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-- Posted 29 November, 2011 | |
| Close | Gain/Loss | Gold | $1716.00 | +$4.30 | Silver | $31.91 | -$0.20 | XAU | 194.87 | +0.76% | HUI | 546.34 | +0.94% | GDM | 1564.95 | +0.65% | JSE Gold | 3063.09 | +13.77 | USD | 79.00 | -0.21 | Euro | 133.30 | +0.17 | Yen | 128.46 | +0.25 | Oil | $99.79 | +$1.58 | 10-Year | 1.996% | +0.038 | T-Bond | 143.28125 | -0.71875 | Dow | 11555.63 | +0.28% | Nasdaq | 2515.51 | -0.47% | S&P | 1195.19 | +0.22% |
The Metals: Gold fell $8.30 to $1703.40 in late Asian trade before it rose to see a $6.20 gain at $1717.90 in London and then fell back to $1706.35 by a little after 9AM EST, but it then rallied back higher for most of the rest of trade in New York and ended near its late session high of $1720.10 with a gain of 0.25%. Silver fell to as low as $31.49 in late Asian trade before it climbed to as high as $32.183 in late morning New York trade, but it then fell back off a bit in afternoon trade and ended with a loss of 0.62%. Euro gold rose to about €1288, platinum lost $5 to $1532.20, and copper gained 4 cents to about $3.40. Gold and silver equities traded around 1% higher and ended with modest gains. The Economy: Report | For | Reading | Expected | Previous | Case-Shiller 20-city Index | Sep | -3.6% | -3.0% | -3.8% | Consumer Confidence | Nov | 56.0 | 42.5 | 40.9 | FHFA Housing Price Index | Sep | 0.9% | - | -0.1% |
Tomorrow at 8:15AM EST brings ADP Employment for November expected at 125,000. At 8:30 is third quarter Productivity expected at 2.6% and Unit Labor Costs expected at -2.1%. At 9:45 is Chicago PMI for November expected at 57.5. At 10AM is the Pending Home Sales report for September expected at 0.1%, and at 2PM is the fed’s Beige Book from November. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose on increased geopolitical worries in Iran while the U.S. dollar index and treasuries fell on better than expected Consumer Confidence data that sent the Dow and S&P mostly higher, but the Nasdaq fell on worries that yesterday’s optimism about strong retail sales may have been overdone. Among the big names making news in the market Friday were Ford, American Airlines, Facebook, and Jon Corzine. The Commentary: “This past week's COT report was delayed until Monday (yesterday) on account of the Thanksgiving holiday. It does however confirm the market price action in both gold and silver which are currently stuck in no-man's land experiencing range bound trade with firm resistance on rallies and good support on dips.
Simply put - speculative interest in the metals has dampened off considerably as more and more traders/funds move to a cash position and lower their overall exposure to the commodity sector in general (risk assets). This is particularly evident among the general public, the small spec category, which have fled both silver and gold. In the case of gold, this category of traders is now holding the smallest net long position since February 2010. They have also cut their net long exposure to gold about 44% since the peak made back in March of this year.
The big hedge funds continue to draw down net long exposure as well. This is not a recipe for higher prices.
While the reports indicate that a thorough cleansing process of both metals has been underway, it also confirms why neither market can currently get anything sustained to the upside. There is simply not enough speculative interest to push prices sharply higher at this time. Something will have to change on the fundamental front that triggers a strong desire on the part of the speculators to bid up the prices of both metals.
Keep in mind, there is nothing bullish about COT reports which show a fall off in speculative demand. Our modern markets are driven by money flows and money flows come from speculators. Until and unless they come into a market in a sustained fashion, prices will not be able to escape pressure related to commercial selling. The only thing "bullish" about this week's reports is that they do show plenty of room for this sort of speculative interest to build ONCE SOMETHING TRIGGERS THAT BUYING INTEREST. Until it does, neither one of these markets will be able to escape the range trade that currently holds them in check.
One other thing - a large part of the fall off in open interest in both metals is due to spread trades being taken off. Those are primarily a function of speculators playing differentials between various contract months. The fall off in the number of spreads also confirms the waning speculative interest in both markets.
Lastly, Silver continues to see the Swap Dealers increasing the size of their net long position. You've got to go back to April 2009 to see anything resembling this size exposure to the long side in silver by this category. That is rather interesting. This category is difficult to decipher because they can be putting on positions for clients, trading for themselves or hedging private contracts. But it could be that this is the reason silver has thus far been able to consistently bounce off the $30 support level. The Swap Dealers seem to be pretty comfortable with long side exposure in the metal down there. My guess is that if and when silver prices do eventually mount an upside breech of overhead resistance and begin a trending move higher, these traders will be selling out longs, booking profits and then moving back to the short side in a more conventional pattern for what we are accustomed to seeing with this group.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/ GATA Posts: 
Only skullduggery explains falling gold price amid turmoil, Embry writes Junior miners priced for $400 gold, Got Gold Report's Arensberg writes How treasury secretary gave hedge funds inside information Auerback, Naylor-Leyland cite gold suppression; Turk expects silver blastoff The Statistics: Activity from: 11/28/2011 Gold Warehouse Stocks: | 11,234,547 | -32 | Silver Warehouse Stocks: | 108,191,531 | +869,115 |
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 | 1297.323 | 41,710,248 | US$71,593m | 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$6,348m | 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$6,944m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,211 | US$786m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.49 | 1,333,985 | US$2,286m | NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,945 | US$9m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.40: No change from yesterday’s data. Silver Trust (SLV) Total Tonnes in Trust: 9,627.88: No change from yesterday’s data. The Miners: Brigus Gold’s (BRD) assay results, Richmont’s (RIC) completed drilling program, Gold Resource’s (GORO) dividend, Seabridge’s (SA) drill results, and SilverCrest’s (SVL.V) third quarter results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Randgold | GOLD +7.23% $104.51 | 2. Banro | BAA +5.33% $3.56 | 3. Golden Minerals | AUMN +4.56% $6.42 |
LOSERS 1. US Gold | UXG -6.40% $3.80 | 2. Mines MGMT | MGN -4.98% $2.10 | 3. Great Panther | GPL -4.78% $2.19 |
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: Fancamp Exploration Ltd. Closes First Tranche of Private Placement - More
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Olympus Expects to Achieve Its 2011 Production Target - More
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Quia Resources Announces Non-Brokered Private Placement of Up to $3,000,000 - More
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Everton Begins Trading on OTCQX Under "EVRRF" - More
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GreenLight Announces Joint Venture on its Heavy REE, Base Metal Property, New Brunswick Canada - More
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Amarc Updates Newton Project - More
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Zone Resources Inc. Intersects 29.98% Iron Over 85.20 Metres on Labrador Trough Property - More
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Tartisan Resources Corp. is Pleased to Announce That the Company Has Obtained a Final Receipt From the OSC and Conditional Listing Approval From the CNSX - More
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TNR Gold Announces Bridge Loan Financing - More
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Bear Lake Gold Announces Drilling Results at Larder Lake-Gold Mineralization Extended at Cheminis - More
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Uragold Commences a Diamond Drill Program on the Beauce Placer Gold Property - More
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Cresval Completes Drill Program on Bridge River Project - More
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Carpathian's Ongoing Drilling Returns 518 m of 0.85 g/t Au & 0.21% Cu at its Ciresata Porphyry Deposit, Romania - More
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Firestone Ventures Announces Non-Brokered Private Placement - More
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Creso Exploration Closes $1.1 Million Private Placement Financing - More
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Stronghold Metals Drills 19.05 metres at 3.13 g/t Au - More
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Stakeholder Samples Up to 0.79 Grams per Tonne Gold in Soil at Culvert Property in Yukon - More
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Hinterland Acquires Mozart Gold Property in Quebec - More
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Klondex Mines Ltd. Completes C$21,000,000 Equity Financing - More
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Luna Gold Drills 23.00 Metres @ 4.04 g/t Au Including 6.00 Metres @ 12.40 g/t Au at Aurizona and Commences Drilling at Near Mine Exploration Target - More
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Molycorp to Present at Upcoming Investor Conference - More
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Garibaldi to test drill Locust Gold in soil anomaly - More
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Goldeye Stakes Additional Ground in Manitou Lake Area Reaching a Total of 55 Sq. Km in Gold Rock Mining Camp - More
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Bayfield Drills 61.02 g/t Gold Over 7m & 64.66 g/t Gold Over 5m in Two Near Surface Infill Holes at Burns Block in Rainy River, NW Ontario - More
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African Gold Group, Inc. Positive Auger Drill Results Escalate Potential for Increasing Zone 1 Strike Extension A Further 400 Meters North - More
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Andover Announces Kennecott Has Engaged West-Core Drilling of Elko, Nevada, to Drill the Big Hill Prospect, East Tintic District, Utah, USA - More
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Montero Appoints Turgis Consulting to Undertake a Scoping Study on the Wigu Hill Rare Earth Project in Tanzania - More
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Nevada Coppper-Update on Underground Contractor Selection & Feasibility Study Update - More
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Redhawk Resources Announces Additional Results of 2011 Resource Expansion Drilling at Copper Creek Project - More
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EurOmax Receives Favourable Metallurgical Results and Files Application for Exploitation Concession at Ilovitza - More
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Tosca Drills 362.4 Metres of 0.089% Mo, Including 253 Metres of 0.1% Mo in Hole TMC-25 and 301.4 Metres of 0.09% Mo Including 42.4 Metres of 0.16% Mo - More
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Canyon Copper Corp. enters into agreement to acquire Moonlight copper porphyry property - More
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Denison Announces Intersection of New Higher Grade Zone at Mutanga Project, Zambia - More
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Great Western Minerals Group Provides Update on Steenkampskraal Rare Earth Drill Program - More
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Strateco Exercises Its Option and Acquires 60% of the Pacific Bay-Matoush Property - More
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Brazil Resources Inc. Acquires Large Gold Project Area in Goias State, Brazil - More
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Pacific Ridge Reports Drill Results, Mariposa Property, Yukon's White Gold District - More
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Permitting Progress at Inter-Citic's Dachang Gold Project - More
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Indigo Commences Drilling at Lati in Burkina Faso - More
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Sparton Announces Replacement of Private Placement With Receipt of $1 Million Advance to Subsidiary - More
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Papuan Precious Metals Corporation Waria River Sampling Returns 10.49% Copper - More
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Reunion Gold Announces Financial Results for the Second Quarter Ended September 30, 2011 and Update on Exploration Projects - More
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NMC Resource (TSX VENTURE: NRC) Records Revenue of $9.2M for Nine Months Ending September 30, 2011 - More
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Lithium Corporation Receives Salt Wells Analytical Results - More
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Avanti Reports Balance of Results From Its 2011 Drill Program at the Kitsault Molybdenum Project - More
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Open Letter to Douglas Lake Minerals Shareholders From Reyno Scheepers - Newly Appointed CEO and President - More
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Thundermin Announces Non-Brokered Private Placement of Up to $1,500,000 - More
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Lydian Drills 99 Meters at 4.0g/t Gold (Open at Depth) in New Fault Intersection Zone at Tigranes - More
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Varca Ventures Subsidiary Receives Conditional Approval From Colorado Mined Land Reclamation Board to Proceed With Site Remediation - More
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Orbite Releases Positive Preliminary Economic Assessment for Its Planned Metallurgical Grade Alumina Plant With the Capacity to Extract Value-Added Oxides... - More
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Lions Gate Metals Stakes 22 Claims at Poplar - More
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Magma Metals Limited: First Nations Communications Protocol Signed For Thunder Bay North - More
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Kiska Releases 2011 Drilling Results from the Whistler Orbit area, Whistler Project, Alaska - More
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Boxxer announces commencment of drilling on Boss copper-gold project and updates corporate activities and 2012 exploration plans - More
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Glass Earth Gold Drilling Following Further Trenching Success at Muirs Project - More
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Oracle Mining Launches New Website www.oracleminingcorp.com - More
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Goldex Resources Announces Trench Assays of 19.34 g/t Au Over 3.20 Metres and 15.25 g/t Au Over 4.10m from the El Cerrito Sector of Its El Pato Project - More
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161.7 Metres Averaging 1.0 g/t Gold Intersected at Newton - More
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Minera IRL Makes Final Staged Payment to Rio Tinto and Provides Project Update for Ollachea - More
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Cameco Offer for Uranium Junior Hathor Exploration to Lapse - More
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Rio Tinto’s Rossing Mine Likely to Miss 2011 Uranium Target - More
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SilverCrest Reports $5.1 Million Third Quarter Cash Flow from Operations - "SilverCrest Mines Inc. (TSX-V: SVL.V - News)(OTCQX: STVZF.PK - News)(PINK SHEETS: STVZF) (the "Company" or "SilverCrest") is pleased to announce strong positive cash flow, earnings and operating results for its third quarter ended September 30, 2011, being the second quarter of commercial production at its Santa Elena Mine in Sonora, Mexico. This press release should be read in conjunction with the Company's Management Discussion & Analysis, Condensed Consolidated Interim Financial Statements and Notes to Financial Statements for the nine month period ended September 30, 2011, available on the Company's website at www.silvercrestmines.com and on SEDAR at www.sedar.com. All monetary figures are expressed in United States dollars unless otherwise specified." More
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Brigus Reports Additional High-Grade Gold Assays - "Brigus Gold Corp. (“Brigus” or the “Company”) (NYSE Amex: BRD)(TSX: BRD - News) is pleased to announce that exploration drilling on the southern portion of the Black Fox Complex continues to return high-grade gold assays from the Contact Zone (“Contact Zone”) as well as an intersection of ore-grade gold mineralization, hole GF11-337, in a new area of the Black Fox Complex." More
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Richmont Announces Completion of 2011 Drilling Program at Wasamac; Updated Resource Calculation Expected in Mid-December - "Richmont Mines Inc. (TSX: RIC.TO - News)(AMEX: RIC.TO - News), ("Richmont" or the "Corporation") is pleased to announce that it has completed more than 50,000 metres of drilling in 2011 on its Wasamac property (the "Property")." More
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Gold Resource Corporation Declares November Monthly Dividend - "Gold Resource Corporation (AMEX: GORO - News) declares its instituted monthly dividend of $0.05 per common share for November payable on December 23, 2011 to shareholders of record as of December 12, 2011. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
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New Gold Zone to Expand Seabridge's Courageous Lake Project - "New drilling results have confirmed a significant expansion of Zone 8 within Courageous Lake's multi-million ounce FAT deposit. Previous drilling on the relatively high-grade Zone 8 had generated only a small portion of the FAT deposit's measured and indicated resource." More
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SilverCrest Reports $5.1 Million Third Quarter Cash Flow from Operations - "SilverCrest Mines Inc. (TSX-V: SVL.V - News)(OTCQX: STVZF.PK - News)(PINK SHEETS: STVZF) (the "Company" or "SilverCrest") is pleased to announce strong positive cash flow, earnings and operating results for its third quarter ended September 30, 2011, being the second quarter of commercial production at its Santa Elena Mine in Sonora, Mexico. This press release should be read in conjunction with the Company's Management Discussion & Analysis, Condensed Consolidated Interim Financial Statements and Notes to Financial Statements for the nine month period ended September 30, 2011, available on the Company's website at www.silvercrestmines.com and on SEDAR at www.sedar.com. All monetary figures are expressed in United States dollars unless otherwise specified." 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 29 November, 2011 | |
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