% Copper Adjacent to Bisha Mine - "Nevsun Resources Ltd. (TSX: NSU.TO - News)(AMEX: NSU.TO - News) is pleased to report the assays from the final four diamond drill holes from the hanging wall copper phase one drilling at the Bisha Deposit. These four holes were delayed due to mining operations in the area." More
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Extorre Responds to New Argentine Foreign Currency Transfer Regulations - "Extorre Gold Mines Limited (TSX: XG - News) (AMEX: XG - News) (Frankfurt: E1R.F - News) ("Extorre" or the "Company") wishes to inform shareholders of the events in Argentina that led to today's drop in its share price." More
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Barrick Reports Q3 2011 Financial and Operating Results - "Reported net earnings for Q3 rose 45% to a record $1.37 billion ($1.37 per share) from $942 million ($0.96 per share) in the prior year period. Q3 adjusted net earnings increased 52% to $1.39 billion ($1.39 per share)(1) from $912 million ($0.93 per share) in Q3 2010, reflecting higher gold and copper prices along with higher copper sales volumes, resulting in an annualized return on equity of approximately 25%(1)." More
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Gold Resource Corporation Declares October Monthly Dividend - "Gold Resource Corporation (NYSE Amex: GORO) declares its instituted monthly dividend of $0.05 per common share for October payable on November 23, 2011 to shareholders of record as of November 11, 2011. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
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Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 17,750 Grams Per Tonne Gold - "Pretium Resources Inc. (TSX: PVG.TO - News) ("Pretivm") is pleased to report further assay results from its Brucejack Project in northern British Columbia which continue to demonstrate the continuity of high-grade gold mineralization in the Valley of the Kings Zone. Twelve intersections grade over 100 grams per tonne gold, including an intercept from hole SU-260 grading 17,750 grams per tonne gold over 0.5 meters, the second-highest grading gold intersection to date on the property (see Table 1 for the most recent 28 holes)." More
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- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2011 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 27 October, 2011 | |
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