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- U.S. Banks' New Business Could Sow The Seeds For Outsized Losses
- Corvus Gold Announces $2M in Option Exercise Funding
- Iran Imports From Turkey Surge To $8 Billion YTD - $3.2 Billion Worth Of Bullion In Q2 2012
- Iran Imports From Turkey Surge To $8 Billion YTD – $ 3.2 Billion Worth Of Bullion In Q2 2012
- Will Gold And Silver Shine Again?
- Rob McEwen: Gold Should Be in Your Portfolio and It’s Going to $5,000
- Gartman Bets on Gold in Commodities Rally: Is it Time to Dump Everything?
- Peak Silver Redux?
- Golden Stability Versus Fiat Chaos (Part I)
- Gold Stocks: History Argues for More Upside
- Silver Bars or Coins? What to Buy?
- Gold vs Bonds
- The Power of the Powerless Supports a Raging Silver Bull
- Must Own Junk Silver
- Gold Miner Stocks: History Argues for More Upside
- Copper’s Message
- Iran Bullion Imports from Turkey Surge to $8B YTD
- The greatest Silver Chart of all time
- Investors 'Enthusiastic for Gold & Silver' on Fed Outlook
- Insider Secrets of Colombia Juniors: Paul Harris
- South Africa mine unrest spreads as Lonmin strikers march
- Potential for a Mining Boom Splits Factions in Afghanistan
- Six King World News Blogs
- Print European Bonds
- Gold and Silver Market morning, September 11 2012
- Long Term Oscillator Points to Gains in Gold
| U.S. Banks' New Business Could Sow The Seeds For Outsized Losses Posted: 11 Sep 2012 11:10 AM PDT By Colin Lokey: In an article last month titled "QE Is A Flawed, Lose-Lose Strategy," I noted that one of the undesirable things quantitative easing does is rob the system of much needed AAA-rated collateral:
This problem is likely to become particularly acute starting next year, when new rules regarding the posting of collateral to back derivatives trades go into effect. The rules are designed to prevent a systemic collapse like that which nearly occurred in 2008 by shifting most derivatives trades to clearinghouses such as the CME Group, where collateral must be posted to back-stop potential losses. Bloomberg quotes Morgan Stanley analysts as saying that trades between securities dealers are only backed by net .005% in terms of posted collateral. The firm estimates that Complete Story » |
| Corvus Gold Announces $2M in Option Exercise Funding Posted: 11 Sep 2012 11:09 AM PDT Vancouver, B.C……..Corvus Gold Inc. ("Corvus" or the "Company") – (TSX: KOR, OTCQX: CORVF) is pleased to announce the full exercise of 2,680,000 of its outstanding $0.75 options which expired on September 8, 2012. The option exercises yielded $2,010,000 to the Company. Over 60% of the options exercised were held and management's stake in the Company is now over 10%. The funds from these options will be used for the continued mine development work on the Company's North Bullfrog project in Nevada. On behalf of (signed) Jeffrey A. Pontius Contact Information: Ryan Ko Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the proposed use of the proceeds of the Offering and the Private Placement by the Company are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, those risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis filed with certain securities commissions in Canada and other information released by the Company and filed with the appropriate regulatory agencies. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties. This news release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States
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| Iran Imports From Turkey Surge To $8 Billion YTD - $3.2 Billion Worth Of Bullion In Q2 2012 Posted: 11 Sep 2012 11:07 AM PDT By Mark O'Byrne: Today's AM fix was USD 1,731.00, EUR 1,352.77 and GBP 1,081.33 per ounce. Silver is trading at $33.57/oz, €26.36/oz and £21.02/oz. Platinum is trading at $1,602.75/oz, palladium at $668.20/oz and rhodium at $1,025/oz. Gold fell $8.80 or 0.506% in New York yesterday and closed at $1,729.20. Silver closed in New York at $33.57 down 0.06%. (click to enlarge) Gold inched higher on Tuesday as investors await the German ruling on the eurozone's bailout fund and a possible U.S. Fed decision on QE3. There are expectations of a pullback by market participants, including clients, but what tends to happen after break outs like this is that gold continues to surprise to the upside and buyers only buy with conviction after gold is at record highs in dollar terms and again making some headlines. Complete Story » |
| Iran Imports From Turkey Surge To $8 Billion YTD – $ 3.2 Billion Worth Of Bullion In Q2 2012 Posted: 11 Sep 2012 11:00 AM PDT
from goldcore.com: Today's AM fix was USD 1,731.00, EUR 1,352.77 and GBP 1,081.33 per ounce. Silver is trading at $33.57/oz, €26.36/oz and £21.02/oz. Platinum is trading at $1,602.75/oz, palladium at $668.20/oz and rhodium at $1,025/oz. Gold fell $8.80 or 0.506% in New York yesterday and closed at $1,729.20. Silver closed in New York at $33.57 down 0.06%. Keep on reading @ goldcore.com |
| Will Gold And Silver Shine Again? Posted: 11 Sep 2012 10:55 AM PDT By Despite solid gains in the last several days, both silver and gold are far from their previous peaks (in 2011 gold reached a level of $1900, and the price of silver was over $49). Can these precious metals be attractive investment proposition for the next several weeks? Since mid-August, the price of gold is up by more than 8%. (click to enlarge) Silver gained even more, over 21%. (click to enlarge I think that there are several fundamental factors which should lead to further appreciation of gold and silver price. The factors are as follows:
Complete Story » |
| Rob McEwen: Gold Should Be in Your Portfolio and It’s Going to $5,000 Posted: 11 Sep 2012 10:48 AM PDT
from mineweb.com: DENVER (MINEWEB) – This year's Denver Gold Forum kicked off yesterday morning and one of the early speakers was Rob McEwen of McEwen Mining. He has a great name in the industry due to his long term stewardship of Goldcorp, which was largely responsible for building the gold mining major to the strong position it holds today. Nowadays he runs McEwen Mining – a U.S. headquartered and quoted developing gold producer for which he has the avowed intent of bringing into the S&P 500 by 2015 – and with one gold/silver mine in production, a second just starting up with its first gold pour expected in a matter of weeks, a third in permitting and a very significant copper/gold/silver project at the exploration stage he may be well on his way to achieving this aim. Keep on reading @ mineweb.com |
| Gartman Bets on Gold in Commodities Rally: Is it Time to Dump Everything? Posted: 11 Sep 2012 10:45 AM PDT
from caseyresearch.com: Yesterday in Gold and Silver After briefly touching the $1,740 spot market in mid-morning trading in Hong Kong on Monday, the gold price went into a very shallow decline that ended at $1,640 spot, just before the 8:20 a.m. Eastern Comex open in New York. After that it basically traded sideways until 2:30 p.m. in electronic trading…and then got sold down another five bucks into the 5:15 p.m Eastern time close. Gold closed at $1,724.80 spot…down $10.50 from Friday's close. Despite the lack of any significant price action, volume was pretty decent at around 115,000 contracts…20,000 of which was transacted before London opened. For that time of day, that's a lot. Keep on reading @ caseyresearch.com |
| Posted: 11 Sep 2012 10:41 AM PDT
from silverseek.com: As prices at the pump gradually move back up, one finds no shortage of people calling for new financial regulations. Frequently blamed on speculators, higher gasoline prices are — as some politicians say — the result of lax laws regulating the financial system. Nevertheless, can it really be only speculators that are driving up the price of oil? Surely, the petroleum market is deeper than that. Without question, those with very deep pockets can drive up the price of just about any commodity, but typically only for a very short amount of time. Unless of course they have access to a virtually unlimited supply of paper money. Keep on reading @ silverseek.com |
| Golden Stability Versus Fiat Chaos (Part I) Posted: 11 Sep 2012 10:37 AM PDT
from news.goldseek.com: Gold and silver stocks are not only the most volatile sector but the highest beta sector. Therefore the percentage moves can be quite exaggerated relative to the market. Currently, the shares have emerged from a W bottoming pattern. They have gained substantially (in percentage terms) in just the past month. I wanted to consult history and in particular the rebounds following the bottoms in 2000, 2005 and 2008 to get a sense of the reasonable upside potential over the coming months. Judging from history, one should not be alarmed about the recent gains because these rebounds tend to run much longer and higher. Keep on reading @ news.goldseek.com |
| Gold Stocks: History Argues for More Upside Posted: 11 Sep 2012 10:35 AM PDT
from news.goldseek.com: Gold and silver stocks are not only the most volatile sector but the highest beta sector. Therefore the percentage moves can be quite exaggerated relative to the market. Currently, the shares have emerged from a W bottoming pattern. They have gained substantially (in percentage terms) in just the past month. I wanted to consult history and in particular the rebounds following the bottoms in 2000, 2005 and 2008 to get a sense of the reasonable upside potential over the coming months. Judging from history, one should not be alarmed about the recent gains because these rebounds tend to run much longer and higher. Keep on reading @ news.goldseek.com |
| Silver Bars or Coins? What to Buy? Posted: 11 Sep 2012 10:32 AM PDT
from silverseek.com: There is no "one size fits all" answer. Let's examine the pros and cons for each group of investments. These are my opinions; do your own research and choose what works best for your circumstances. Silver Bars You can buy in 1 ounce, 10 ounce, 1 kilogram (about 32 ounces), 100, 1,000, and 5,000 ounce sizes. The 5,000 and 1,000 ounce sizes are unsuitable for most investors. One ounce bars are portable and inexpensive, but they have a larger premium per ounce than the other bars. If you have limited storage space, such as a safe deposit box, buy the 10 ounce, the kilo, and 100 ounce sizes. They stack well, and you can store a large value in a small space. Keep on reading @ silverseek.com |
| Posted: 11 Sep 2012 10:27 AM PDT
from news.goldseek.com: When capital markets expand, the action is in the equity markets. When capital markets contract, bond markets are where the action is; because when credit and debt-based markets reach their limit, debt, not credit, has the upper hand. Today's economists, trapped between the flawed theories of John Maynard Keynes and Milton Friedman, assiduously avoid the observations of Carl Menger and the Austrian School of Economics. But try as they might, the misguided and devoted followers of Friedman and Keynes can't escape the results of their misguided assumptions—today, economies everywhere are drowning in debt. Keep on reading @ news.goldseek.com |
| The Power of the Powerless Supports a Raging Silver Bull Posted: 11 Sep 2012 10:24 AM PDT
from silverseek.com: In essence, taking possession of artificially cheap silver is not only akin to an act of wealth conservation, it is also a quiet form of protest. Protest against a failed currency structure imposed by a government upon its citizens that has given rise to the extreme complexity and overgrowth in the financial sector and which allows those closest to the free money a significant advantage over the populace. The ownership of silver represents real savings or capital formation — two things that policy through action is against. Policymakers fear that if people are too concerned about the future, then they will not spend, which in turn reinforces the issue, especially in a consumer-driven economy. Keep on reading @ silverseek.com |
| Posted: 11 Sep 2012 08:35 AM PDT Andy Hoffman |
| Gold Miner Stocks: History Argues for More Upside Posted: 11 Sep 2012 08:27 AM PDT Gold and silver stocks are not only the most volatile sector but the highest beta sector. Therefore the percentage moves can be quite exaggerated relative to the market. Currently, the shares have emerged from a W bottoming pattern. |
| Posted: 11 Sep 2012 07:41 AM PDT
Crude oil is basically drifting sideways, in a manner that does not suggest great confidence in the forward movement of the global economy. If expectations for a global recovery – not to mention further US dollar decline – were genuine, then crude oil should be maintaining its uptrend, instead of stalling below $100 a barrel. Copper, in contrast, has gone nearly parabolic in recent days. The "metal with a PhD in economics" is trading like it was shot out of a cannon.  CLICK TO ENLARGE We see two possible reasons for this: Possibility number one: The global recovery is actually underway… China is bouncing back… and crude oil traders are simply slow to get the message, while copper is telegraphing the new bullish trend. Possibility number two: Copper is a tiny and easily manipulated market in comparison to the much larger crude oil market. Copper is also ground zero for epic levels of ponzi-finance base metals shenanigans used for speculation purposes within the opaque Chinese economy. Copper is thus ripping higher on a vicious short squeeze, less related to fundamentals than a massive stop hunt as China seeks to aggressively prop up its rapidly imploding economic miracle, in a desperate attempt to avoid hard landing. Guess which one is more likely? The data flow out of China has continued to impress – not by how strong or resilient it is, but how horrible it is. Some recent examples:
Not to put too fine a point on it, markets continue to trade on a hope-and-bullshit cocktail in which real world factors, like positioning and bullying capability, matter more than how the macroeconomics are "supposed" to work. As of now we continue to see the continued near-absolute dominance of hope inducing central bank factors, with governments manipulating price signals and pushing valuations like drunken whales at the poker table. Paradoxically, though, copper's price action also indicates (to us at least) why this kind of thing cannot last. Parabolic moves are not healthy and rarely end well. They are more often an indicator of frenzy and underlying gamesmanship than constructive fundamental change. Gold and silver are moving in concert with copper. But again we have to ask, do these moves make sense? Are there real, sustainable drivers behind this vertical rocket shot? Or does such amount to a combination of massive short covering and myopic "this time we get inflation" positioning that does not take into account the reality of global slowdown? As September gets underway we grow increasingly excited by two things: The return of volatility and the ability to put distorting central bank influences in the rearview mirror, at least temporarily. Our highest conviction position, short AUDUSD, has been closed for a modest profit – much more modest than we would have liked – as central bank games once again abort a developing trend. We have little doubt that, eventually, the Aussie is going to trade much, much lower, for reasons previously stated in these notes. But for now the gamesmanship continues, as our short-term conviction levels rapidly recede back toward zero. What does Ben Bernanke want? What does Beijing want? What do all the central banks want? They want a fantasy world, with prices that please them, and they will move mountains to bring about that result. Of course, because they are fighting economic reality, such efforts eventually lead to disaster and dislocation on a massive scale. But in the meantime, as they do their thing – and before their efforts fail – discretion is the better part of valor. This too is copper's message. If you were short copper on a long-term view of inevitable Chinese hard landing, then risk management served you in good stead. If you were short with no controls, then you got burned (perhaps badly) by the powers that be. This, in part, is what trading (especially macro-themed trading) is all about… positioning for major trends whose power is paradoxically enabled by government forces fighting the tides… the balance is in being there when the dam finally breaks, adding size as it does, while keeping risk tightly reined in before then. NEWS FLOW When will the game get interesting? The game will get interesting when faith in the Federal Reserve has waned – when faith in future stimulus, QE3, 4, 5, whatever, has turned to apathy, despair or even anger (via political backlash). We are rapidly approaching that point via the law of diminishing returns. The Federal Reserve's aggressive positioning is essentially a massive bet that the U.S. economy will right itself and begin healing properly before the central bank juice runs out (or starts to show irreversible toxic effects). That bet may fail to pay off…
As far as "China avoiding hard landing" goes, the probable odds of such continue to asymptote above zero. More evidence accumulates daily that, not only is the Chinese economy cooling rapidly, the entire country is even more corrupt, ponzified and mismanaged at local levels than outsiders might have imagined. If you think that sounds unduly harsh, consider the following: Writing negative research reports on Chinese stocks can now get you arrested, strip searched and jailed. Need we say more?
We more or less agree with Soros here. The eurozone has deadly serious problems, and the euro has potentially fatal flaws as a currency. But with that said, Germany should either be in or out. If they are going to be in, they need to stop their damn whining and do what needs to be done. If they want to get out, they should get the hell out. The middle path, however, is both untenable and irrational. An interesting look at the declining position of investment banks… will the latest ramp-up stick, or was it a giant headfake? CHART NOTES
POSITIONING We are back to primarily short term / swing / tactical positioning, having protected profits on our short Aussie trade. Bullish analysts are getting increasingly excited about post-QE3 prospects but we think they are nuts. We are willing to build on the long side as price action dictates but see much more realistic opportunity on the short side if / when "stimulus fever" finally breaks. As we have said repeatedly and in multiple places, this is a horrible time to be a long-term investor by default – if anything it is now more important than ever to maintain a sense of tactical and strategic flexibility (which those who are forced to take long-term investment views do not have). All real money positions documented and time stamped in the Mercenary Live Feed. JS (jack@mercenarytrader.com   p.s. Institutional allocator seeks talented traders and money managers. Potential allocation amount: $2 to $10 million. See if your track record qualifies... |
| Iran Bullion Imports from Turkey Surge to $8B YTD Posted: 11 Sep 2012 05:19 AM PDT Turkey's gold imports were 11.3 metric tons last month alone. Silver imports were 6.7 tons, the data show. Much of these imports may be destined for Iran where imports have surged an astonishing 2,700% in just one year – from $21 million to $6.2 billion. |
| The greatest Silver Chart of all time Posted: 11 Sep 2012 04:55 AM PDT |
| Investors 'Enthusiastic for Gold & Silver' on Fed Outlook Posted: 11 Sep 2012 04:53 AM PDT US dollar gold prices traded around $1,730 an ounce during Tuesday morning's London session, broadly in line with where they started the week, while European stock markets ticked lower and longer-dated US Treasuries dipped. |
| Insider Secrets of Colombia Juniors: Paul Harris Posted: 11 Sep 2012 04:13 AM PDT The publisher of the Colombia Gold Letter has invaluable first-hand knowledge of the exploration scene there. He says juniors still have to navigate through an as-yet-untested permitting process. Once the first junior does that, the floodgates will open up. |
| South Africa mine unrest spreads as Lonmin strikers march Posted: 11 Sep 2012 03:27 AM PDT  Around 10,000 striking South African platinum miners marched from one Lonmin mine shaft to another on Monday, threatening to kill strike breakers, as another illegal stoppage hit Gold Fields, the world's fourth biggest gold miner. Wage talks to end the month-long Lonmin strike, which erupted in deadly violence last month, failed to start as scheduled. The independent labor mediator said it could only take part in the process if workers returned to work by a Monday deadline, but the vast majority stayed away. The column of marching strikers, which swelled through the day, filled a two-lane highway and stretched for over a mile, watched by a heavily-armed escort of riot police. Many of the marchers were armed with sticks, spears and machetes. |
| Potential for a Mining Boom Splits Factions in Afghanistan Posted: 11 Sep 2012 03:27 AM PDT  If there is a road to a happy ending in Afghanistan, much of the path may run underground: in the trillion-dollar reservoir of natural resources — oil, gold, iron ore, copper, lithium and other minerals — that has brought hopes of a more self-sufficient country, if only the wealth can be wrested from blood-soaked soil. But the wealth has inspired darker dreams as well. Officials and industry experts say the potential resource boom seems increasingly imperiled by corruption, violence and intrigue, and has put the Afghan government's vulnerabilities on display. |
| Posted: 11 Sep 2012 03:27 AM PDT  The first one is with Michael Pento...and the headline reads "Gold to Hit New All-Time Highs & Continue to $2,300". Next comes James Turk...and his blog is entitled "No Time to Wait for a Pullback, Gold to Hit New Highs". The third blog is with The Portola Group's founder, Robert Fitzwilson...and it bears the title "read more |
| Posted: 11 Sep 2012 03:00 AM PDT The markets moved higher with the promise to print Euro bonds. The closing indices are from September 6. Dow Jones Industrial Average: Closed at 13292.00 +244.52 after the market posted a triple top in March, April and May. Then, it posted two more in August and September. The latter was Thursday. Resistance is 13,300 with support at 13250. The positive trading was related to Mario Draghi's statement he will print as many bonds as necessary to protect European credit problems. Price is above all moving averages. The close was on a high bar with a signal more buying ahead. Expect a rally on Friday in an attempt to break-up and through 13,300 toward 13500. S&P 500 Index: Closed at 1432.12 +28.68 on flat momentum like the Dow but with higher than normal volume propelling the stock markets. Price is above all moving averages, which is bullish. New support is 1425 with resistance at 1450. New annual highs for 2012 are being set in these stock index markets. We would caution traders and investors to be very careful as new highs are posted. A pivot reversal on profit-taking could be breath-taking. Support is 1425-1430 with resistance at 1450. We forecast 1450 for Friday, 9-7-12. S&P 100 Index: Closed at 658.35 +13.06 on higher than normal volume and a hard new breakout high above 650 resistance. New resistance is 665-675 with new support at 650. The price has tied to 650 plus or minus as a magnet number for the latter half of August. The price is above all moving averages, which is bullish. We forecast a Friday-Monday price of at least 665. Traders should be very wary of forthcoming highs and tops in the shares. We think that by next Friday on September 14, this rally should peak and prepare to sell on profit-taking. We are forecasting a major selling event near September 23-25 with drop of near minus 23-24% on the down side. Trade for profits but use stops if you can and watch carefully for falling volume and peaky trading action. Nasdaq 100 Index: Closed at 2829.71 +62.76 on flattening momentum and higher than normal volume. Resistance is 2850 and support is 2800. Price is above all moving averages, which is bullish. We are seeing several larger tech companies having slow-downs and major sales problems on the top line. Among those are Dell, Hewlett-Packard, Oracle, Facebook, and Yahoo. Groupon is failing outright as we did forecast months ago. This is a market for traders not investors. We might even see 2900-2950 before the profit-taking, but calling tops and bottoms is dangerous. As we move toward 9-14-12, tighten stops and expect hard profit-taking sometime just after that date. 30-Year Bonds: Closed at 149.38 -0.83 as traders continue to prefer USA paper over most others. Momentum is up and price is holding above all moving averages, which is bullish. New support is 149.27 on the 20-day average with the 50-day close by at 149.17. Resistance is 150.00 to 150.50. Since last May, the bonds have been trading above and below 150.00 as a magnet number. The price continues to cling near 150 at this time. While Europe got a breather from Draghi saying he prints until the cows come home, this will not last. News on 9-12-12 from the German Supreme Court can move all bond markets even with a no decision announcement. We should stay near 150.00 until 9-12-12 and then it can go either way depending upon Germany's intentions and their media fallout. Gold: Closed at 1701.60 +8.80 on a major chart breakout above all moving averages and a top channel trading line. On the Thursday close 1708 is resistance and support is 1692.50. Momentum is up for all the precious metals. As we finish our letter very early on Friday morning gold is having a breakout on more negative European news and a weaker jobs report. We could see gold touch and close near 1742.50 to 1748.50 on this Friday. Our brand new, technical,l longer range forecast for gold on the December futures Monthly Chart is $2,600.00. That is a technical forecast on that chart trend and could take 6-18 months before we get there. Please keep in mind 80% of the whole many years' long gold rally could occur during the last six months of the rally. Our previous cycle end date was 2017-2018. Based upon recent politics and market activity, we think it happens earlier. Our highest high forecast over years on gold is now 4,550 up from 2,950. Our higher high of 4,550 is probably not the top price but we need to see more data over time to project the next numbers rising above 4,550. Silver: Closed at 32.71 +0.46 on sharply rising momentum and a breakout rally price posted above all moving averages and the top resisting channel line. Price is above all moving averages, which is bullish. There is a great deal of stop and go price congestion points between $30.00 and $34.85. During the Friday session early in the morning silver is rising faster just like gold. The last price is now 33.55 and the trading range is $1.73, which is exceeds the old daily trading limits of $1.50 that were removed about 2-3 years ago. There is hard upper resistance near $35, $38, $42, $44 and $48. At this time we think $38.85 is the shorter term goal for this month. This can change very quickly on politics and credit problems in Europe. On this Friday, the futures are up +2.6%. More buying should be on our forecast for at least another week or so. XAU: Closed at 173.77 +4.17 on rising signals from the metal to shares ratio and the momentum. The momentum signals are acting peaky and the broader stock markets' behavior is similar in early trading on Friday morning. The price early on this Friday morning was touching near 180.00 on our forecast. With Gold hitting the 50% retracement price this morning near 1736.50, we are nearly a top on this cycle run for gold. I think we can catch a few more points next week as the December gold futures do get to 1745.40. Two top numbers are support and resistance at 1742.50 and 1748.50. We could finish with those on Monday or Tuesday and could be our high for this cycle. This means my forecast of 180.00 on the XAU high today was exactly correct. US Dollar: Closed at 81.09 -0.16 on falling momentum. The dollar fell more this Friday morning as the Euro gained some traction on silly comments from central bankers that they will print bonds as much as are needed. It worked. The dollar futures are now 80.44 with a low of 80.38. Keep in mind how ever, the dollar moving average for many years is 80.00 on the index. The Swiss is rising with the Euro at105.98… call it 106.00. The Canadian dollar is now 102.05 rising with commodities, precious metals and some base metals and others. Grain prices are firm for Canada. The all important 200-day moving average for the dollar is 80.67. While we are a few ticks under that number, we call 80.00 both support and resistance. A weaker jobs report sold the US Dollar this morning. We feel there is little or no connection as the jobs numbers are fiction. Watch for the Euro to grow softer in 7-10 days as the US Dollar returns toward 81.00. Crude Oil: Closed at 95.53 -0.49 on Thursday's close with an October futures number this Friday morning at 96.15 as the general commodity groups go green on our screen. We continue to hear about an attack on Iran which can help to support oil prices. However, there have been fundamental shortages on fires, the hurricane and smaller USA oil imports. Gasoline reserves are the lowest since 2008. With the USA importing about 35% of its refined gasoline demand, retail USA gasoline is headed for $5.00 this year on supply, inflation and war drums. Watch out for a larger move either up or down coming on crude oil as the longer term continuation triangle is set-up for a bigger move either way. Oil support is firm for now at $95.00. CRB: Closed at 308.89 +0.61 with hard resistance at 310.00. New support is 305.55 on the 20-day moving average and the CRB price at 305.00. Momentum has peaked and topped out. Price closed on Thursday above all moving averages. All averages and channel lines are supporting the CRB but with the topping action we can see some sideways trading in choppy markets. The price of 300.00 is very firm and hard support which might hold up for at least another 10-15 days.   This posting includes an audio/video/photo media file: Download Now |
| Gold and Silver Market morning, September 11 2012 Posted: 11 Sep 2012 03:00 AM PDT |
| Long Term Oscillator Points to Gains in Gold Posted: 11 Sep 2012 01:07 AM PDT A long term oscillator, known as the Coppock Curve, points towards gains in gold. Prior instances (since 1998) of the Coppock Curve being in a similar position are noted on the chart. Long term price projections suggest that gold could make it to the $2,500 level. |
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