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- Thomson Reuters Expects A Decent Gold Price Recovery In 2013
- Silver – 3 Innovative Applications In Technology & Biology
- New Gold's Management Presents at Bank of America/Merrill Lynch 19th Annual Canada Mining Conference (Transcript)
- A Closer Look At Barrick Gold's Delayed Pascua Lama Mine
- Home Depot: Reasons For Bulls To Be Happy
- Hecla Mining's CEO Presents at 2013 Bank of America Merrill Lynch Canada Mining Conference (Transcript)
- Precious Metals Smash Continues into Globex Close As Silver Breaks Under $22
- World Revolts Against the Empire Gone Wild
- Gold gets "Whack-A-Moled"
- The most terrifying chart for "paper gold" investors you won't see on CNBC
- Doc Eifrig: This is a "free money" opportunity
- T. Ferguson: The Financial Crisis is Not Over, The Worst is Yet to Come
- Bubbles Are “Good!”
- Finding low-risk miners in today's minefield
| Thomson Reuters Expects A Decent Gold Price Recovery In 2013 Posted: 12 Sep 2013 04:23 PM PDT This is a summary from the latest Gold Survey from Thomson Reuters. The first eight months of 2013 saw a major rebalancing in the gold market with an exodus of professional investors countered by an explosion in grass roots demand. From their peak at the start of the year through to early August, Exchange Traded Fund (ETF) holdings fell by 26% and this, coupled with the withdrawal of momentum-driven money, contributed to a 30% intraday price decline from the high of $1,696/oz in January to a low of $1,181/oz at end-June. The price fall triggered a huge leap in physical bar-hoarding and coin demand, while also marking a possible end to the decade-long substitution away from gold in the jewellery market. The first half of 2013 saw an increase of more than 550 tonnes of gold offtake in jewellery, investment bars, coins and medals. This helped to reverse the price fall, prompting a recovery towards $1,440 by end-August. The rebound in demand was widespread, through the Middle East and South and East Asia, and highlighted the Indian government's continued concern about the contribution of gold imports to the country's trade deficit. This year looks set to be the first year in modern times when China will overtake India as the metal's number one consumer, by as much as 100 tonnes. Global mine production in the first half of 2013 increased by 3% to 1,416 tonnes. The number and scale of mines that have been placed on care and maintenance due to lower gold prices has as yet been modest, and is likely to remain so in the near term. Cost containment is emerging, though, notably through reduced capital expenditure budgets and slowing project development. Gold movements have also been heavily affected by monetary policy particularly in the United States. Now, however, professional investors have priced in the tapering of monetary stimulus and the private buyer is centre stage. The counterbalance between physical and professional demand will help to give gold some renewed relative price stability to refresh its appeal as an asset class to longer-term investors as a portfolio balancer. We expect gold to edge higher through the rest of 2013 and towards $1,500 in early 2014, before a gentle decline thereafter. The falls in the second quarter of 2013 have flushed out many weak-handed holders, but it remains questionable as to whether there will be sufficient investor appetite to absorb large quantities of gold at prices much above $1,400. SUPPLY (summary) Mine production was 3% higher in the first half compared with the first half of 2012 — Global scrap supply fell 14% to an estimated 662 tonnes chiefly as a result of weaker gold prices. DEMAND (summary) Jewellery fabrication jumped by 22.8% in the first half, in response to a marked decline in gold prices. —First half industrial demand slipped by 1.3%. —Net official sector purchases dropped by 32.0% to 191 tonnes in the first half of 2013. —Producers' dehedging increased, with some miners taking advantage of lower prices to close positions. — World Investment plunged by 28.3% to 517 tonnes MARKET OUTLOOK Notable improvements in gold's underlying supply/ demand fundamentals, and a rush to physical gold in particular, have been among the key factors to provide some cushion to gold following two price crashes in the second quarter. Nevertheless, while we remain generally positive about physical demand, such heightened volumes will prove hard to sustain for the rest of the year. Furthermore, while we have witnessed widespread gains in physical offtake in the year-to-date, the gold market has still relied heavily on India and China, with their combined share of global gold demand standing at 54% in the first half. With a weakening Indian rupee and a series of measures by the government to curb gold imports, demand in India is forecast to be some way short of the elevated level in the second quarter. Turning to China, the prospect for local demand is more promising, but growth is expected to cool down once the general public starts to become accustomed to new price levels and bargain hunting recedes. While demand from the key consuming markets may well slacken somewhat, we expect restrained supply to remain in place in the second half. Our forecast is primarily based on an assumption that scrap supply will fall by 12.2% on a year-on-year basis, as a return to mid-$1,400s will not be sufficient to stimulate a wave of recycling. At the same time, mine production is expected to rise marginally. More importantly, despite a hefty price decline, producers have so far remained resistant to engaging in hedging as a strategy for preserving revenue. The underlying surplus in the gold market (which has ballooned in recent years) is therefore likely to shrink by a fair amount this year. This, along with a probable recovery in buy-side interest from professional investors and ongoing central bank purchases, should pave the way for a decent price recovery later this year. |
| Silver – 3 Innovative Applications In Technology & Biology Posted: 12 Sep 2013 04:07 PM PDT This article is courtesy of The Silver Institute. Silver-Based Memory Devices May Replace Flash Drives You may not have heard the acronym ReRAM, but you will soon. Resistive Random Access Memory or ReRAMs (sometimes written as RRAMs) operate like tiny battery cells and store data through changes in the electrical resistance of the cell. The presence or absence of an electrical charge can be used This burgeoning technology for storing information will eventually replace flash memory – used in thumb drives and many notebooks. Currently, all tablets and smartphones use flash memory, but that too will change in coming years as ReRAMs take their place. ReRAMs hold advantages over conventional flash drives. Because ReRAMs use so little power – in the nanowatt range compared to hundreds of milliwatts for flash drives – they could allow your smartphone to operate up to a week without recharging. A ReRAM chip the size of a postage stamp can hold a terabyte of data, enough to store 250 high-definition movies. Information is written to ReRAMs faster, nanoseconds compared to milliseconds for flash drives. ReRAMS also last longer; they are able to handle millions of rewrites compared to flash drives that fail after about 10,000 rewrites. One company, Crossbar Inc., based in Santa Clara, California, touts its silver-ion based technology for its memory devices, which CEO George Minassian expects to be commercially available next year. Their ReRAM version relies on the formation of a filament produced by the movement of silver ions within a silicon base. "Non-volatile memory is ubiquitous today as the storage technology at the heart of the over a trillion dollar electronics market – from tablets and USBsticks to enterprise storage systems," said Minassian in a prepared statement. "And yet, today's nonvolatile memory technologies are running out of steam, hitting significant barriers as they scale to smaller manufacturing processes. With our working Crossbar array, we have achieved all the major technical milestones that prove ourReRAM technology is easy to manufacture and ready for commercialization. It's a watershed moment for the non-volatile memory industry." Other companies including Toshiba, Panasonic, HP, Micron and Samsung are also working on their own versions of ReRAMs, with many of their designs based on silver ions, too Silver Ions Deposited on Glass by High-Speed Spinning South Korean scientists have discovered a new way to coat glass with a layer of silver ions to prevent the growth of bacteria. This glass can be especially useful for medical apparatus, food service and other applications in which glass equipment must be kept sanitary despite germ-filled The team at Yonsei University in Seoul spin-coats the glass with 'sol-gel,' a gelatinous solution holding silver ions in the form of silver nitrate. The gel is spun at 2,000 revolutions per The researchers plan to try their spin-coating technique on other substances such as metals and plastics which would benefit from an antibacterial layer of silver ions Silver's Antibacterial Power – College Doors Coated With Silver Doors in four buildings at Penn State Erie have been coated with silver ions to help keep students healthy, according to school officials, and the project may lead to an industry-wide logo touting the antibacterial benefits of silver coatings. "It does seem to be effective," said Beth Potter, assistant professor of microbiology. Potter's students swabbed 50 door handles on campus and measured bacteria on surfaces with and without the silver treatment. The door handles treated with Agion School officials and representatives from Advanced Finishing USA, the company that sprayed the silver ion solution onto the handles, are considering other targets such as water bottles, bus strap handles, gas pumps and emergency exit door bars. The school's marketing department got involved in the project, too. Students of marketing professor Mary Beth Pinto used the coating to answer the question: How do you market an invisible product? Early tests on a stair railing at the college used a white coating, and the students found that people were reluctant to touch it, thinking it was wet paint. Tests in which they employed a clear coating to door handles at two local convenience stores showed that customers had no hesitation about touching it, but this presented a new issue: How do you let users know that they just received a benefit from the silver ion coating? This led students to develop signs and logos explaining the value of Agion products. "Ideally, we'll get to some kind of identifiable symbol," said GregYahn, president of Advanced Finishing USA. "Something like the Nike swoosh, where you know from 10 feet away: 'That’s antimicrobial. It's OK to touch it.'" This is an excerpt from the latest Silver News from The Silver Institute. |
| Posted: 12 Sep 2013 04:02 PM PDT New Gold Inc. (NGD) Bank of America/Merrill Lynch 19th Annual Canada Mining Conference (Transcript) September 12, 2013 02:00 PM ET Executives Randall Oliphant - Executive Chairman Analysts Mike Jalonen - Bank of America/Merrill Lynch Presentation Mike Jalonen - Bank of America/Merrill Lynch It's New Gold which is near 0.5 million ounce producer. I am very pleased to have Randall Oliphant, Executive Chairman to come speak on the company's behalf and basically Randall should be no stranger to everybody in the room, having been CEO of Barrick before and has over the last, almost decade now, Randall built New Gold to the current level which is quite an impressive feat, but Randall (inaudible) yourself. Randall Oliphant Thank you, Mike, and good afternoon ladies and gentlemen. I feel fortunate to be able to tell you the New Gold story and I am sure people are quite disappointed with the current drop in |
| A Closer Look At Barrick Gold's Delayed Pascua Lama Mine Posted: 12 Sep 2013 03:22 PM PDT Barrick Gold Corporation (ABX) operates mines in North America, South America, Australia, and Africa. The company has mainly gold and copper in its portfolio and competes with other mining companies such as Newmont Mining (NEM), Goldcorp, Inc. (GG), and Freeport-McMoRan Copper (FCX). In this article, we take a closer look at Barrick's Pascua Lama project. It is located on the border of Chile and Argentina, approximately six miles from the company's Veladero mine. Once in operation, Pascua-Lama is expected to be one of the world's largest low-cost mines and is expected to contribute significant free cash flow to Barrick for many years to come. Before that can happen, the company has some major hurdles and challenges to overcome. The project has suffered substantial time and cost overruns due to operational and legal issues forcing Barrick to push back production commencement from the end of 2014 to mid-2016. We'll take |
| Home Depot: Reasons For Bulls To Be Happy Posted: 12 Sep 2013 02:58 PM PDT The Home Depot (HD) is the largest American retailer of home improvement and construction products and services. On August 20, 2013, it reported total sales of $22.5 billion, a 9.5% rise from the same quarter in the previous year.
In this article, we have analyzed Home Depot in regard to how the recovering housing market in the U.S. will impact its future growth. Recovery in housing market to boost sales The U.S. economy is recovering from the 2009 crisis. Any uptrend or collapse in the housing market leaves a direct impact on the mortgage market, real estate and home material supply retail outlets. |
| Posted: 12 Sep 2013 02:43 PM PDT Hecla Mining Co. (HL) 2013 Bank of America Merrill Lynch Canada Mining Conference September 12, 2013 2:00 pm ET Executives Phillips S. Baker, Jr. - President and Chief Executive Officer Analysts Presentation Unidentified Analyst I'd like to introduce Phil Baker, Chief Executive Officer of Hecla Mining. He's been the Chief Executive Officer now for 10 years I believe and with the Company for 12 or 13 and a much longer past in the mining industry. They recently acquired Aurizon Mining, a Quebec based gold mining company, which now gives them possession of the Casa Berardi operating mine and several prospective exploration targets. So Phil, I'll turn it over to you. Phillips S. Baker, Jr. I guess I will be making forward-looking statements and they are subject to the disclosures in our 10-K and 10-Q. Please refer to those with respect to those disclosures. You mentioned, I've been with Hecla for |
| Precious Metals Smash Continues into Globex Close As Silver Breaks Under $22 Posted: 12 Sep 2013 02:32 PM PDT Today’s gold and silver paper raid has accelerated into the Globex close, as silver closed at $21.73, just .06 off the days low of $21.66, and gold closed at $1321, just $1 off the days low of $1320. Silver lost $1.50 on the day, its largest single day loss since May, and is now down [...] The post Precious Metals Smash Continues into Globex Close As Silver Breaks Under $22 appeared first on Silver Doctors. |
| World Revolts Against the Empire Gone Wild Posted: 12 Sep 2013 02:15 PM PDT A massive shift is brewing. A major percentage of the American people are sick and tired of being fleeced by government gone wild. You can't see this shift within mainstream media reportage, and certainly there's a major percentage of the population that has indeed adopted a strategy of tending to day-to-day life in the hopes [...] The post World Revolts Against the Empire Gone Wild appeared first on Silver Doctors. |
| Posted: 12 Sep 2013 01:41 PM PDT Some of you might remember that cheapie little kids game called "Whack A Mole" in which you get a plastic hammer in order to beat the crap out of the little mole that sticks its head up through the plastic opening in the slide. Well, that is what gold reminded me of today. All it took for the metal to get "whacked" down through support was a jobless claims number. Once that hit the wires it was all downhill for the metal. And yes, it is not helping matters none that the Syria situation has turned into "Peace in our Times" as far as traders are concerned. I mentioned in yesterday's piece that gold could drop down into the next support level near $1330 - $1325 should its support level give way. That is where it is currently sitting and truthfully, it looks like bears are growling and wanting more. If the market cannot hold above $1320, it can easily drop down to test the psychologically important $1300 level. Bulls would not want to see gold lose its "13" handle as that would be devastating psychologically, especially during a time of the year in which we generally have pretty hefty physical offtake over in Asia ahead of the festival seasons. We simply have to wait and see what kind of response we get to the various economic data releases that are hitting the wire in order to get a better feel as to whether or not gold is going to hold support or not. The only thing I believe I can clearly say is that the bears have regained the short-term momentum in this market. The following chart notes the ADX indicator which I like to use to judge trend strength. Notice that the ADX line has been moving lower, indicative of a LACK OF TREND. It is now rising, albeit ever so slightly while the -DMI ( Negative Directional Indicator) is also rising and is trading above the + DMI ( Positive Directional Indicator - blue line). That is very clear - the market is moving sideways to lower with bearish forces in control. I do not know how to spell it out any clearer.  The shorter term 10 day moving average has completed a downside cross of the 20 day moving average which is a negative signal. I will be the first to admit that moving averages can be useless during phases in which markets are choppy as they can generate signals which can get you whipsawed but the facts are that the hedge funds are still in love with the things and thus they cannot be ignored. The fact that the price has now dropped below all four of the moving averages noted on this chart will get the attention of their algos... My thinking is that hedge funds are in the process of rebuilding those recently lifted short positions - the ones they were covering for most of the last two months and what drove the price over $200 off the low. That is not what any bulls want to hear right now. Perhaps some news will hit the wires that demands no break or let up whatsoever in the Fed Bond Buying adventure but that is an unknown and we have to work with what we have at the current time. The HUI fell completely apart today ( again).... it has major support near 220 - 217 which it had better hold or else.... Silver proved just how fickle it can be as it was blasted into the nether regions today. The 50 day moving average is about 50 cents or so below today's close ( $21.38).... one would expect it to encounter some buying near that level if nothing else from some short covering. If not, the charts indicate a drop into a former congestion zone from $20.25 - $19.75. Even as I type these late afternoon comments, price for both of the metals is continuing to sink lower....the damage on the charts is significant once again with the bulls under the gun to hold the market here or face increased losses. |
| The most terrifying chart for "paper gold" investors you won't see on CNBC Posted: 12 Sep 2013 01:39 PM PDT From King World News: Today, one of the most highly respected fund managers in Singapore shocked King World News when he said that custodians of the ETF GLD have refused to give people physical gold in exchange for the shares. Grant Williams, who is a portfolio manager of the Vulpes Precious Metals Fund, also warned that the massive and escalating paper claims on physical gold at the COMEX warehouse are going to create an explosion in… Read full article… More on gold: Why the latest rally in gold and gold stocks could be over Eight unusual ways to hide and protect your gold and silver Legendary investor Jim Rogers: Gold and commodities are about to soar |
| Doc Eifrig: This is a "free money" opportunity Posted: 12 Sep 2013 01:39 PM PDT From Dr. David Eifrig in Retirement Millionaire: Buying closed-end funds at a discount is one of my favorite secrets to making money by investing. A closed-end fund is a type of mutual fund. Mutual funds essentially pool money from smaller individual investors and spread the money and risk among a number of investments. Among the advantages... • Lower transaction costs. • Diversified holdings. • Professional management. • Easy record-keeping. Most mutual funds are called open-end funds. This means the fund issues as many shares as investors are willing to buy. As a result, the price you pay for a share of an open-end mutual fund is simply the total dollar value of the securities divided by the current number of shares outstanding. The result is known as the "net asset value," or NAV. Open-end funds always trade at their NAV. Closed-end funds work differently. These funds issue a limited number of shares. If you want to buy these shares, you must go to the stock market where they trade, just like any other stock. As a result, the market values of closed-end funds fluctuate and do not necessarily reflect their NAV. Closed-end funds sometimes trade at a discount to their net asset value. When they do, we pounce. This is a "free money" opportunity. It's like giving the bank teller 85 pennies and getting back a dollar bill. Remember, the shares represent full ownership in whatever the fund owns. Accordingly, the price of the fund's shares should reflect this value. When it doesn't, I scoop up shares quickly. And the deeper the discount to NAV, the more money I make... If the fund trades at a discount long enough, we'll convince management to buy back the shares to push the price up to where it should be. Crux note: Doc Eifrig recently released a presentation he wants every single reader to see. He believes it will be a "wake up call" for the millions of Americans who are unprepared for a REAL crisis. Click here to see it now. More from Doc Eifrig: Doc Eifrig: If you fly this airline, you could be getting ripped off Doc Eifrig: An important inflation update for my readers Doc Eifrig: Why I'm excited about rising interest rates |
| T. Ferguson: The Financial Crisis is Not Over, The Worst is Yet to Come Posted: 12 Sep 2013 12:00 PM PDT Our friend Turd Ferguson of TFMetalsReport.com makes a rare video appearance without the sunglasses or cowboy hate for this excellent interview with We Are Change’s Luke Rudkowski discussing the coming financial crisis. TF informs Luke that prior to what Bernanke would like you to believe, the financial crisis is NOT OVER, rather the worst is [...] The post T. Ferguson: The Financial Crisis is Not Over, The Worst is Yet to Come appeared first on Silver Doctors. |
| Posted: 12 Sep 2013 11:30 AM PDT Bubbles are “good”…until they burst…then they are/were not so “good.” Alan Greenspan told us that it is impossible to know when a bubble is forming or if an asset class is even in a bubble. Really? How about using plain old common sense to figure out when something is just too darn expensive? How about listening to the gaggles of fools tell stories about “flipping this” or “flipping that?” If during a conversation with someone who clearly “doesn’t know that they don’t know” you figured out that 2+2 equals anything but 4 in their brain, might your common sense tell you that maybe whatever they are touting is a bubble? This past week we heard from San Francisco Fed President John Williams says that “Fed policy may unintentionally create asset price bubbles in ways not predicted by economic models.” Really? Unintentionally? In ways not predicted by your models? If you believe Alan Greenspan then your “models” couldn’t predict a bubble anyways since no one can recognize a bubble when it’s staring them in the face! Mr. Williams went on to say, "We need to acknowledge that investors and financial markets do not behave the way rational asset price theory implies." Rational? How rational is it to lever $60 billion of equity into a $3.6 trillion balance sheet? Maybe my brain’s calculator needs a new battery but these seems like 60-1 leverage to me, forget about “rational,” is this even sane? I could go on and on with the above and it might end up being a humorous writing but when all is said and done, “humor” will be the last adjective to describe what happened. “Bubbles” as spoken of so often are when an asset class gets out of whack pricewise, generally (almost always) are caused or created by leverage (or margin) and then collapse in price when a whiff of sanity returns. I would suggest that the entire financial system from banks to brokers (both stock and real estate), currencies and debts are in a bubble that started slowly at first and for the last 15-20 years grew more rapidly. We didn’t really notice it did we? We went about our lives and things seemed “normal.” Yes, we did experience a couple of stock bubbles and crashes and real estate pretty much spiked and then collapsed but…oh well, stuff like that happens. Doesn’t it? My point here is that “bubbles” don’t just happen out of the blue, just as a fire needs oxygen, bubbles need money…or more to the point, they require CREDIT! Which leads me to the real point, we in the West (and now in the East) have created bubble after bubble after bubble that didn’t “just happen.” No, it took credit…LOTS AND LOTS of credit! I would also like to remind you that whether you are talking about Dollars, Euros, Yen, Pounds, Renmimbi or any other currency that us humans use to trade with…they are ALL credit based currencies. You see, in order to create any of these currencies…someone has to BORROW the money first. Yes I know, the actual pieces of paper can be printed and they are but that is “old school” and for true pikers. I say “pikers” because there is no fun (leverage) involved here, we live in a computer age where the stroke of a few keys can create 100′s times more “digital money” in a day than can actually be printed in a year. THIS is where THE REAL BUBBLE is! The biggest bubble in all of history, (larger than the Tulip mania, South Sea, the Mississippi Bubble, 1929, current global real estate and global stock bubbles combined then cubed) is the current and total global financial system. EVERYTHING EVERYWHERE is based on credit. In fact, over 60% of this “credit” is dollar based and “guaranteed” by the U.S. government. The minor little problem now is that we have reached “debt saturation” levels everywhere. There are no more asset classes left able to take on more credit (air) to inflate the balloon. The other minor detail is that the “asset” that underlies the value of everything (the dollar and thus Treasury securities) is issued by a bankrupt entity. What could possibly go wrong? Like I said above, it all seemed “normal” and even “good” while the bubble was being inflated because even though the price of food, gas and other “stuff” went up…asset prices went up faster…until they didn’t. It was “good” because we, they, pretty much everyone were able to live “larger” than we could have without credit. I mean think about, who would ever complain about living better than you could really afford to or who would ever suggest that “the good life” is wrong? Almost no one. Certainly not the Fed because no matter what they say, they are central bankers. Their primary job no matter what anyone says is to “inflate”…and they have. They have done such a good job that almost every single investment class today will be viewed in the rear view mirror to have been a bubble. But like Alan Greenspan so eloquently (untruthfully) has said, “Who could have known?” This was said in the aftermath of 2008 and will be leaned on again after the entire house of cards collapses. But…even those who currently don’t even have a clue will be able to see what happened because it is just that obvious. P.S. For you animal lovers, I came across the coolest video I’ve ever seen! The best dog I ever had was a Golden Retriever which makes me partial to this but “spectacular” doesn’t even come close. I cannot imagine the time spent with this dog…unless she’s just a natural born dancer! Hope you enjoy it.
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| Finding low-risk miners in today's minefield Posted: 12 Sep 2013 11:20 AM PDT Adrian Day is finding that the glass is definitely half full these days. In this interview, Day is downright exuberant on gold stocks and discusses royalty companies, prospect generators, majors and juniors that can mitigate risk. |
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