East Delta Resources Corp (fka EDLT)

[Renee]

East Delta Resources:

http://www.sec.gov/litigation/litreleases/2012/lr22561.htm

[scion]

SEC revokes Amsel-manipulated East Delta

2010-02-19 14:58 ET - Street Wire
by Mike Caswell
http://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:*SEC-1690184&symbol=*SEC&news_region=C

The U.S. Securities and Exchange Commission has revoked the registration of East Delta Resources Corp., the Montreal pink sheets listing that David and Mayer Amsel face civil charges for manipulating. In an administrative order filed on Feb. 17, 2010, the SEC says the company has failed to file annual and quarterly reports since Dec. 31, 2008.

The order revoking the company comes almost one month after SEC filed a civil complaint against the Amsels and a Montreal man, Victor Sun. It claimed that they manipulated East Delta from 25 cents to $1 and made $1.4-million dumping the stock. (All figures are in U.S. dollars.) So far there as been little progress in the case, as none of the men have filed an answer to the charges.

East Delta has not traded since Jan. 13, 2010, when the SEC halted the company. Prior to the suspension, East Delta was a thin trader, last closing at 1.85 cents on 33,400 shares.

SEC's complaint

The SEC's complaint, filed in the Eastern District of New York on Jan. 26, 2010, identified Mr. Sun as the chief executive officer of East Delta and the Amsels as purported consultants to the company. The Amsels are brothers, with older brother David Amsel living in Montreal and Mayer Amsel living in New York.

According to the complaint, the men manipulated East Delta between 2004 and 2007 with false news releases and manipulative trades. The news releases began in 2004, when the company started claiming that it had one million ounces of minable gold on its Bake property in China. Then, in 2006, the company claimed that it had purchased a producing gold mine called Huaqiao, and that the mine would generate revenue in 90 days.

The company's price and volume rose around the times that the news releases went out. For example, a Feb. 8, 2006, news release announced an inferred resource of 300,000 ounces of gold at Huaqiao. The day it went out, the stock rose from 90 cents to $1.18 and the company's volume increased from 341,905 shares to 2,847,465 shares. On that day, the Amsels sold 90,500 shares for gross proceeds of $93,000, the complaint stated.

The SEC said David Amsel and Mr. Sun knew the claims in the news releases were false. They prepared and signed East Delta's Form 10-K for the nine months ended Dec. 31, 2005, which stated that the company had not yet confirmed the amount of gold at Huaqiao or if it could mine the gold economically. In addition, the company's deal to acquire the mine was in doubt. The SEC said the company expensed a $150,000 deposit it had paid for the mine, and in doing so it cited the uncertainty of closing the deal.

As the company was issuing these misleading news releases, the men carried out a series of wash trades, according to the complaint. Prior to issuing the news, the men had deposited one million shares in accounts they controlled at Canaccord Capital Corp., Golden Capital Corp. and New York-based Kensington Capital Corp. As the company started issuing news, they started trading between their accounts, the SEC said. On some days, accounts controlled by Mayer Amsel were the only ones trading the stock, the complaint stated.

Between February, 2004, and June, 2006, the Amsels sold at least three million shares into the manipulated market, the SEC claimed. They grossed at least $800,000 from the sales. During the same period, Mr. Sun and his family sold at least $600,000 worth of East Delta shares, according to the SEC.

The complaint also alleged that the men hired third parties to buy East Delta shares, further contributing to the false impression that there was an active and liquid market for the company. This included hiring an "investor relations consultant" to buy or find buyers for up to one million shares.

The SEC sought appropriate civil penalties, disgorgement of profits and orders barring Mr. Sun and the Amsels from participating in penny stock offerings. In filing the case, the SEC acknowledged the assistance of the B.C. Securities Commission.

The East Delta case is not the first time that regulators have targeted Mayer Amsel. In June, 1995, the National Association of Securities Dealers (now FINRA) fined him $100,000 and banned him from associating with any NASD member after he used client accounts to enrich a family account. The regulator said he bought shares in various companies using client accounts, and then sold those shares to a family account below market value. The scheme netted him $550,000 in illicit profits.

http://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:*SEC-1690184&symbol=*SEC&news_region=C

[scion]

Administrative Proceedings 34-61423 Jan. 26, 2010 East Delta Resources Corp.

http://www.sec.gov/litigation/admin/2010/34-61423.pdf


http://www.sec.gov/litigation/admin.shtml

[scion]

SEC Files Complaint Against East Delta Resources Corp., Victor Sun, David Amsel and Mayer Amsel for Market Manipulation Scheme

Litigation Release No. 21395 / January 26, 2010

Securities and Exchange Commission v. East Delta Resources Corp., Victor Sun, David Amsel and Mayer Amsel, Civil No. CV10-0310 (E.D.N.Y., filed Jan. 26, 2010)

SEC Files Complaint Against East Delta Resources Corp., Victor Sun, David Amsel and Mayer Amsel for Market Manipulation Scheme

The United States Securities and Exchange Commission (Commission) today filed a complaint against East Delta Resources Corp. (East Delta), Victor Sun, David Amsel and Mayer Amsel in United States District Court for the Eastern District of New York, alleging that they violated the Federal securities laws in a scheme to manipulate the market for the securities of East Delta. According to the complaint, from 2004 through at least 2006, the Defendants pumped up the volume of market activity of East Delta stock, issued false press releases and illegally sold East Delta shares that they had received from East Delta at little or no cost. The fraudulent proceeds from this scheme totaled more than $1,400,000.

The complaint alleges that from 2004 through at least 2006, Mayer Amsel, a consultant to East Delta, engaged in wash sales, matched orders, and other manipulative trading to give the market the false impression that there was real demand for East Delta shares. During this period, East Delta's share price generally moved upward from around $.25 in early 2004 to a high of just above $1 in September 2005 and February 2006. The complaint further alleges that David Amsel, Mayer Amsel's brother and the company's investor relations contact, gave Mayer full authority to trade in his Canadian and U.S. brokerage accounts that Mayer Amsel used to conduct his manipulative trading of East Delta stock. According to the complaint, the purportedly free trading shares Mayer Amsel used to conduct his manipulation came both from East Delta via an improper registration statement on Form S-8, as well as from millions of shares that CEO Victor Sun secretly controlled in the name of others. The complaint also alleges that David Amsel and Victor Sun, as the manipulative trading was ongoing, prepared and caused East Delta to issue and file materially false and misleading and touting press releases and Commission filings about East Delta's mining business. The complaint alleges that David and Mayer Amsel together earned at least $800,000 from the fraudulent scheme, and that Sun earned at least $600,000. In addition, the complaint alleges that East Delta has failed entirely to file its required annual report for 2008 and quarterly reports for the first three quarters in 2009 to the Commission.

The Commission's complaint alleges that East Delta, Sun and the Amsels violated or aided and abetted violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 (Securities Act), Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act Rules 10b-5, 12b-20 and 13a-1. The complaint alleges that East Delta also violated Exchange Act Rule 13a-13, and that Sun violated Exchange Act Section 16(a) and Rules 13a-14 and 16a-3. It seeks a judgment permanently enjoining Defendants from violating these securities laws, requiring an accounting and the payment of disgorgement plus prejudgment interest, requiring the payment of civil monetary penalties, barring Sun and the Amsels from participating in future penny stock offerings, and barring Sun and David Amsel from serving as an officer or director of a registered issuer.

Separately, on January 13, 2010 the Commission suspended trading in East Delta securities for failure to file periodic reports, and today ordered that administrative proceedings be instituted to determine whether to revoke or suspend the registration of the securities of East Delta.

The SEC acknowledges the assistance of the British Columbia Securities Commission, the Quebec Autorite des Marches Financiers and FINRA in its investigation.

For further information, see Release No. 34-61341, Jan. 13, 2009, and Release No. 34-61423, January 26, 2010, and Complaint, Securities and Exchange Commission v. East Delta Resources Corp., Victor Sun, David Amsel and Mayer Amsel, Civil No. CV10-0310 (E.D.N.Y., filed January 26, 2010).


See Also: SEC Complaint
http://www.sec.gov/litigation/complaints/2010/comp21395.pdf

http://www.sec.gov/litigation/litreleases/2010/lr21395.htm

[scion]

Trading Suspensions: 2010 34-61341 Jan. 13, 2010 East Delta Resources Corp.

See also Order
http://www.sec.gov/litigation/suspensions/2010/34-61341-o.pdf

http://www.sec.gov/litigation/suspensions.shtml

[Slojab]

Suspended.

http://www.pinksheets.com/pink/quote/quote.jsp?symbol=EDLT&tabValue=1

[Risicare]

Vancouver broker's 3-year suspension should have been a permanent one


By David Baines, Vancouver SunOctober 3, 2009



The regulatory body for Canadian stockbrokers has come a long way since the 1990s, when it had only one enforcement officer in B.C. and an abysmal enforcement record that included just one contested hearing in an 11-year period.

In those days, it was called the Investment Dealers Association of Canada, and it had the dual role of regulating the brokerage industry and promoting it, an obvious conflict of interest.

Several things have happened since then. The B.C. Securities Commission audited the IDA's disciplinary function in B.C., found it woefully lacking, and told it to shape up. Other provincial commissions came to the same conclusion.

Under pressure, the IDA re-tooled itself and began acting like a self-regulatory body should.

The number of disciplinary cases increased dramatically, most notably contested hearings, which are a good measure of regulatory resolve. Sanctions have increased commensurately, both in number and severity.

More recently, the IDA moved to resolve the inherent conflict of being both a regulatory and lobby group by hiving off its trade industry function. It also reconstituted itself as a more arm's-length regulatory body and adopted a new name: The Investment Industry Regulatory Organization of Canada (IIROC).

While these changes are all positive, it doesn't mean that all its disciplinary decisions make sense. In fact, some are incomprehensible, such as the penalty rendered in the case of Vancouver stockbroker Konstantinos (Dino) Georgakopoulos a few days ago.

Georgakopoulos has not had a very illustrious career as a broker. He started out in 1996 at Georgia Pacific Securities, a firm that has lurched from one regulatory problem to another.

Two years later, he moved to Wolverton Securities, another firm that always seemed to be in hot water with regulators, largely on account of its affinity for stocks listed on the dreadful OTC Bulletin Board, which was Georgakopoulos's specialty.

It was there that he opened an account for David Amsel, whose brother, former U.S. broker Mayer Amsel, had a long regulatory rap sheet.

In 1995, Mayer Amsel was permanently banned as a broker by the National Association of Securities Dealers (NASD) for serious offences, including parking stock in fictitious accounts, for which he used his brother David's address.

He appealed that ban, but the U.S. Securities and Exchange Commission upheld it: "In light of his deliberate and serious misconduct, we consider his exclusion from that business a desirable safeguard for both broker-dealers and members of the public," the SEC ruled.

Two years, later, Mayer Amsel once again came under regulatory scrutiny. The SEC alleged that, while he was still working as broker, he "used manipulative and deceptive practices in a scheme to defraud the market" in a bulletin board stock called Vertex Industries Inc. Without admitting or denying the allegations, he settled the matter by agreeing to another lifetime ban.

In 2002, Georgakopoulos moved to another dodgy Vancouver brokerage firm, Golden Capital Securities. Not only did he open an account for David Amsel, he opened an account for Mayer Amsel, the twice-banned U.S. stock offender. Georgakopoulos claimed he discussed Mayer Amsel's disciplinary record with his bosses at Golden, but there was no evidence of that.

It was obvious the two brothers worked together. They used the same address and phone number, and they both placed trade orders with Georgakopoulos on the same stock.

That stock was another piece of bulletin board junk called East Delta Resources Corp. Both brothers were closely tied to it. In fact, the company and Mayer Amsel shared the same address.

The brothers placed orders to buy and sell thousands of shares, which Georgakopoulos dutifully executed. In many trades, they were both the buyers and the sellers. In many cases, the trades made little economic sense, they were simply trading paper back and forth for no material profit or loss. They not only dominated the market, they were the market: On many days, they accounted for 100 per cent of the trading volume.

Georgakopoulos executed most of these trades through a U.S. brokerage firm called Public Securities Inc., which was East Delta's market maker. He dealt there with a person named John Hull, who was in on the Amsel brothers' scheme.

In 2006, Hull admitted to the NASD that he had manipulated East Delta's share price, largely through the brothers' accounts at Golden Securities. He agreed to a permanent ban as a broker.

That begged the question: Was Georgakopoulos in on the scheme, too? IIROC enforcement staff figured he knew, or ought to have known, that he was facilitating a manipulation.

A hearing was held in December 2008, and in May this year, the hearing panel -- headed by Stephen Gil -- found that Georgakopoulos had ignored many red flags and failed to live up to his duty to act as a gatekeeper for the securities market. Gil also found Georgakopoulos's testimony to be evasive, self-serving and "lacking the ring of truthfulness."

These are serious findings. IIROC enforcement staff asked the panel to revoke his broker's licence for 10 years, but for reasons that are not clear the panel decided on three years. This, in my view, is inconsistent with such a serious lapse in professional conduct. I think Georgakopoulos should be permanently barred from any securities dealings with the public.

One IIROC official suggested to me that Georgakopoulos might have a hard time getting back into the industry in view of his regulatory record. I'm not so sure. After the hearing in December, but before the decision was rendered, Georgakopoulos obtained new employment at Global Securities in Vancouver.

Even after the decision was rendered in May, he kept working there. It wasn't until Sept. 15, after he was officially suspended, that Global terminated his employment. I think that tells you all you need to know about that brokerage firm.

[SPEEDTRADER]

NEWS
East Delta Resources Announces Ni/Cu Plant Re-Organization and Upgrade
Thursday December 18, 9:00 am ET


MONTREAL, Dec. 18, 2008 (GLOBE NEWSWIRE) -- East Delta Resources Corp. (OTC BB:EDLT.OB - News) (Frankfurt:EJK.F - News) announced today that its majority owned subsidiary, Sino-Canadian Metals Inc., which owns a 50-Tonne/day nickel/copper smelter in China, will reorganize the site management structure and upgrade the facility with the intention to restart production in the early part of 2009.
ADVERTISEMENT


The Company spent over $400,000 to build the facility and hire and train operations personnel. The plant is scheduled to operate 24 hours a day using three shifts with a total capacity of 50 tonnes per day. The process mixes nickel-copper ore with several other raw materials, including coal, sulphur, iron, and limestone into its furnace and upon heating generates the primarily product, an intermediate form of Ni-Cu, that is Ni-Cu aggregate or iced Ni-Cu.

The plant commenced operations in late June 2008, underwent preliminarily start-up operations and initial production. In August 2008, the smelter was forced to suspend operations until late fall due to the Chinese Olympic curfew. This adverse event was then followed by the worldwide collapse in commodities prices. To retain profitability, the Company is undertaking equipment modifications and improvements. The most significant area for upgrades is the furnace where energy consumption and efficiency are major cost concerns. These operating costs will further be reduced by the installation of a new monitoring system and refurbishing of the brick lining.

The initial production run of Ni-Cu aggregate has been sent to our customers for further evaluation and pricing and at current world nickel and copper prices, the plant is deemed to still be profitable, with further improvements in profitability expected.

Under the new management plan, the Company's Joint Venture Partner, Professor Liu Jiang, will re-locate to be on site and assist with plant operations. He will be accompanied by his own technical and management team to run the smelter.

Mr. Victor Sun, president and CEO, of East Delta stated, ``Although we have had unfortunate events delay our production, we still anticipate a profitable 2009 from this plant, and with improved commodities prices, we can also re-start our original expansion plans.''

The Companies

East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec whose primary activity is in mine development and production of gold. Through its majority owned subsidiary, Sino Canadian Metals Inc., it also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead.

Sino-Canadian Metals Inc. is a private Delaware corporation, headquartered in Montreal, Quebec and 63% owned by EDLT.

The geographic focus of the Companies is China. With majority interest in several highly-prospective properties, experienced personnel, and an extensive network of contacts in China, the Companies are on-track in implementing their business plans and objectives.

Safe Harbor

Certain statements contained herein are ``forward-looking'' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.



Contact:
East Delta Resources Corp./Sino Canadian Metals Inc.
Victor Sun
[phone]
www.eastdelta.ca

[SPEEDTRADER]

Thnx Tony_from_Mi chart looks good

[I Like Bottom Fishing]

EDLT CHART

[SPEEDTRADER]

hey Stocksurgeon what do you know about East Delta?

[SPEEDTRADER]

how you doing prettynpink?

[moneytimeisback1]

moving up again

[moneytimeisback1]

nice breakout today

[I Like Bottom Fishing]

EDLT CHART
http://www.ddmachine.com

[prettynpink]

Gold slips as mkt eyes possible US rate hike

Tue Jun 10, 2008 4:26pm IST

By Jan Harvey LONDON, June 10, (Reuters) - Gold extended losses in Europe
on Tuesday as the U.S. dollar firmed on speculation an increased
focus on inflation by the Federal Reserve may lead to a hike in
U.S. interest rates later this year. Such a move could halt the dollar's fall, denting gold's
appeal as an alternative investment to the U.S. currency. Gold <XAU=> fell to $883.10/884.10 an ounce at 1028 GMT from
$894.00/896.00 late in New York trade on Monday. Bullion, in line with other dollar-priced metals, has been
sold as the firmer greenback made it more expensive for holders
of other currencies. "Gold has got caught up in a broader commodities
liquidation," said Simon Weeks, director of metals trading at
the Bank of Nova Scotia. "With the authorities increasing
interest rates, you would expect commodities to come off." Weakness in the dollar, which also spurs buying of gold as a
currency hedge, was a primary factor in pushing the precious
metal to a new all-time high of $1,030.50 an ounce earlier this
year. [ID:nL10635551] But the dollar has received a boost over the last week from
the Federal Reserve's increased focus on inflation, which has
raised expectations a rate hike may be forthcoming.
RISKS AND REWARDS The greenback strengthened broadly on Tuesday after a
warning from Fed Chairman Ben Bernanke on the risks of rising
prices and after Treasury Secretary Paulson declined to rule out
intervening in the currency markets to stabilise the dollar. If rates were raised to counter inflation, the dollar would
be likely to benefit, pressuring gold. However, uncertainty over
the outlook for the U.S. currency is still limiting losses. "We are getting to the point where the risk-reward ratio is
strongly in favour of the dollar to the upside, but the market
is going to be cautious about that view," said JP Morgan analyst
Michael Jansen, adding that the European Central Bank is in fact
in a better position to raise its rates than the Fed. In addition, increased worries about inflation are likely to
underpin gold prices in the longer term, Jansen added, as the
precious metal is typically bought as a hedge against rising
prices. "The broad dollar background is not very friendly but there
is a big focus on inflation which is intrinsically supportive of
gold," he said. Spot platinum <XPT=> meanwhile slipped to $2,001/2,011 from
$2,037.50/2,057.50 late in New York, largely tracking gold and
other markets. "In the absence of demand and supply news, platinum is
drifting along with financial market sentiment," said Standard
Bank in a note. Among other precious metals, palladium <XPD=> was flat at
$422.00/427.00, while silver was trading at $16.98/17.05 against
$17.07/17.14. (editing by Christopher Johnson)

[moneytimeisback1]

GREAT DD THANX

[prettynpink]

Gold futures fall on weak global trend

NEW DELHI: Gold futures on Wednesday declined by 0.84 per cent on the Multi Commodity Exchange due to increased selling triggered by weak global trends.

Gold for far-month December contract fell by 0.84 per cent to Rs 12,200 per 10 gram on the MCE at 1230 hrs. The contract recorded a business volume of eight kg.

The metal for June contract eased by 0.44 per cent to Rs 12,109 per 10 gram on taking cues from weakening global markets as gold in US fell nearly 16 dollars an ounce last night. The contract clocked a business volume of 68 kg.

Marketmen said the international markets were under pressure on concerns over rising commodity prices.

They said the US Federal Reserve Chairman Ben Bernanke comments on forex market and rising inflation also impacted the trading sentiment in bullion.

Bernanke said the Fed is working with the Treasury to "carefully monitor developments in foreign exchange markets" and is aware of the effect of the dollar's decline on inflation.

[prettynpink]

Gold Rises without Oil or Euro Support as London Profit Warning Hits Financial Stocks

-- Posted Monday, 2 June 2008 | Digg This Article | Source: GoldSeek.com

London Gold Market Report
from Adrian Ash

SPOT GOLD PRICES jumped 1.2% higher after an early dip on Monday, gaining as European stock markets fell sharply.

The Gold Price then fell back to trade near to last week's close as the New York opening drew near.

US stock futures pointed down, while crude oil prices slipped 1.3% to fall below $126 per barrel.

The Dollar held flat against the Euro and Yen. Financial shares pulled London's FTSE100 index 1% lower – and government bond prices moved higher – after a profits warnings from the UK's eighth largest bank.

Together with a slowdown reported in UK money supply growth, that news knocked the Pound Sterling to a one-week low of $1.9605 on the forex market.

The Gold Price in Sterling jumped to come within 50p of a three-session high at £455.50 per ounce.

"The week ahead is a busy one in terms of data releases," notes Walter de Wet in today's precious metals note for Standard Bank in Johannesburg.

"Most notably," he points to Eurozone Producer Price inflation and GDP figures on Tuesday, followed by ECB and Bank of England interest rate decisions on Thursday.

Friday brings non-farm US payroll data – a key mover for the US Dollar now the futures market forecasts a reversal of Federal Reserve policy and a 0.25% increase in the Fed funds rate by the end of 2008.

"These data releases could see careful and volatile trading," says de Wet. "Gold saw good buying support in Europe on Friday after inflation fears drove the price higher."

Bloomberg's latest weekly survey of gold professionals, however, found one-in-two forecasting a further fall between now and next Friday.

Last week Gold Prices dropped more than 4% as oil prices sank 3.7%. But the metal rose as oil slipped today, after Hurricane Arthur – the first tropical storm of 2008's hurricane season – bypassed Mexico's huge Cantarell oil field overnight, where Pemex pumps 1.07 million barrels per day.

"The storm went by without any major incident or disruption," notes Tetsu Emori, a fund manager at Astmax in Tokyo, "so that's cleared the market of upside risks.

"The other bearish factor is the investigation [into speculation] by the United States, which could reduce liquidity because there's concern among investors."

Following last week's Senate Committee blaming speculation in food and energy markets for the recent record high prices, hedge funds and other large speculators cut their long positions in crude oil by 12% last week according to the latest Commitment of Traders data.

Open interest in Gold Market futures and options shrank by 5% overall, as private investors increased their bets on lower prices by one-third.

Professional funds and traders, in contrast, grew their bullish bets by 2%.

In Tokyo today, Japanese Gold Prices rose back above ¥3,000 per gram at the Tocom futures exchange.

The Nikkei stock index also rose 0.7%, hitting a five-month high as export and banking stocks rose on higher earnings.

"There's no question that anxiety about the credit crunch is easing," reckons one Tokyo strategist.

"People are growing a bit more willing to take risks, and we're also seeing some cash coming in from the Japanese government bond market."

Here in London this morning, however, Bradford & Bingley – the UK's largest "buy-to-let" lender to private real estate investors – issued a profits warning and said US private equity firm Texas Pacific Group will buy almost a quarter of its shares.

A planned £300 million ($589m) rights issue is also being scaled back – and repriced – after B&B's stock closed last week just 6p above the proposed offer price.

Today's news sent London's financial sector sharply lower, with Bradford & Bingley opening the week more than 25% lower.

Meantime in the gold-mining sector, a report from Surbiton Associates says Australian gold output fell 12% in the first three months of 2008, hitting its lowest level in 19 years.

But "[the drops are] nowhere near as bad as they seem," added Surbiton director, Dr. Sandra Close, who pointed to temporary mine closures and heavy rains.

"The primary cause of the sharp drop in output was the lower average grade of ore treated [however]. I suspect some operators are taking every advantage of the high Gold Price to reduce their head grade.

"This allows them to recover more gold over the life of the mine while still maintaining their profitability."

Over in South Africa – where total output per year has halved over the last decade – an unofficial strike halted production last week at the Blyvooruitzicht mine belonging to DRDGold.

The national power utility Eskom, which closed all South African mining production in January by suspending energy supplies, admitted this weekend to facing a "huge challenge" in securing enough coal at "affordable prices" to fire its power stations.



Adrian Ash



Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK's leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – where you can Buy Gold Today vaulted in Zurich on $3 spreads and 0.8% dealing fees.



(c) BullionVault 2008



Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.


-- Posted Monday, 2 June 2008 | Digg This Article | Source
http://news.goldseek.com/GoldSeek/1212412437.php

[moneytimeisback1]

yeah volume picking up

[prettynpink]

some movements on EDLT today!

[prettynpink]

hoping it would get better next week.

[moneytimeisback1]

stock looking good now

[prettynpink]

Gold Continues to Recoup Corrective Losses

-- Posted Wednesday, 21 May 2008 | Digg This Article | Source: GoldSeek.com
The Morning Gold Report by Peter A. Grant

May 21, a.m. (USAGOLD) -- Gold continues to recover corrective losses realized in Mar/Apr, bolstered by record oil and heightened tensions in the Middle East.
Both oil and gold were boosted on Tuesday when the Jerusalem Post ran a story citing an Army Radio report that the US intended to attack Iran before the end of the Bush administration. The Jerusalem Post headline was picked up globally and I initially saw it on Drudge Report.

The original Army Radio report quoted a top Israeli official, who claimed that a senior member of President Bush's entourage had said in a closed-door meeting that Mr. Bush and Vice President Dick Cheney believed that military action against Iran was called for.

While the White House denied the report, they stated that the military option was not off the table.

I did find it interesting that the Jerusalem Post has a tab (a section of their website) dedicated exclusively to 'The Iranian Threat'.

President Bush recently said that, "Iran is an incredibly negative influence" and "the biggest long-term threat to peace in the Middle East." Of particular concern is Iran's alleged ambition to develop nuclear weapons, their ongoing threats to Israel, as well as their support of Hamas, Hezbullah and insurgent forces in Iraq.

President Bush visited Israel last week, to participate in the celebration of the 60th anniversary of the Jewish State. In a speech before the Israeli Knesset, Mr. Bush said, "America stands with you in firmly opposing Iran's nuclear weapons ambitions." He added that, "Permitting the world's leading sponsor of terror to possess the world's deadliest weapons would be an unforgivable betrayal of future generations. For the sake of peace, the world must not allow Iran to have a nuclear weapon."

In the wake of Mr. Bush's visit, Israeli Prime Minister Olmert said that the US President had agreed that "tangible action" was needed to prevent Iran from developing a nuclear weapon.

Recent Iranian threats to cut oil production, with crude prices already well above $120 brl, were viewed by some as a direct threat to the US economy.

The USS Ronald Reagan carrier strike group deployed from San Diego yesterday. While their destination was not announced, it is widely believed the newest Nimitz-class carrier and the six ships in her strike group are headed to the Persian Gulf.

The USS Abraham Lincoln carrier strike group cycled into the Persian Gulf just three weeks ago, replacing the USS Harry Truman. However, both ships were in the Gulf for several days and this was seen as a show of force by the US.

The Truman group remains within striking distance of Iran and was off the coast of Israel as recently as last week. If the Reagan is indeed headed to the region as well, it could mean a considerable escalation of tensions.

In addition, the USS Mount Whitney, the flagship of the 6th Fleet is reportedly deployed off the coast of Lebanon. The Whitney is the Navy's most sophisticated command, control and intelligence ship, capable of coordinating a major attack.

There seems to be growing evidence that the Middle East may be on the verge of further conflict. Both gold and oil have been able to sustain the recent gains, suggesting the story has some traction with the markets.


http://www.goldseek.com/

[prettynpink]

expecting some movements after the news.

[moneytimeisback1]

yep news looked good

[prettynpink]

good day moneytimeisback1! at least there's something to look forward too. hope to hear from them soon

[moneytimeisback1]

news is out http://biz.yahoo.com/pz/080515/142844.html

[prettynpink]

Gold is the most loved, precious asset in Britain
Commodity Online
LONDON: India may be the largest consumer of gold in the world. But people in Britain love wearing gold jewellery the most, says a new study.

According to a report in the World Gold Council web site, jewellery made from gold and other precious metals and gemstones is a key indulgence for British consumers.

A study from Halifax suggests that there is about Euro 52 billion worth of jewellery in the UK's homes. "Some Euro 8.6 billion in gold is worn each day across the British Isles," it says.

"Our research shows that between us we Brits own a staggering amount of jewellery and enjoy making a statement by wearing valuable items when out and about," commented Martin Foulds, senior claims manager with the company.

The most jewellery-loving area of the UK was said to be Northampton, with Euro 469 worth of bracelets, rings, necklaces and other adornments worn each day by residents.

In Glasgow, locals tend to wear jewellery worth Euro 468 each day, with the average value of the items sported in Wrexham reaching Euro 460.

[prettynpink]

Gold Heads for First Weekly Gain in Month on Oil Prices, Dollar

By Feiwen Rong

May 9 (Bloomberg) -- Gold rose in Asia and headed for its first weekly advance in a month as record energy costs and a weaker dollar boosted demand for a hedge against inflation. Silver rose for a second day.

The euro gained from an eight-week low against the dollar after European Central Bank President Jean-Claude Trichet said inflation remains the bank's priority, signaling policy makers won't cut interest rates soon. Crude oil in New York reached a record $124.73 a barrel today.

``Gold rebounded mainly on the dollar's decline and we can see actual demand now'' after the precious metal declined more than 14 percent from a record $1,032.70 an ounce on March 17, Hiroyuki Kikukawa, head of research at IDO Securities Co., said today. ``Gold seemed to be undervalued compared with oil and may try to test $930 an ounce in a few days.''

Bullion for immediate delivery gained $3.20, or 0.4 percent, to $885.05 an ounce at 3:06 p.m. in Singapore. Silver gained 0.7 percent to $16.93 an ounce, after climbing 1.2 percent yesterday.

The euro gained 0.3 percent to $1.5442 at 3:09 p.m. in Singapore, erasing earlier losses that drove it as low as $1.5285 yesterday, the weakest since March 11. The common currency has gained 5.9 percent against the dollar this year.

Inflation will stay high ``for a rather protracted period,'' Trichet said at a press conference in Athens yesterday following the ECB's decision to keep its main refinancing rate at 4 percent.

Record Oil

Record crude oil prices will help keep the precious metal supported as demand for a hedge against inflation may rise, Wang Xinyou, senior gold analyst at Agricultural Bank of China, said by phone from Beijing today.

Crude oil in New York traded at $124.25 a barrel at 3:08 p.m. in Singapore on concern supplies of diesel and gasoline may be insufficient to meet demand during the U.S. summer driving season.

Gold for June delivery was up 0.3 percent to $884.60 an ounce in after-hours electronic trading on Comex at 2:48 p.m. Singapore time.

Gold for April delivery advanced 1.3 percent to 2,966 yen a gram ($882 an ounce) on the Tokyo Commodity Exchange at the same time. Gold for December delivery in Shanghai gained 1.6 percent to 197.29 yuan a gram ($877 an ounce).

To contact the reporter for this story: Feiwen Rong in Singapore at [e-mail]

Last Updated: May 9, 2008 03:13 EDT

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yeah looks like should be moving up again

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Gold Rises in N.Y. as Dollar Falls Against Euro; Silver Gains

By Pham-Duy Nguyen

May 5 (Bloomberg) -- Gold rose, rebounding from a third straight weekly loss, as the dollar weakened against the euro and oil shot to a record in New York. Silver also advanced.

The euro rose as much as 0.6 percent after sliding 1.3 percent against the U.S. currency last week. Gold climbed 27 percent in the past year, touching a record $1,033.90 an ounce on March 17. The euro gained 14 percent against the dollar, setting a record at $1.6019 on April 22. Oil futures jumped as much as 3.5 percent, passing $120 a barrel for the first time.

``The dollar weakness is making gold more attractive,'' said Frank Lesh, a trader at FuturePath Trading LLC in Chicago.

Gold futures for June delivery rose $16.10, or 1.9 percent, to $874.10 an ounce on the Comex division of the New York Mercantile Exchange. The metal dropped 2.4 percent in the past five sessions as the dollar rose 0.9 percent, diminishing the appeal of gold as a currency hedge.

Gold will average $906 this year, Citigroup Inc. analyst John Hill said in a report on May 1. Gold futures averaged $701 an ounce in 2007.

Silver futures for July delivery rose 36.5 cents, or 2.2 percent, to $16.83 an ounce. The price has jumped 13 percent this year, while gold has climbed 4.3 percent.

Gold also gained as higher energy costs boosted the appeal of the precious metal as a hedge against inflation. Crude-oil futures reached a record $120.36 a barrel in New York, surpassing the previous peak of $119.93 set on April 28.

``Gold's bounce was off of crude,'' said Frank McGhee, head metals trader at Integrated Brokerage Services LLC in Chicago.

Falling on Rate Outlook

Still, gold fell 6.1 percent last month, the most in four years, on speculation that the Federal Reserve may slow the pace of interest-rate cuts. The Fed lowered the benchmark bank- lending rate to 2 percent on April 30, the seventh reduction since September, and suggested it may not trim the rate again soon by backing away from a statement indicating a preference for more cuts.

Investment in the StreetTracks Gold Trust, the biggest exchange-traded fund backed by bullion, has dropped 13 percent to 580.4 metric tons from a record 663.8 tons on March 17.

Jewelers are the biggest buyers of gold, accounting for 61 percent of purchases last year, according to London-based researcher GFMS Ltd.

``It will be important for damped fabrication demand to recover before gold can move higher,'' Hill said. ``The key will be downside support from fabrication, probably three to five months out.''

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at [e-mail].

Last Updated: May 5, 2008 14:46 EDT

[I Like Bottom Fishing]

EDLT CHART
http://www.ddmachine.com







Press Release Source: Franklin Mining, Inc.

Franklin Agrees to Sell Bolivian Oil & Gas Holdings
Tuesday September 11, 2007 12:17 pm ET

http://biz.yahoo.com/iw/070911/0300657.html


LAS VEGAS, NV--(MARKET WIRE)--Sep 11, 2007 -- Franklin Mining, Inc. (Other OTC:FMNJ.PK - News) and East Delta Resources Corporation (OTC BB:EDLT.OB - News), Montreal, Quebec, have reached a tentative agreement by which East Delta will buy Franklin Mining's 51% ownership interest in Franklin Oil & Gas, Bolivia S.A. The purchase price has been set at twenty million shares of East Delta common with an anticipated closing on or before October 15, 2007. Franklin Oil & Gas, Bolivia S.A. will retain its full corporate name and continue operating as a Bolivian corporation.

ADVERTISEMENT
Franklin Oil & Gas, Bolivia S.A. has two Bolivian projects under Memorandum of Understanding from YPFB (Yacimientos Petroliferos Fiscales Bolivianos), Bolivia's national petroleum company. Both projects include the construction and future operations of gas-to-liquid (GTL) facilities. One project is in the Department of Santa Cruz and the other in the Department of Tarija.

The Memorandum of Understanding with YPFB precedes the May 1, 2006 nationalization of gas fields and has since been reconfirmed.

About Franklin Mining, Inc: Franklin Mining, Inc. has mining and energy interests in the United States and Bolivia as well as energy interests in Argentina. Franklin Mining, Bolivia S.A. is a wholly owned subsidiary. Franklin Mining, Inc. holds 51% ownership in both Franklin Oil & Gas, Bolivia S.A. and Franklin Oil & Gas, Argentina S.A. Additional company information is available at www.franklinmining.com.

About East Delta Resources Corp: East Delta is a publicly traded Delaware corporation whose primary activity is in natural resources development and production. Until recently the geographic focus of the Company was specifically Southeast Asia but is also seeking lucrative opportunities worldwide.

DISCLOSURES: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Franklin Mining, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Franklin Mining, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Franklin Mining, Inc.

For further information, please visit our website (www.franklinmining.com) or contact our Investor Relations firm, A. S. Austin & Company, 1-702-386-5379.


Contact:

Contact:
Investor Relations firm, A. S. Austin & Company
1-702-386-5379


Source: Franklin Mining, Inc.


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Gold futures rise over 1%, as dollar declines

By Polya Lesova

NEW YORK (MarketWatch) -- Gold futures rose sharply early Monday, rebounding after their decline in the previous session, as weakness in the U.S. dollar underpinned demand for the precious metal. Gold for June delivery rallied $11.60 at $926.80 an ounce on the New York Mercantile Exchange. The dollar index, which tracks the performance of the greenback against a basket of other major currencies, dropped 0.4% to 71.65.

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news East Delta Subsidiary Completes Its Chinese Facility for Producing Nickel-Copper Aggregate

MONTREAL, Apr 17, 2008 (PrimeNewswire via COMTEX) -- East Delta Resources Corp. (OTCBB:EDLT) (Frankfurt:EJK) announced today that its majority owned subsidiary, Sino-Canadian Metals Inc. has completed construction of a metals processing plant that produces a nickel-copper aggregate from ore supplied by local mines.
The facility, owned by Sino-Canadian through its Joint Venture in China, is located in Qinghai Province and has been in development for over a year. The factory was designed and built to profit from the increasing shortage of base metals processing capacity in the region, and in China in general.

The plant is scheduled to operate 24 hours a day using three shifts with an expected capacity of 50 tonnes per day. The process mixes nickel-copper ore with several other raw materials, including coal, sulfur, iron, and limestone into its furnace and upon heating generates the primary product, an intermediate form of Ni-Cu, that is Ni-Cu aggregate or iced Ni-Cu. The waste matter from the furnace is also sold as strengthening material for cement. Additionally, the raw ore used in the process contains small amounts of gold, silver, palladium and cobalt, and as such, these metals will also be produced and sold.

Victor Sun, CEO of Sino-Canadian commented, "We are quite excited about this development, as it will be our first major source of immediate cash flow. The opportunity is excellent. And with nickel and copper prices rising dramatically in recent years and expected, as most experts forecast, to continue to stay at historically high levels, the potential from this undertaking is certainly not overstated."

The Company is now preparing to commence operations and has started training required staff and testing the facility. The launch and trial operations are scheduled for the end of April, 2008, with full production to follow within a month thereafter.

Mr. Sun added, and with caution, "It is worth it to note that, depending on yields and world metal prices, a small 50 tonne plant such as ours can generate annually up to $8,000,000 gross revenues. If successful, we definitely intend to multiply our capacity at this facility, possibly as much as tenfold, and also to replicate this type of facility throughout other parts of China."

The Companies

East Delta Resources Corp. is a publicly traded Delaware corporation, headquartered in Montreal, Quebec whose primary activity is in mine development and production of gold. Through its majority owned subsidiary, Sino Canadian Metals Inc., it also participates in other mineral exploration and mining, specifically, silver, nickel, zinc and lead.

Sino-Canadian Metals Inc. is a private Delaware corporation, headquartered in Montreal, Quebec and 63% owned by EDLT. It is the intent of Sino-Canadian Metals to become a publicly traded company within the next 12 months.

The geographic focus of the Companies is China. With majority interest in several highly-prospective properties, experienced personnel, and an extensive network of contacts in China, the Companies are on-track in implementing their business plans and objectives.

Safe Harbor

Certain statements contained herein are ''forward-looking'' statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: East Delta Resources Corp.


By Staff

CONTACT: East Delta Resources Corp./Sino Canadian Metals Inc.
Victor Sun
[phone]
www.eastdelta.ca

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Why high gold prices don't lead to supply
Demand side may be more bullish if viewed as money
FABRICE TAYLOR

Globe and Mail Update

E-mail Fabrice Taylor | Read Bio | Latest Columns
April 16, 2008 at 6:00 AM EDT

Ask an economist what happens to the supply of a commodity as its price rises and he'll tell you it eventually goes up as producers try to take advantage of good times.

History shows that it isn't necessarily so with gold, though, and that history makes a pretty good case for the metal.

In the 1970s, bullion prices rose from $35 (U.S.) an ounce to $700, yet gold production fell sharply. Why? In 1970, the gold mining industry was in terrible shape. The majority of production – 80 per cent – came from underground mines, and most of that from South Africa. Underground mining is very expensive.

Until 1968, the price of gold was fixed by central banks at $35/ounce (it was called the Gold Pool). The cost of mining wasn't fixed at all, of course, so the profitability of gold mines was crushed. So producers started high-grading their ore bodies, stripping out the richest ore rather than taking a little good rock and mixing it with a little lower-grade rock.

Production rose because the mills kept running at capacity, by and large, but were processing higher-grade ore, and were thus putting more ounces of gold into the market.

At the same time, producers cut back on exploration and development to conserve cash.

This explains why by the time the Gold Pool, and the broader Bretton Woods accord, were fully unwound as the decade turned over, production was peaking, and why, in the seventies, as the price soared, production fell. Mine operators – the ones that survived that is – had to start putting lower-grade ore through their mills because the good stuff was gone.

They hadn't spent enough on exploration, so they hadn't replaced their reserves either. They didn't have the money to expand after so many lean years. Plus, although the price rose for much of the seventies, costs also rose rapidly because of inflation.

Sound familiar? The situation today isn't much different. Gold prices are way up, but producers aren't making much money. And despite a rise in bullion prices – a big and drastic rise – there's not a lot of new capacity coming on stream.

According to the U.S. Geological Survey, world gold production peaked in 2000 at 2,600 tonnes. Gold prices pretty much bottomed, with respect to the current cycle, around that time. In six years, production fell to 2,460 tonnes. There will likely be a small decline when the 2007 numbers are published. Production in 1970 hit 1,480 tonnes before falling to 1,200 in 1975, where it stayed for several years before climbing sharply in the eighties.

But there's a difference between today and the 1970s, says gold maven and stockbroker (and my former business partner) Murray Pollitt, who provided me with the above information.

In the eighties, when gold prices stabilized around $350-$400/ounce, production moved in earnest from underground mining, which is expensive and generally smaller scale but higher grade, to big open-pit mines, which are relatively cheaper but low grade. A lot of tired underground mines, stripped of their juiciest ore, became open pits, thanks to advances in technology and cheap fuel (open pits use a lot of diesel). That allowed ore that was previously uneconomical to see the light of day, literally and financially. But the industry's fortunes didn't improve much, and they really started to turn south in the following decade.

The upshot is that today, while we have rising prices (especially in U.S. dollar terms), we also have soaring costs, dropping production and a dearth of inventory in terms of untapped reserves. Imagine what oil at $112 (U.S.) a barrel will do to open-pit mines.

Look at some of the big projects that are touted as a big deal: Barrick's Pascua Lama, which is way up in the mountains of Chile and has a huge royalty on it, not to mention the billions in investment required to get it going. Galore Creek, in British Columbia, which was mothballed when the cost of getting it producing skyrocketed. Hope Bay? Dubious also.

In a nutshell, supply today is falling, perhaps irrevocably so. Demand? Rising, in fits and starts. There's inflation in the air, there are ETFs that make it easy for retail investors to buy gold directly and there are sovereign funds with tens of billions of dollars looking for a home and probably not looking for more U.S. Treasuries.

The demand side would be even more bullish if gold was still viewed as money. How likely is that ever to happen again?

Well, maybe more likely than you think.

For the past few decades, governments, led by the United States, have done their best to strip gold of its role as currency in favour of paper money. But history is long, and in its fullness, gold has spent far more time playing the role of money than not.

As Mr. Pollitt points out, not that long ago, the United States preferred gold to fiat money. As owner of both a creaky financial system, and the single biggest depository of bullion, it might be tempted to return to that preference one day.

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Gold, Platinum Rise in London, Snapping Three-Day Decline as Dollar Falls

Gold, Platinum Snap Three-Day Decline in London as Dollar Falls

By Chanyaporn Chanjaroen

April 15 (Bloomberg) -- Gold and platinum rose, snapping a three-day decline in London as the dollar traded near a record low against the euro, spurring demand for precious metals as a hedge against further declines in the U.S. currency.

Platinum gained the most in three weeks and gold by the most in a week before a German report that will probably show rising investor confidence, and suggest Europe is weathering financial-market turmoil better than the U.S. Inflation concerns may also stop the European Central Bank lowering interest rates after the Federal Reserve cut 2 percentage points this year.

``The euro is a very strong factor today,'' Gerry Schubert, a director at Fortis in London, said today by phone. ``Gold will also be supported by inflationary pressure.''

Gold for immediate delivery advanced $8.79, or 1 percent, to $933.23 an ounce as of 9:10 a.m. in London. It has climbed 12 percent so far this year. Gold for June delivery added $7.20, or 0.8 percent, to $935.90 in electronic trading on the Comex division of the New York Mercantile Exchange.

Platinum rose $36, or 1.8 percent, to $1,999 an ounce. The metal, used in autocatalysts and jewelry, gained as much as 2.2 percent, the most since March 25 based on closing prices.

An index of German investor and analyst expectations rose to minus 30 from minus 32 in March, the ZEW Center for European Economic Research will say at 11 a.m. in Mannheim, according to economists Bloomberg surveyed.

Demand from India, China, the Middle East and Russia will keep pushing gold prices higher, Citigroup Inc. analyst John Hill wrote yesterday in a report.

Forces Intact

``The forces that have propelled gold for the past five years are intact,'' he wrote.

Gold for immediate delivery will average $900 an ounce this year, compared with $697.61 last year, Hill wrote, reaffirming a Feb. 4 forecast. The precious metal will average $950 next year.

Citigroup raised its forecast for platinum to $2,005 an ounce and for palladium to $443 an ounce.

Palladium for immediate delivery rallied $5.75, or 1.2 percent, to $460.75 an ounce. Silver gained 20.62 cents, or 1.2 percent, to $17.9312 an ounce.

To contact the reporter on this story: Chanyaporn Chanjaroen in London at [e-mail]

Last Updated: April 15, 2008 04:46 EDT

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Gold at $800 per ounce will spur demand

A decline in gold prices will substantially increase demand for the yellow metal, but not until it is about $800 per ounce, according to an analyst.

This is the ideal price for gold to become more accessible to a lot of consumers and investors worldwide, said James Steel, chief commodities analyst at HSBC Bank, who addressed the 6th Dubai City of Gold Conference.

Gold prices, however, could stabilise between $850 and $950 per ounce over a 12-month period as the weak US currency is seen to recover later in the year, according to other panelists at conference, which ended yesterday.

Steel said the price of gold would come down when global markets will have weathered the impact of a credit crisis in the US. He stressed that the current high prices of commodities have favoured the yellow metal.

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Gold futures edge higher, as dollar falls

By Polya Lesova, MarketWatch
Last update: 8:42 a.m. EDT April 11, 2008Print E-mail RSS Disable Live Quotes
NEW YORK (MarketWatch) -- Gold futures edged higher early Friday, as the dollar fell against other major currencies, boosting the investment appeal of the precious metal.
Gold for June delivery gained $2.20 at $934 an ounce on the New York Mercantile Exchange.
On Thursday, gold futures fell $5.70 to end at $931.80 an ounce.
"Traders have again been looking to the currencies for direction this morning, but despite breaking above the short-term down trend line, the metal continues to meet chart resistance, suggesting gold may look to spend some more time consolidating above $900 an ounce," said James Moore, an analyst at TheBullionDesk.com, in a research note.
However, "the mid to longer-term outlook remains bullish as investors look to offset inflation and recession pressures, while placing their money in stronger yielding safe-haven assets," Moore said.
The U.S. dollar fell against most major counterparts, with traders showing little expectation that Group of Seven finance ministers and central bankers will come up with anything this weekend to underpin the currency.
The dollar index, which tracks the performance of the greenback against a basket of currencies, dropped 0.5% to 71.76. See Currencies.
Efforts to come up with an answer to a pernicious and surprisingly persistent credit crisis will be the top job during the Group of Seven industrial nations gathering in Washington Friday. Read more.
"The credit crisis is a much more salient issue for policy makers than the
U.S. dollar," said Marc Chandler, head of currency strategy at Brown Brothers Harriman.
Also on the Nymex, May silver futures gained 9 cents at $18.14 an ounce, while July platinum dropped $14.90 to $2,030.10 an ounce. June palladium edged up $2.60 at $471.35 an ounce.
May copper futures surged 4 cents, or 1.1%, at $3.97 a pound.
Polya Lesova is a MarketWatch reporter based in New York.

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Gold Gains in London, Buoyed by Costlier Oil, Weaker Dollar

By Rachel Graham

April 10 (Bloomberg) -- Gold rose for a second day in London as record oil prices and a weaker dollar spurred investors to buy the metal as a hedge against inflation and as an alterative investment.

Oil rose to an all-time high in New York yesterday. The European Central Bank last month raised its forecast for 2008 inflation to about 2.9 percent, which would be the highest annual rate since 1993. The euro rose to a record against the dollar.

``With oil remaining near new record highs, there is likely to be inflation-hedging gold buying,'' Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd., said in an e-mail. Gold may rise to $950 an ounce as early as today, he said.

Gold for immediate delivery rose $4.90, or 0.5 percent, to $938.90 an ounce as of 11:01 a.m. in London. The metal has advanced 13 percent this year, compared with a 20 percent gain in the UBS Bloomberg Constant Maturity Commodity Index of 26 raw materials, including gold.

Traders are awaiting interest rate decisions from the ECB and Bank of England. The ECB will probably hold its key lending rate at a six-year high of 4 percent, according to all 68 economists in a Bloomberg News survey. The Bank of England will probably cut its main interest rate for a third time since December, according to 52 of 61 economists surveyed.

``If the ECB did cut rates it would mean they are more worried about the credit crisis than inflation -- and that would be bullish for gold,'' O'Byrne said by phone.

Gold for June delivery rose $4.70, or 0.5 percent, to $942.20 an ounce in electronic trading on the Comex division of the New York Mercantile Exchange.

Gold Production

South Africa, the world's biggest precious metals producer, today said gold production plunged 28 percent in February from a year earlier.

Among other metals for immediate delivery in London, silver rose 22 cents, or 1.2 percent, to $18.415 an ounce. Platinum gained $13, or 0.6 percent, to $2,036 an ounce.

Platinum has risen 33 percent this year as production was curbed in South Africa because of power shortages. The nation accounts for about three-quarters of world supply.

``With supply concerns still ongoing and mine operation still vulnerable to power outages the market will remain underpinned and could easily spike to fresh highs,'' James Moore, an analyst at TheBullionDesk.com, said in a report.

Palladium for immediate delivery gained $1.75, or 0.4 percent, to $458.75 an ounce.

To graph technical gauges for gold: Moving Averages Relative Strength Index Fibonacci Back Test Technical Gauges

To contact the reporter on this story: Rachel Graham in London at [e-mail]

Last Updated: April 10, 2008 06:25 EDT

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Why people hold Gold to their hearts
From gold exchange-traded funds (ETFs) to gold stocks to buying physical gold, investors now have several different options when it comes to investing in the royal metal.

But what exactly is the purpose of gold? And why should investors even bother investing in the gold market? Indeed, these two questions have divided gold investors for the last several decades. One school of thought argues that gold is simply a barbaric relic that no longer holds the monitory qualities of the past. In a modern economic environment, where paper currency is the money of choice, gold's only benefit is the fact that it is a material that is used in jewelry.

On the other end of the spectrum is a school of thought that asserts gold is an asset with various intrinsic qualities that make it unique and necessary for investors to hold in their portfolios. In this article, we will focus on the purpose of gold in the modern era, why it still belongs in investors' portfolios and the different ways that a person can invest in the gold market.

In order to fully understand the purpose of gold, one must look back at the start of the gold market. While gold's history began in 3000 B.C, when the ancient Egyptians started forming jewelry, it wasn't until 560 B.C. that gold started to act as a currency. At that time, merchants wanted to create a standardized and easily transferable form of money that would simplify trade. Because gold jewelry was already widely accepted and recognized throughout various corners of the earth, the creation of a gold coin stamped with a seal seemed to be the answer.

Following the advent of gold as money, gold's importance continued to grow. History has examples of gold's influence in various empires, like the Greek and Roman empires. Great Britain developed its own metals based currency in 1066. The British pound (symbolizing a pound of sterling silver), shillings and pence were all based on the amount of gold (or silver) that it represented. Eventually, gold symbolized wealth throughout Europe, Asia, Africa and the Americas.

The United States government continued on with this gold tradition by establishing a bimetallic standard in 1792. The bimetallic standard simply stated that every monetary unit in the United States had to be backed by either gold or silver. For example, one U.S. dollar was the equivalent of 24.75 grains of gold. In other words, the coins that were used as money simply represented the gold (or silver) that was presently deposited at the bank. (For more on this, read The Gold Standard Revisited.)

But this gold standard did not last forever. During the 1900s, there were several key events that eventually led to the transition of gold out of the monetary system. In 1913, the Federal Reserve was created and started issuing promissory notes (the present day version of our paper money) that guaranteed the notes could be redeemed in gold on demand. The Gold Reserve Act of 1934 gave the U.S. government title to all the gold coins in circulation and put an end to the minting of any new gold coins. In short, this act began establishing the idea that gold or gold coins were no longer necessary in serving as money. The United States abandoned the gold standard in 1971 when the U.S. currency ceased to be backed by gold.

The Importance of Gold In the Modern Economy
Given the fact that gold no longer backs the U.S. dollar (or other worldwide currencies for that matter) why is it still important today? The simple answer is that while gold is no longer in the forefront of everyday transactions, it is still important in the global economy. To validate this point, one need only to look as far as the reserve balance sheets of central banks and other financial organizations, such as the International Monetary Fund. Presently, these organizations are responsible for holding approximately one-fifth of the world's supply of above-ground gold. In addition, several central banks have focused their efforts on adding to their present gold reserves.

Gold Preserves Wealth
The reasons for gold's importance in the modern economy centers on the fact that it has successfully preserved wealth throughout thousands of generations. The same, however, cannot be said about paper-denominated currencies.

Courtresy: www.commoditynewscenter.com

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IMF gold sales seen winning US support

Allan Seccombe
Posted: Tue, 08 Apr 2008
[miningmx.com] -- THE once-off sale of 403 tonnes of gold by the International Monetary Fund to bolster its funds is more than likely to go ahead and is not seen to have much impact on the global gold market, said GFMS chairman Philip Klapwijk.


The IMF, in a well telegraphed move, said it was selling the gold to create an endowment with the profits from the sale, which would be held in a “transparent manner with strong safeguards to ensure they do not add to official sales and avoid an risk of market disruption,” said managing director Dominique Strauss-Kahn.

The gold price barely twitched on the news. The gold price was steady above $920/oz and was last at $922/oz.
We bet these sales will be approvedThe facts that it still has to clear the American political system – something which could take a while – and the IMF’s commitment to not disrupt the gold market with the sales over several years soothed market worries. The IMF has 3,217 tonnes of gold or 103.4 million oz worth $95.3bn.

“Given that it’s going to be spread over a number of years and the market is used to 500 tonnes or so coming from Central Bank Gold Agreement countries every year this is not a major dent to sentiment as we can see by the price reaction,” said Klapwijk, the executive chairman of GFMS.

“I’m not in the slightest bit surprised the IMF came out with this statement. We certainly thought it was on the cards they would follow the advice of their expert group, which recommended gold sales,” he told Miningmx.

The expert group looked at ways to turning the financial position of the IMF around and the Executive Board of the Fund drew heavily on the recommendations from the group in putting together a new income and expenditure framework.


Click Here to subscribe to our daily newsletterThere is a $400m gap between income and expenditure at the IMF, which Strauss-Kahn said could be closed within a “few years”.

Strauss-Kahn pointed out the US Congress needed to approve the IMF’s gold sales before that country’s executive director at the IMF could vote in favour of the move.

The US holds a blocking vote in the IMF and has in the past opposed gold sales that were suggested to relieve the debt burdens of highly indebted poor countries.

The need for funding through gold sales has been raised by the IMF a number of times since 2001, with the US last blocking these plans in 2005, said Ross Norman, from TheBullionDesk.com in London.

The market expects the approval will be granted, said Klapwijk.

“The gold sales, if they fit within the US agenda for reform of the IMF’s finances, would be something the US administration would support, and, indeed, the US administration is on record as supporting IMF gold sales this time, in contrast to previous occasions,” he said.

“You will obviously get some debate going within Congress, but I would think there’s a fair chance this could get through. It could be a post-election process, I don’t know,” he said.

“Our bet is that, given the rest of the world is on board and the administration backs the programme, these sales will be approved,” he added.

The sales, far from being a bane for the market, would most likely be welcomed, Norman said.

“Gold mine production is failing to keep up with burgeoning investment demand and the supply deficit has already seen a quadrupling of prices since Gordon Brown, former UK chancellor sold precisely the same tonnage in 2001,” he said.

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hoping for another run today.. hope it gets better today

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i agree its gonna keep going

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Gold rally intact, despite sell-off
A brutal sell-off in gold from record highs above $1,000 an ounce last month has failed to deter market bulls who believe turbulence in financial markets will keep attention firmly on bullion this year

Atul Prakash - Analysis
07 Apr 2008 13:14

LONDON (Reuters) - A brutal sell-off in gold from record highs above $1,000 an ounce last month has failed to deter market bulls who believe turbulence in financial markets will keep attention firmly on bullion this year.

Gold has slipped 13 percent since March 17 when it hit an all-time high of $1,030.80, after spiking 60 percent in just seven months. Gold <XAU=> was quoted at $905.80/906.40 at 1100 GMT on Friday, against $903.40/904.20 in New York on Thursday.

But analysts say the factors that powered the rally are still intact and bullion should hit new peaks this year.

Despite a recent recovery in the dollar, the U.S. currency will struggle to find solid ground in the long term, the Federal Reserve will cut rates again and the crisis in the financial markets will keep many investors focused on gold, they say.

"We are in a bull market because of further easing of global monetary policy, a financial crisis that doesn't want to go away and the Fed has taken unprecedented steps but it hasn't yet eased counter-party fears," said Caesar Bryan, portfolio manager of the $670-million GAMCO Gold Fund in New York.

"This should bode well for gold."

A weaker dollar makes gold cheaper for holders of other currencies and often lifts bullion demand. Investors also look for alternative assets such as commodities to park their money in the event of a falling U.S. currency.

SMALL INVESTORS

Other factors support bullion.

Strong oil prices and lower U.S. interest rates lift gold's appeal as an inflation hedge, while strong returns in the past years have attracted retail bullion investors.

At the last month's peak, gold was up more than 20 percent since the start of 2008 and has doubled from its level two years ago. It surged 32 percent in 2007 and spiked four times since a low of around $250 in August 1999.

Convenient methods of investing in gold, such as exchange traded funds, have opened the market to small investors, while gold producers' move to gradually close their hedging positions -- commitments to sell in future -- have also supported prices.

"We believe weakness in the U.S. dollar has not been exhausted and, with U.S. real interest rates expected to move deeper into negative territory, we are maintaining our bullish outlook towards gold," said Michael Lewis, global head of commodities research at Deutsche Bank.

The dollar gained this week on better-than-expected U.S. data, but has slipped nearly 15 percent over the last 12 months to a record low against the euro. The decline is likely to continue, most analysts say.

BULL TREND INTACT

The U.S. economy has been battered by a collapse in the housing market and a banking sector severely wounded by the credit crunch, prompting fears of a full-blown recession.

This has caused the Fed to pump liquidity into the market and slash rates by 300 basis points since September, undermining the yield appeal of the greenback and prompting heavy selling.

"Gold will pick up again because I don't think the dollar is going to be capable of staging a consistent rally here," said Bill O'Neill, managing partner of LOGIC Advisors.

Despite gold's bullish outlook in the long-term, analysts said it may struggle in the near term after its recent sell-off.

"You could still argue that the longer-term trend is intact, but from a technical perspective, it's looking much less healthy now than it was a while ago," said Tom Kendall, precious metals strategist at Mitsubishi Corp.

"The U.S. economy is by no means out of the woods, inflation is still a very big concern and those things are positive for gold. But it is going to take a while for the market to recover from this current sell-off."

Peter Hillyard, head of metals trading at ANZ Investment Bank, said the recent sell-off had not damaged the bull trend:

"And a knock back could be healthy for the market. It will give time to calm down, take some heat out of the market, and may be the next move up will be more sustainable."

(Additional reporting by Frank Tang in New York)

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Gold falls but holds above $900
Singapore: 4 hours and 2 minutes ago



Gold dropped on Friday as early buying subsided ahead of the release of US jobs data that could offer clues to the direction of the US dollar and precious metals.

Friday's employment report, expected to show the economy sheds jobs in March for a third straight month, will be scrutinised for clues about U.S. interest rate moves. Lower rates elevates gold's appeal as an alternative investment.

Gold dipped to $901.60/902.40 an ounce from $903.40/904.20 an ounce late in New York on Thursday, when it gained more than $5 to track a rally in platinum.

Gold hit a two-month low of $872.90 an ounce on Tuesday on fund selling before staging a modest rebound. It was still 12 percent lower than last month's lifetime high of $1,030.80 and dealers said jewellers showed buying interest at the lows.

"The price will fluctuate around $900. People hesitate to take positions. But for the demand for jewellery, people start to buy little by little," said Yukuji Sonoda, precious metals analyst at Daichi Commodities in Tokyo.

"The situation in platinum is basically similar to gold. Somehow, actual buying enters the market at below $2,000. The price below $2,000 is a good incentive for jewellery makers and investors to buy."

Spot platinum fell to $1,975/1,995 an ounce from $1,985/1,995 an ounce, having risen more than 2 percent in New York on worries that South Africa's state utility could not meet the electricity demand from precious metals miners.

South Africa's power crisis may last many years unless there is a sustained drop in electricity demand in Africa's largest economy, state power utility Eskom said this week. Supply worries, caused by mining disruption in main producer South Africa, sparked speculative buying and propelled the price to record high of $2,290 an ounce on March 4.

The dollar inched up up against the yen on optimism that financial markets may be regaining stability, offsetting worries somewhat about the US economy before the payrolls report.

Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange fell $3.6 an ounce to $905.9 an ounce. "There's light buying on the physical side, but I also see selling from jewellers who have bought gold around $880. There's selling from Indonesia," said a physical dealer in Singapore, referring to Southeast Asia's main buyer.

"But it looks like things have quietened down. Everybody is waiting for the data," he said.

The most active Tokyo platinum futures firmed 6 yen per gram to 6,397 yen. Silver fell to $17.32/17.37 an ounce from $17.36/17.41. Spot palladium rose to $438/443 an ounce from $436/441.

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GoldSeek: Gold Dips Below $900 as Paulson (Almost) Admits Recession, Bond Yields Drop, Inflation Threat Grows

-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com

London Gold Market Report
from Adrian Ash
BullionVault
08:45 EST, Thurs 3 April

THE SPOT PRICE OF GOLD gave back an overnight rally to $905 per ounce early in London on Thursday, slipping $10 per ounce as the US open drew near.

Government debt prices ticked higher, pushing US bond yields further below the rate of inflation, as Asian stock markets closed higher but Wall Street futures pointed lower after US Treasury secretary Hank Paulson finally admitted that "we need to have this correction."

"There is no doubt we're having a tough quarter," Paulson said to reporters in Beijing today. "The economy has turned down sharply.

Paulson remarks turned European stocks sharply down, reversing an earlier gain to put the FTSE100 some 0.5% lower by lunchtime in London.

The US Dollar in contrast pushed ahead with its three-day rally vs. the other major world currencies after Paulson said the United States welcomes the "the accelerated pace of appreciation" in China's currency.

Between Jan. and April the Yuan (or Renminbi) rose 4% vs. the Dollar. It's gained almost one-fifth since daily trading limits were widened by the Beijing authorities in summer 2005, but the Dollar extended a ten-session rally to CNY 7.02.

"The recovery in the Dollar at this point is just corrective," reckons Robin Wilkin, chief technical analyst for commodities and forex at J.P.Morgan in London.

Friday will bring the key Non-Farm Payrolls report from the Bureau for Labor Statistics, widely forecast to show 50,000 job losses in the US economy. A private-sector report issued Wednesday however showed a net increase of 8,000 jobs in March.

For the Gold Market "there is still the risk of a deeper correction into the $850-$825 over the next few days. [But] the longer term bull trend in gold is ongoing."

Today in Shanghai the mainland Chinese stock market rose 3% to unwind a little of its $1.3 trillion losses since December.

Tokyo stocks rose 1.5% on the Nikkei, while Tocom gold futures rose 2.1% to close just shy of ¥3,000 per gram.

The Japanese currency meantime fell to almost ¥103 per Dollar, a four-week low, while the Euro slid two cents lower on a raft of poor European data.

The single currency reached $1.5510 after German services showed a marked slowdown and Eurozone retail sales contracted 0.2% year-on-year in Feb. That helped the Gold Price in Euros hold around €575 per ounce, more than 2.5% above Tuesday's four-month low. (Might that level prove A New Floor in the Gold Price? Find out here...)

"There's still a possibility for gold prices to recover further at some point in the coming quarter," believes David Moore at Commonwealth Bank of Australia in Sydney.

"A lot would depend on the trends in the US Dollar and also I think the Gold Market will be watching the Fed action in coming months. I think the prices could sort of hold roughly around the current levels in the near term."

Yesterday Ben Bernanke, chairman of the Federal Reserve, told the Joint Economic Committee in Congress that he stepped in help bail-out Bear Stearns – formerly the fifth largest US bank – because "the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain.

"Moreover, the adverse effects would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability."

The Fed offered to support unsellable bonds held by Bear Stearns with an open-ended $29 billion loan "to prevent a disorderly failure...and the unpredictable but likely severe consequences for market functioning and the broader economy."

Over in the raw materials sector on Thursday, broad commodity indexes dropped 0.5% as base metals were mixed and crude oil dropped a dollar to $103.60 per barrel.

Wheat futures traded in South Africa – continent's No.3 producer – rose for the first time in a week after surging at the start of 2008.

Global wheat prices now stand at twice their 25-year average. The price of food staples has risen by 80% in the last three years, according to Reuters, with rice hitting a 19-year high this week.

The World Bank now believes that 33 countries face social unrest as a result of the growing inflation threat.

"We need a new deal for global food policy," World Bank president Robert Zoellick – a former US negotiator – told a press conference ahead of next week's meeting of the International Monetary Fund in Washington.

Responding to recent trade barriers imposed by Argentina, Saudi Arabia, India, the Philippines and Vietnam to cap food exports and limit food-price inflation, "this new deal should focus [on] the interconnections with energy, yields, climate change, investment, the marginalization of women and others, and economic resiliency and growth," he said.



Adrian Ash

BullionVault



Gold price chart, no delay | Free Report: 5 Myths of the Gold Market



Formerly City correspondent for The Daily Reckoning in London and head of editorial at the UK's leading financial advisory for private investors, Adrian Ash is the editor of Gold News and head of research at BullionVault – where you can Buy Gold Today vaulted in Zurich on $3 spreads and 0.8% dealing fees.



(c) BullionVault 2008



Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.


-- Posted Thursday, 3 April 2008 | Digg This Article | Source: GoldSeek.com


http://news.goldseek.com/GoldSeek/1207227733.php

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nice close at .18 today. hope it gets better tomorrow

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Don’t overestimate central banks’ control over gold price - analyst

By: Matthew Hill
Published: 2 Apr 08 - 17:19

Investors should not overrate the role of the world's central banks' power over the gold price, an analyst said on Wednesday.

Hartleys director Martin Pyle said central banks contributed to some volatility in world gold prices but in real terms, commanded control over only 25% of world gold reserves.

Quoted in a press release based on his address at the 2008 Paydirt Gold Conference in Perth, Pyle said: "Central banks should not be viewed as the be-all and end-all in influencing the gold price."

"Their control is further limited in that 50% of their holding at any time is also subject to orderly sales agreements and the banks are not achieving these orderly sales currently," he stated.

"What sales they are securing are in the order of US$5-15 billion a year but that is small in terms of the financial scale of global markets - at a time when the gold price has risen by 300%."

"Further diluting the perception of the central banks is the increased availability of gold to the common man. Exchange-traded gold funds (which provide a platform for average citizens to hold gold) have grown substantially in the past five years," said Pyle. "This amounted to only 80 t in 2004 but has now exploded to more than 700 t, with StreetTracks (the largest of these funds) the eighth-largest gold holder in the world."

Edited by: Creamer Media Reporter

http://www.miningweekly.co.za/article.php?a_id=130408

[stocksurgeon]

.18x.19..Great volume though.
520k