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- Jaguar Mining: A Value Trap To Avoid
- A Billionaire's Long-Term Gold Play
- 1 Gold Stock To Avoid With Alternative Options
- What The MainStream Media is Hiding from Investors
- 2 Gold Stocks Worth Considering At Current Levels
- James Turk's QandA with GoldMoney followers
- Facebook Is A Fad
- “Gold Ponzi Schemes” Revealed – Physical Gold Favored Over Derivatives
- Global Gold Demand Down in Q2…But Central Bank Buying Hits Record
- World Gold Council: Gold Demand Trends Second Quarter 2012
- African Barrick takeover talk cheers gold bulls
- Silver Quietly Sneaking Higher
- Mine "bloodbath" shocks post-apartheid South Africa
- Reviewing the Facts & Figures of Precious Metals
- Central Bank Stimulus Hopes 'Give Boost to Gold'
- Buy Physical to Avoid ‘Gold Ponzi Schemes’
- Gold loses luster in domestic market
- European Demand for Gold Rose in Q2
- China Is Looking Into Taking Over One Of Africa's Biggest Gold Miners Read more: htt
- China is buying less coal but more mining groups
- Global Gold Demand Down in Q2...But Central Bank Buying Hits Record
- Gold Runs Out in Lisbon as Price Drop Compounds Money Misery
- Barrick eyes Africa sale as problems mount
- Forces conspiring to create gold's perfect scenario
- Global gold demand down in Q2 but Central Bank buying hits record
- 4 arraigned in big bucks, precious metals bullion Ponzi-scheme
| Jaguar Mining: A Value Trap To Avoid Posted: 17 Aug 2012 12:01 PM PDT By Harrison Jaynes Capital: Jaguar Mining (JAG), a junior gold producer located in Brazil, has a long history of disappointing investors as management has continued to over promise and under deliver. Loyal shareholders hope that profitability is just around the corner citing undervalued assets providing a large upside. Investors were once again disappointed with 2nd quarter earnings which were released on Aug. 14, 2012. Earnings excluding special items were a net loss of $18.4 million or $0.22 per fully diluted share. Analysts on average were expecting a net loss of $.03 resulting in the two analysts covering the stock to quickly slash their price targets from $.70 -.75 to $.50. Jaguars stock price will most likely continue to trend downward as investors fall for this value trap. There is no question that Jaguar's assets are currently undervalued with a current market cap under $100 million. But, the same argument could have been made when Complete Story » |
| A Billionaire's Long-Term Gold Play Posted: 17 Aug 2012 11:13 AM PDT By Insider Monkey: By Brian Tracz NovaGold Resources, Inc (NG) has amassed a "pure gold" portfolio after spinning off other metals and minerals operations. The company sold a 50 percent stake in the Galore Creek copper project and recently spun-off a micro-cap business, NovaCopper. The result: a company completely exposed to the broader gold market. With that, billionaire Jeffrey Vinik, manager of Vinik Asset Management, disclosed his fund's 5.53 percent stake in the company (you can view his portfolio here). As of March 31, Vinik also held Coach, Inc. (COH) and Continental Resources, Inc. (CLR). Like many other hedge funds, Vinik has been quite interested in gold as of late, holding a gold ETF as one of his top five holdings as of March 31. The metal has been seen as an alternative currency play in a eurozone debt crisis scenario. Neil Gregson of JP Morgan noted that "whatever the outcome in Europe, Complete Story » |
| 1 Gold Stock To Avoid With Alternative Options Posted: 17 Aug 2012 11:03 AM PDT By Matt Schilling: When it comes to such commodities as gold, there are so many ancillary variables such as political unrest, national consumption and the recommendations of analysts for potential investors to consider. In this article I'm going to focus on the recent downgrade of one gold company in particular, Great Basin Gold (GBG) and highlight two alternatives I'm considering at current levels. Great Basin Gold opened trading at $0.23/share on Friday after it was reported that the company was downgraded by BMO Capital Markets from a "Market Perform" rating to an "Under Perform" rating. There really isn't much to like about Great Basin Gold at these levels, especially since the company has either been right in-line or missed EPS estimates heavily over the last four quarters. With both profit margins (-23.60%) and operating margins (-33.97%) in the negative over the last 12 months, and returns on equity (-7.17%) and assets (-3.79%) also Complete Story » |
| What The MainStream Media is Hiding from Investors Posted: 17 Aug 2012 10:38 AM PDT "…Greg Page, chief executive of global grains trading giant Cargill Inc, joined a chorus of critics of biofuels by urging the U.S. government to temporarily curb its quotas to produce corn-based ethanol fuel. "Page said on CNBC that the U.S. biofuel mandate 'needs to be addressed' through existing policy tools. Otherwise, the spike in U.S. corn and soybean prices to record highs will 'ration' demand in ways that will hurt food production too much. "'If all that is only on livestock or food consumers, it really makes the burden disproportionate. What we see are 3 or 4 percent declines in supply lead to 40 to 50 percent increases in prices, and I think the mandates are what drives that,' he said. "In 2011, almost 40 percent of the giant U.S. corn crop went into making ethanol, and the United States still exported more than half of all corn shipments worldwide…. "On Monday, U.S. livestock groups appealed to the Environmental Protection Agency (EPA) to curb or suspend the mandate, warning against the ruinous impact of soaring feed costs. Corn and soybean meal make up basic animal feedstuffs…." "Drought deepens worries about food supplies, prices" Bob Burgdorfer, reutersreprints.com , 8/1/2012 Consider the Grain Giant Cargill's CEO's extraordinary statement recently that the U.S. Government Mandate that Corn be used to make Ethanol for fuel, could lead to a 40% to 50% rise in food prices! Though the story was reported in the MainStream Media (MSM) it has not been followed up on, yet should have been because a potential 40% to 50% rise in food prices is highly significant. Typical. Much of the news important to investors is de-emphasized, spun into inaccuracy, or blacked out entirely by the MSM. So we summarize here a few items crucially important to Investors (and Citizens-in-general) that the MSM obviously does not want us to see (otherwise they would report on them), or, if reported at all, does not want us to focus on. Consider the following de-emphasized, spun, or blacked-out facts:
They examined 26 advanced economies (over the period from 1800) with Public Debt levels above 90% of GDP. (The U.S.A. is nearly 100%, Japan's over 200% and certain Eurozone countries over 100%). They found these hyperindebted (i.e., those with 100%-plus Debt to GDP ratios) Economies had 1.2% lower GDP growth rates than they did during low debt periods. So much for the Argument that "Stimulus" (whether via QE or otherwise) increases economic growth, and health. Indeed, such stimulus hurts Savers and Investors alike by depreciating the Purchasing Power of their Fiat Currencies. The MSM should focus on the fact that adding more Debt to already-unpayable Debt is quite injurious to Economic Health.
Consider Housing, Jobs, Unemployment Rates, Inflation and Real GDP per Shadowstats.com, which calculates the numbers as they were calculated in the 1980s before Data Politicization began in earnest. "July reporting for the major, government-compiled economic series has been mixed versus market expectations, but the general outlook remains for renewed downturn continuing to evolve, out of the protracted period of stagnation in the post-economic-collapse environment…. Reversing the general patterns of May and June reporting, payroll employment, retail sales and the trade deficit were better than expected against consensus expectations, production was about as expected, while unemployment and housing starts were worse than consensus.*Still, as discussed in each related Commentary , none of those reported monthly changes were meaningful, in the context of prior-period revisions and/or serious seasonal-adjustment problems…. "Accordingly, real-world U.S. economic activity has not recovered since the collapse, and no near-term economic recovery appears to be in the offing…. "I view the (GDP) series as the most worthless of official government reports, in terms of providing a meaningful indication of actual business activity.*One almost has to be in a real-world depression these days in order to see a downside blip in the reporting.*While there are a number of issues with the largely theoretical structure of the GDP, the most egregious problem is the use of too-low inflation in deflating the series.*Such overstates inflation-adjusted GDP growth and has created the illusion of an economic recovery, a full recovery that curiously has not been seen in any other major economic series…. "…The pattern of ongoing stagnation in housing construction activity continued in July 2012, with a statistically-insignificant 1.1% headline monthly decline in starts….For the last 44 months, the pattern of housing starts generally has remained one of stagnation at an historically low-level plateau of activity,… "The long-term fiscal solvency issues of the United States—where GAAP-based accounting shows annual deficits running in the $5 trillion range—are not being addressed, and the politicians currently running the government lack the political will to address those issues.*That circumstance initially suggested a hyperinflation crisis by the end of this decade, but federal government and Federal Reserve actions—in response to the systemic-solvency crisis of 2008—accelerated the process, indicating a hyperinflation problem by no later than the end of 2014.*The continuing economic downturn is intensifying the fiscal- and systemic-solvency problems, and public awareness of this should grow rapidly in the months ahead…. "…A dollar-selling crisis, however, could begin at any time, triggered by any number of economic, sovereign-solvency or political issues." July Housing Starts, Economic Review John Williams, Shadowstats.com, 08/16/2012 So much for claims of an Economic Recovery widely publicized (i.e. strongly promoted) by the MSM. -- Just consider the Chart comparing Shadowstats Real Numbers with the Bogus Official Ones. *Shadowstats.com calculates Key Statistics the way they were calculated in the 1980s and 1990s before Official Data Manipulation began in earnest. Consider Bogus Official Numbers vs. Real Numbers (per Shadowstats.com) Annual U.S. Consumer Price Inflation reported August 15, 2012 1.41%*/ 9.02% U.S. Unemployment reported August 3, 2012 8.3% / 22.9% U.S. GDP Annual Growth/Decline reported July 27, 2012 2.21%*/ -2.15% U.S. M3 reported August 4, 2012 (Month of July, Y.O.Y.) No Official Report / 2.86% e Note that Real U.S. GDP "Growth" is a Negative Number! -- Regarding Real Inflation, the U.S.A. (and likely other Major Nations, if Accurate Data were available) is already at the Hyperinflationary Threshold of 9%. Intuitively we all know this because we all see this inflation in Food, Energy and other Prices. (And N.B., recall that Food Price Inflation started well before the USA's Summer Drought. It was the spark which set off the "Arab Spring.") Thus it is essential for Investors to Understand that if they want Genuine Gain, their Total Return (Gain plus Yield) must exceed Real Inflation (which is why Deepcaster's High Yield Portfolio is aimed at doing just that – see Note 1 below) But there is a Way Forward to Economic Recovery which now apparently even the IMF is (albeit with the Predictably Qualified MSM Spin) endorsing on which the MSM has continued to impose a blackout, while instead offering a "Spun Version". This "Spun Version" – The Icelandic Solution (for full discussion see recent Deepcaster Articles in 'Articles by Deepcaster' at www.deepcaster.com). Consider one most interesting perspective on "The Icelandic Solution": For approximately three years; our governments, the banking cabal, and the Corporate Media have assured us that they knew the appropriate approach for fixing the economies that they had previously crippled with their own mismanagement. We were told that the key was to stomp on the Little People with "austerity" in order to continue making full interest payments to the Bond Parasites – at any/all costs. Following three years of this continuous, uninterrupted failure; Greece has already defaulted on 75% of its debts, and its economy is totally destroyed. The UK, Spain, and Italy are all plummeting downward in suicide-spirals, where the more austerity these sadistic governments inflict upon their own people the worse their debt/deficit problems get. Ireland and Portugal are nearly in the same position. Now in what may be the greatest economic "mea culpa" in history, we have the media admitting that this government/banking/propaganda-machine Troika has been wrong all along. They have been forced to acknowledge that Iceland's approach to economic triage was the correct approach right from the beginning. What was Iceland's approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail-out the …Big Banks – at taxpayer expense… The bankers told us … the Bond Parasites (should get) paid at 100 cents on the dollar. Iceland told the Bond Parasites they would get what was left over… The bankers told us that our governments "could no longer afford" the same education, health-care and pension systems which our parents had taken for granted. Iceland told the bankers that what the country "could no longer afford" was to continue to be blood-sucked… In typical fashion, the moment that the Corporate Media is forced to admit that it has been serially misinforming us for the past several years; the Revisionists are immediately deployed to rewrite history: …the island's approach to its rescue led to a "surprisingly" strong recovery, the International Monetary Fund's mission chief to the country said…. As I detailed in a four-part series one year ago, the campaign of "economic rape" perpetrated against the governments of Europe over the past 2 ½ years (in particular) has been expressly designed to take away "the Iceland option" for Europe's other governments. One of the reasons for Iceland being able to escape the choke-hold of the Western banking cabal is that it's economy (and its people) still retained enough residual prosperity to tough it out… Instead of the Truth: that from Day 1 Iceland's approach was the only possible strategy which could have succeeded, while our own governments chose a strategy intended to fail; we get the Big Lie (i.e. Ed.). Our Traitor Governments were acting honestly and honorably; and Iceland's success and our failure was yet another "surprise which no one could have predicted." We saw precisely the same Revisionism following the Crash of '08 itself, where the mainstream media trotted out all their expert-shills to tell us they had been "surprised" by this economic event; while those within the precious metals sector had been predicting precisely such a cataclysm, in ever more-assertive terms, for several years…. "Iceland Was Right, We Were Wrong: The IMF" Jeff Nielson, www.lemetropolecafe.com, 08/16/2012 And, speaking of Precious Metals, perhaps the Biggest MSM News Blackout of all is the ongoing (for years) suppression of Precious Metals prices by the private for-profit Fed as the leader of an International Banking Cartel. (See Note 2.) Finally, regarding the MSM claims that TARP would (and has) benefit(ed) the American Economy and the Taxpayers who funded it, consider the following recent USA Today finding: "Banks that received federal assistance during the financial crisis reduced lending more aggressively and gave bigger pay paises to employees than institutions that didn't get aid, a USA TODAY/American University review found. "The amount of loans outstanding to businesses and individuals fell 9.1% for the 12 months ending Sept. 30, 2009, at banks that participated in TARP compared with a 6.2% drop at banks that didn't." USA Today, 07/22/2012 The foregoing fact is not widely reported either. Since the recent announcement that no criminal charges will be brought in the Goldman Sachs matter or the MF Global matter was greeted by no perceptible outrage that was reported by the MSM, one wonders how much heat the Big MSM will keep focused on the LIBOR rigging scandal. The LIBOR rate affects the cost of Trillions of Dollars of Credit around the World, and so should be kept in intense focus by the MSM. Unfortunately, anticipated that the LIBOR rigging will be yet another example of News Spinning and Suppression by the MSM, which along with the Precious Metals Price Suppression (Note 2 below) and others, will eventually be blacklisted from news reports. Thus it is all the more important for Investors to track the "Interventionals" and Independent Information sources, as Deepcaster does. Do we see "All the News that's Fit to Print"? Not really. Best regards, Deepcaster August 17, 2012 Note 1: There are Magnificent Opportunities in the Ongoing Crises of Debt Saturation, Rising Unemployment, negative Real GDP growth, over 9.0% Real U.S. Inflation (per Shadowstats.com) and prospective Sovereign and other Defaults. One Sector full of Opportunities is the High-Yield Sector. Deepcaster's High Yield Portfolio is aimed at generating Total Return (Gain + Yield) well in excess of Real Consumer Price Inflation (9% per year in the U.S. per Shadowstats.com). For those who find The High Inflation Reality hard to believe, consider Adrian Douglas' point: "There are frequent claims that the U.S. economy has entered a period of "deflation." These claims are totally unfounded and are false. Deflation can only be a persistent state of general price decline. In fact, in examining price trends, the U.S. is experiencing shocking price increases of over 15% per annum. To illustrate this, (consider) …the Continuous Commodities Index, CCI over the past ten years." "Deflation – Nowhere to be Seen," Adrian Douglas, Market Force Analysis, 7/7/12 Thus Monetary and Credit Inflation (courtesy of the Central Banks) continues to drive Price Inflation of essential Real Assets. While this is the most important factor determining the Crude Price (and the price of other Real Assets) there are four other factors which help determine Crude Price (and Energy sector) moves, which we discussed in our recent Alert. To see which Asset is about to explode upward, as well as the Factors essential for successful Energy Investments, and our latest Forecasts, read our recent Alert "Impending Launch & Crude Secrets; Forecasts: Gold, Silver, Crude Oil; Equities, U.S. Dollar/Euro, U.S. T-Notes, T- Bonds, & Interest Rates," recently posted in 'Alerts Cache' at www.deepcaster.com. To consider our High-Yield Stocks Portfolio with Recent Yields of 18.5%, 8.6%, 10.6%, 26%, 6.7%, 8%, 10.6%, 14.9%, 10% and 15.6% when added to the portfolio; go to www.deepcaster.com and click on 'High Yield Portfolio'. Note 2: *We encourage those who doubt the scope and power of Overt and Covert Interventions by a Fed-led Cartel of Key Central Bankers and Favored Financial Institutions to read Deepcaster's December, 2009, Special Alert containing a summary overview of Intervention entitled "Forecasts and December, 2009 Special Alert: Profiting From The Cartel's Dark Interventions - III" and Deepcaster's July, 2010 Letter entitled "Profit from a Weakening Cartel; Buy Reco; Forecasts: Gold, Silver, Equities, Crude Oil, U.S. Dollar & U.S. T-Notes & T-Bonds" in the 'Alerts Cache' and 'Latest Letter' Cache at www.deepcaster.com. Also consider the substantial evidence collected by the Gold AntiTrust Action Committee at www.gata.org, including testimony before the CFTC, for information on precious metals price manipulation. Virtually all of the evidence for Intervention has been gleaned from publicly available records. Deepcaster's profitable recommendations displayed at www.deepcaster.com have been facilitated by attention to these "Interventionals." Attention to The Interventionals facilitated Deepcaster's recommending five short positions prior to the Fall, 2008 Market Crash all of which were subsequently liquidated profitably. |
| 2 Gold Stocks Worth Considering At Current Levels Posted: 17 Aug 2012 10:27 AM PDT By Matt Schilling: When it comes to such commodities as gold, there are so many ancillary variables such as political unrest, national consumption and the level by which certain nations allow these companies to drill potential investors should consider. In this article I'm going to focus on the recent progress of two gold companies in particular, Crocodile Gold (CROCF.PK) and Barrick Gold (ABX). Crocodile Gold closed trading at $0.35/share on Thursday in Toronto, after it was reported on that the company generated revenues of $56.8 million and sold 35,665 ounces of gold. One of the most attractive variables for CROCF.PK is clearly the company's most recent quarterly results, which came in at $0.03/share surpassing analyst estimates by $0.02/share (a 200% surprise). Some of the quarterly highlights included but were not limited to the completion of the company's acquisition of Northgate Australian Ventures Corp., which included the Stawell and Fosterville Mines and the draw Complete Story » |
| James Turk's QandA with GoldMoney followers Posted: 17 Aug 2012 09:45 AM PDT GoldMoney's followers on Facebook and LinkedIn recently had the opportunity to submit their questions on the gold and silver markets to James Turk. Here are James's responses to the thought-provoking ... |
| Posted: 17 Aug 2012 09:37 AM PDT By Kofi Bofah: On August 16, Facebook's (FB) lockup period for 271 million shares expired. These shares are now available for trading on the open market, after being distributed to insiders at the initial public offering (IPO). Predictably, these insiders dumped stock at their first opportunity to cash out. On the session, the Facebook Corporation lost more than 6-percent of its value and closed slightly beneath $20 per share. Facebook shares now trade at an all-time low, and this break down in price is especially troubling. This recent collapse serves as evidence that Facebook insiders have long lost faith in the sustainability of this business. In retrospect, the May 18 Facebook IPO serves as the capstone event for the Web 2.0 movement. The bubble has since burst, as social media stocks collapse towards zero. Unfortunately, the Facebook Complete Story » |
| “Gold Ponzi Schemes” Revealed – Physical Gold Favored Over Derivatives Posted: 17 Aug 2012 08:48 AM PDT
from goldcore.com: Today's AM fix was USD 1,616.50, EUR 1,306.05, and GBP 1,028.57 per ounce. Yesterday's AM fix was USD 1,603.50, EUR 1,306.74 and GBP 1,021.34 per ounce. Silver is trading at $28.19/oz, €22.94/oz and £18.03/oz. Platinum is trading at $1,460.50/oz, palladium at $587.30/oz and rhodium at $1,025/oz. Gold rose $9.90 or 0.62% in New York yesterday and closed at $1,614.00/oz. Silver surged to a high of $28.275 and finished with a gain of 1.37%. Keep on reading @ goldcore.com |
| Global Gold Demand Down in Q2…But Central Bank Buying Hits Record Posted: 17 Aug 2012 08:47 AM PDT
from caseyresearch.com: Yesterday in Gold and Silver As has been the usual situation these days, the gold price didn't do much of anything during Far East trading on Thursday, but did develop a positive price bias starting almost at the 8:00 a.m. BST London open…which also happened to be the low price print of the day as well. There was a bit of a pop minutes after the Comex open, but that didn't last. The real fireworks started the moment that the London p.m. gold fix was in at 3:00 p.m. BST…which was 10:00 a.m. in New York. In one hour flat the gold price rose seventeen bucks, with the high tick of the day [$1,621.00 spot] coming a minute or so after 11:00 a.m. Eastern. At that point a willing not-for-profit seller showed up…and gold gave up five bucks of those gains in very short order…and from there the gold price traded pretty flat into the close of electronic trading. Keep on reading @ caseyresearch.com |
| World Gold Council: Gold Demand Trends Second Quarter 2012 Posted: 17 Aug 2012 08:45 AM PDT |
| African Barrick takeover talk cheers gold bulls Posted: 17 Aug 2012 08:38 AM PDT Goldmoney |
| Silver Quietly Sneaking Higher Posted: 17 Aug 2012 08:30 AM PDT
from traderdannorcini.blogspot.ca: Silver has managed to rally right to the top of its consolidation pattern without any fanfare and I should add, the participation of a great deal of managed money flows. In other words, without the benefit of the momentum crowd. CAll it a type of stealth rally. I find this very interesting as it is occuring against the backdrop of rising Treasury yields and a rising equity market. Clearly, for whatever the reason, something seems to be occurring on this inflation front that is moving below the radar screen of many investors. Could silver be sniffing out the first whiff of an inflation play? Keep on reading @ traderdannorcini.blogspot.ca |
| Mine "bloodbath" shocks post-apartheid South Africa Posted: 17 Aug 2012 07:11 AM PDT By Jon Herskovitz MARIKANA, South Africa | Fri Aug 17, 2012 9:38am EDT MARIKANA, South Africa (Reuters) - The police killing of 34 striking platinum miners in the bloodiest security operation since the end of white rule cut to the quick of South Africa's psyche on Friday, with searching questions asked of its post-apartheid soul. ....."This culture of violence and protest, it must somehow be changed," said John Robbie, a prominent Johannesburg radio host. "You can't act like a Zulu impi in an industrial dispute in this day and age," he said, using the Zulu word for armed units. World platinum prices spiked nearly 3 percent on Thursday as the full extent of the violence became clear, and rose again on Friday to a 5-week high above $1,450 an ounce. Lonmin shares in London and Johannesburg fell more than 5 percent to 4-year lows at Friday's market open, although later trimmed their losses. Overall, they have shed nearly 15 percent since the violence began a week ago. more at link....http://www.reuters.com/article/2012/...87G04K20120817 Plat up $23 today |
| Reviewing the Facts & Figures of Precious Metals Posted: 17 Aug 2012 06:51 AM PDT Precious metals headed a bit lower early this morning while noble metals headed in the opposite direction and built on yesterday's hefty gains. Spot gold was quoted at $1,612 per ounce while spot silver was indicated at $28.05 in early trading. |
| Central Bank Stimulus Hopes 'Give Boost to Gold' Posted: 17 Aug 2012 06:10 AM PDT Spot market prices for buying gold bullion traded just below $1,620 per ounce during Friday morning's London session, very slightly below where they ended last week, while stock markets also gained, amid renewed speculation over central bank stimulus measures. |
| Buy Physical to Avoid ‘Gold Ponzi Schemes’ Posted: 17 Aug 2012 05:56 AM PDT Gold continued gains on Friday receiving a boost from Angela Merkel saying she supported "Super" Mario Draghi's pledge "to do whatever it takes" to save the euro. While this sentiment lifted markets, some investors hope action is sooner than later. |
| Gold loses luster in domestic market Posted: 17 Aug 2012 05:26 AM PDT Country's holdings of US Treasury bonds stand at $1.16 trillion at the end of June. The Chinese are not eager to buy gold as the price of the metal stagnates and the country's GDP grows at a slower pace, according to a report issued by the World Gold Council on Thursday... Read |
| European Demand for Gold Rose in Q2 Posted: 17 Aug 2012 05:22 AM PDT Next week the market will likely focus on the Fed's July FOMC minutes on Aug. 22, the "Flash" manufacturing purchasing managers indices for China and the EU on Aug. 23, and the monthly change in the US July durable goods orders on Aug. 24. |
| China Is Looking Into Taking Over One Of Africa's Biggest Gold Miners Read more: htt Posted: 17 Aug 2012 04:48 AM PDT August 16, 2012, at 2:38 pm by Jim Sinclair in the category In The News | Print This Post Print This Post | Email This Post Email This Post China Is Looking Into Taking Over One Of Africa's Biggest Gold Miners by Matthew Boesler on Aug 16, 2012 Barrick Gold, the world's biggest gold producer, announced today that they are in talks to sell the 74 percent stake in its African mining business to China National Gold Group Corporation, a state-owned enterprise in China, via a statement on its website. The deal is a great example of China's desire to push further into Africa to invest in commodities in order to support its rapidly expanding economy. http://www.businessinsider.com/china..._source=alerts |
| China is buying less coal but more mining groups Posted: 17 Aug 2012 03:39 AM PDT It is ironic indeed that China is in talks about a $2bn (£1.3bn) purchase of a gold producer, African Barrick, whose value has been hammered down at least in part by the lack of confidence surrounding the Chinese economy... Read |
| Global Gold Demand Down in Q2...But Central Bank Buying Hits Record Posted: 17 Aug 2012 03:14 AM PDT ¤ Yesterday in Gold and SilverAs has been the usual situation these days, the gold price didn't do much of anything during Far East trading on Thursday, but did develop a positive price bias starting almost at the 8:00 a.m. BST London open...which also happened to be the low price print of the day as well. There was a bit of a pop minutes after the Comex open, but that didn't last. The real fireworks started the moment that the London p.m. gold fix was in at 3:00 p.m. BST...which was 10:00 a.m. in New York. In one hour flat the gold price rose seventeen bucks, with the high tick of the day [$1,621.00 spot] coming a minute or so after 11:00 a.m. Eastern. At that point a willing not-for-profit seller showed up...and gold gave up five bucks of those gains in very short order...and from there the gold price traded pretty flat into the close of electronic trading. Gold closed the Thursday session at $1,614.70 spot...up $11.60 from Wednesday. Net volume was in the 112,000 contract area. The lion's share of that volume occurred during the New York trading session, so it's obvious [based on these volume figures] that the rally did not go unopposed.
It was pretty much the same price path in silver. Most of the gains were in by 11:00 a.m. Eastern, but the high tick of the day [$28.41 spot] came just a few minutes before the Comex close...but that spike got pounded flat immediately by the usual suspects, I would think...as there's barely a hint of it even on the New York Spot Silver [Bid] chart. Silver closed at $28.22 spot...up 39 cents from Wednesday. Net volume was around 25,000 contracts.
Here's the New York Spot Silver [Bid] chart I just spoke of. You will note that there's no indication that the high tick of the day came anywhere near $28.41 spot.
Platinum and palladium did better than either gold or silver...especially platinum. It was up a whopping 3.02%...and palladium was up 1.57%. As a comparison, gold was up 0.72%...and silver up 1.40%. The dollar index opened around the 82.65 mark...and rose to around 82.85 shortly before the London open. It hung in there reasonably well until shortly after 8:00 a.m. in New York, before it headed south. Most of the approximately 45 basis point decline was in by shortly before 11:00 a.m. in New York...and it mostly traded sideways into the 5:30 p.m. Eastern close. When all was said an done, the dollar index was down about 25 basis points on the day. Once again it's a stretch to find much co-relation between what gold and silver did...and what the dollar index did.
The gold stocks gapped up a hair at the open, but then away they went to the upside...with most of the gains coming before noon Eastern time. But the stocks continued to grind slowly higher from that point...and the HUI finished on its high tick of the day, up 3.40%.
The silver stocks put in a good show as well...and Nick Laird's Silver Sentiment Index closed up 3.75%.
(Click on image to enlarge) The CME's Daily Delivery Report showed that 131 gold and 26 silver contracts were posted for delivery inside the Comex-approved warehouses on Monday. There were only two short/issuers in gold...the Bank of Nova Scotia and Merrill, with 67 and 64 contracts issued. All but one of those contracts went to either HSBC USA [83 contracts] or Deutsche Bank [47 contracts]. The only thing about the deliveries in silver worth noting was the fact that the Bank of Nova Scotia was the long/stopper on all 26 contracts. The link to yesterday's Issuers and Stoppers Report is here. GLD reported that an authorized participant[s] added 174,569 troy ounces of gold yesterday...and there were no reported changes in SLV. It was another day of no sales report from the U.S. Mint. The Comex-approved depositories reported receiving 599,490 troy ounces of silver on Wednesday...and shipped a smallish 32,813 ounces out the door. The link to that activity is here. Here's a chart and some text from Peter DeGraaf's website at pdegraaf.com, that Australian reader Wesley Legrand sent me last night...and I thought you might find it useful. "This is the Chart of the Day for August 17, 2012 AD." "It's the index that compares the gold and silver producers of the HUI index to the price of gold. Historically whenever HUI outperforms bullion it represents a bull market for both sectors. Price broke out above the 50-day moving average on Thursday, and a close above the blue arrow will confirm the breakout, with a target at the green arrow. A breakout becomes all the more important when it comes off a double bottom, or an ABC bottom. The supporting indicators are positive." "The Gold Direction Indicator [GDI...a personal indicator Peter uses] closed at 78% compared to 46%. The interpretation is: hold off buying until price backs off. Whenever the GDI rises above 70% we are close to a point where commercials start to sell."
I'll have more on this in 'The Wrap'. As usual, I have a lot of stories for you again today...and a lot of them are gold-related I was really encouraged by the share price action yesterday...and I'm hoping that this is a harbinger of things to come. Forces conspiring to create gold's perfect scenario. Gold Runs Out in Lisbon as Price Drop Compounds Money Misery. 4 arraigned in big bucks, precious metals bullion Ponzi-scheme. ¤ Critical ReadsSubscribeNo Criminal Case Is Likely in Loss at MF GlobalA criminal investigation into the collapse of the brokerage firm MF Global and the disappearance of about $1 billion in customer money is now heading into its final stage without charges expected against any top executives. After 10 months of stitching together evidence on the firm's demise, criminal investigators are concluding that chaos and porous risk controls at the firm, rather than fraud, allowed the money to disappear, according to people involved in the case. The hurdles to building a criminal case were always high with MF Global, which filed for bankruptcy in October after a huge bet on European debt unnerved the market. But a lack of charges in the largest Wall Street blowup since 2008 is likely to fuel frustration with the government's struggle to charge financial executives. Just a few individuals — none of them top Wall Street players — have been prosecuted for the risky acts that led to recent failures and billions of dollars in losses. Why should we be surprised at this outcome, dear reader? This story was posted on The New York Times website late on Wednesday night...and I thank Phil Barlett for sending it. The link is here.  Retail Exodus From Stocks Continues: Another $3.6 Billion Pulled Out Last weekIn the past two years, or 106 weeks of market data, there here been 17 weeks of inflows, or 16% of the total, amounting to $31 billion. The remainder? Outflows for a total of $300 billion. In the 32 weeks of YTD 2012 money flows, there have been 5 weeks of inflows for a total of $3.6 billion (which was also equal to the outflow in the last week alone) none of which coincided with market tops, and in fact the biggest outflows occurred just as the market hit interim highs. This short must read article was posted on the Zero Hedge website yesterday afternoon Eastern time...and I thank reader U.D. for bringing it our attention. The chart is worth a look as well...and the link is here.  Labor Dept. Attempts to Stop Layoffs by Giving $100 Million to States to Subsidize PayrollsThe Labor Department announced on Monday that it will be awarding almost $100 million in grant funding to states to prevent layoffs by allowing businesses to pay employees as part-time workers and the federal government will pick up the tab for the cost of a full-time paycheck. The "work-sharing" program was passed as part of a Republican-led bill in the House, H.R. 3630, and Senate Amendment 1465 to extend the payroll tax deduction and unemployment benefits. In February 2012, President Barack Obama signed the bill into law, which included the $100 million in funding. "Establishing or expanding work-sharing programs nationwide will help business owners better weather hard economic times by temporarily reducing their labor costs while still keeping their existing skilled employees," Labor Secretary Hilda L. Solis said in the press release announcing the grants. "This program is a win-win for businesses and employees alike." This story was posted on the cnsnews.com Internet site on Wednesday...and I borrowed it from yesterday's King Report. The link is here.  WikiLeaks: Ecuador grants Julian Assange asylum despite UK 'threats'The WikiLeaks founder has been holed up in the South American country's London embassy for almost two months as he tries to avoid being sent to Sweden, where two women have accused him of sexual assault. On Thursday the Ecuadorian government finally announced that it had agreed to give the maverick Australian asylum because of his fears of persecution over the secret files his whistle-blowing organisation has revealed, which he believes could see him sent to face an unfair trial in America. There was applause as the foreign minister, Ricardo Patiño, made the declaration that Mr Assange had been given "diplomatic asylum" at a press conference in the capital, Quito. "We believe that his fears are legitimate and there are the threats that he could face political persecution. This story was posted on the telegraph.co.uk Internet site early yesterday afternoon BST...and I thank Roy Stephens for finding it for us. The link is here.  Simon Black: The West Has Just Become A Giant Banana RepublicWikileaks founder Julian Assange has made an admirable habit of enraging western governments over the last few years, particularly the United States. Most notably, his release of classified diplomatic documents in 2010 proved ruthlessly embarrassing, shining a spotlight on the absurd, petty little world of international relations. Ever since, the US government has done everything it can to stop him. Short of assassination. They shut down his website, but mirror sites instantly popped up. They sought legal action, but their efforts have been impeded by the bureaucratic deftness of his attorneys. They froze his bank accounts… but donations have poured in from all over the world. Swarms of British police have now descended on the Ecuadoran embassy in London. This, on the heels of the British Foreign Ministry issuing a warning letter to Ecuador's government threatening to "take actions in order to arrest Mr. Assange in the current premises of the [Ecuadoran] embassy." Such a move would be appalling, to say the least. Embassies are hallowed sovereign ground, not to be trespassed. Ever. This is the most sacrosanct, fundamental, inviolable principle of international relations, explicitly codified in both the Vienna Convention on Diplomatic Relations (1961) and the Vienna Convention on Consular Relations (1963). This piece showed up over at the sovereignman.com website yesterday...and is now posted over at the Zero Hedge Internet site. In light of the current situation, it's definitely worth reading...and it's another Roy Stephens offering. The link is here.  Finland prepares for break-up of eurozoneThe Nordic state is battening down the hatches for a full-blown currency crisis as tensions in the eurozone mount and has said it will not tolerate further bail-out creep or fiscal union by stealth. "We have to face openly the possibility of a euro-break up," said Erkki Tuomioja, the country's veteran foreign minister and a member of the Social Democratic Party, one of six that make up the country's coalition government. "It is not something that anybody — even the True Finns [eurosceptic party] — are advocating in Finland, let alone the government. But we have to be prepared," he told The Daily Telegraph. "Our officials, like everybody else and like every general staff, have some sort of operational plan for any eventuality." Mr Tuomioja's intervention is the bluntest warning to date by a senior eurozone minister. As he discussed the crisis, the minister had a copy of the Economist on his desk. It had a picture of Angela Merkel, the German Chancellor, reading a fictitious report entitled "How to break up the euro", with a caption: "Tempted, Angela?" Ambrose Evans-Pritchard is in fine form in this posting at The Telegraph yesterday evening BST...and it's certainly worth reading. I thank Manitoba reader Ulrike Marx for bringing this story to our attention...and the link is here.  Secret diplomacy holds the key to any solution of the Iran crisisThe lesson of history is that covert contacts and back channels can pave the way to peace. The British spy was known to his interlocutors as "mountain climber"; his contact was a passionate Irish republican imbued with Christian pacifism. This unlikely pair established a secret channel between the IRA and the British government that started as long ago as 1973 and was crucial to settling Northern Ireland's conflict. Michael Oatley, an MI6 officer (the "mountain climber"), and Brendan Duddy, a Derry businessman, were the joint custodians of this open line between two supposedly implacable foes. There may be no obvious link between covert peacemaking in the back streets of Belfast four decades ago and the latest talk of war between Israel and Iran, but all intractable conflicts share one common feature: they will never be resolved by open, set-piece diplomacy alone. The nuclear-tipped confrontation between Iran and the rest of the world is no exception – and the urgency of defusing this ticking time bomb beneath global affairs has become greater this week. Once again, Israel is making clear that its patience is wearing thin: unnamed "decision-makers" have briefed the local press that if no one else prevents Iran from seizing the ability to make nuclear weapons, then the Israeli air force might have to do the job. This is another Roy Stephens offering from The Telegraph...this one from Wednesday evening...and the link is here. |
| Gold Runs Out in Lisbon as Price Drop Compounds Money Misery Posted: 17 Aug 2012 03:14 AM PDT  Paulo Oliveira and his wife sold their wedding rings to pay the rent after he lost his job as a builder last month. They were the couple's last pieces of jewelry. "We have no more gold to save us from being kicked out this month," the 46-year-old said as he stood in the area of downtown Lisbon popular with cash-for-gold stores. "Everyone I know is struggling, even the gold stores are empty because nobody has any more gold left to sell." Oliveira encapsulates a growing trend in debt crisis- stricken Europe as household gold supplies dry up after record prices and a deepening recession prompted a proliferation of places to exchange the metal for money. |
| Barrick eyes Africa sale as problems mount Posted: 17 Aug 2012 03:14 AM PDT  Jamie Sokalsky has made his first big move as Barrick Gold Corp.'s chief executive officer, putting the company's high-cost Africa unit on the block as part of a larger shift in strategy. The world's largest gold miner is in preliminary talks to sell African Barrick Gold PLC to state-owned China National Gold Group Corp. A successful deal, which analysts expect would bring in about $2.5-billion, would give some financial relief to Barrick Gold as it struggles with billions in cost overruns at a key growth project in the southern Andes, and continues to absorb the $7.3-billion cash purchase of Equinox Minerals last year. |
| Forces conspiring to create gold's perfect scenario Posted: 17 Aug 2012 03:14 AM PDT  David Levenstein looks at the many reasons he sees gold going higher and why $1,600 is the metal's new support level. It was only two weeks ago, that the price of gold struggled to breach the key resistance of $1600 an ounce. Now it has remained above this level for enough time to consider it to be the new support level. Thus any dips to this level should be bought while we await a break above the $1625 an ounce level which I believe will occur shortly. |
| Global gold demand down in Q2 but Central Bank buying hits record Posted: 17 Aug 2012 03:14 AM PDT  Latest figures from the World Gold Council show that global gold demand fell back in Q2 2012 compared with a year ago, but Central Bank buying rose to a new record level. In its latest Gold Demand Trends report, the World Gold Council estimates, on figures provided by Thomson Reuters GFMS, that global gold demand in Q2 2012 was 990.0 tonnes, down 7% from the 1,065.8 tonnes in Q2 2011. The organisation does point out though that demand in Q2 2011 was exceptionally high. |
| 4 arraigned in big bucks, precious metals bullion Ponzi-scheme Posted: 17 Aug 2012 03:14 AM PDT  A broker--previously disciplined by the CFTC and the National Futures Association in a 1993 commodities options scheme--is again facing charges for a Ponzi-scheme involving precious metals bullion investment. Four men were scheduled to be arraigned Wednesday before a federal magistrate in Miami, Florida, on charges of conspiracy to commit mail and wire fraud in connection with a precious metals bullion investment scheme. The indictment was brought by federal and state agencies including the U.S. Attorney for the Southern District of Florida, the FBI, the U.S. Postal Inspector Service and the State of Florida's Office of Financial Regulation. |
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