Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I picked my buy point but it was too bullish to go there. I don't chase stocks. How are you doing on GDSM?
Premier acquires key claims in Red Lake -
THUNDER BAY, ON, Feb. 6, 2012 /CNW/ -
PREMIER GOLD MINES LIMITED -
(TSX:PG) is pleased to announce that it has entered into
agreements to acquire 100% interest in two key patented claim
groups located on the East Bay Ultramafic Trend in Red Lake.
These claim groups are located proximal to the Footwall Zone on the East Bay Project, one of two active joint ventures Premier has with Red Lake Gold Mines ("RLGM"), a partnership between Goldcorp Inc. and Goldcorp Canada Ltd., in the heart of the prolific Red Lake gold mining district, and north of Rubicon Minerals' Phoenix Gold Project.
In 2010, Premier and Goldcorp discovered the Footwall Zone while testing favourable geophysical structures along the East Bay Ultramafic Trend. The mineralized zones in the Footwall discovery area consist of narrow-vein high-grade structures with numerous intercepts grading in excess of one ounce per ton gold (oz/ton Au) (34.29 grams per tonne (g/t)).
The partnership completed a 2011 drill program testing for extensions of the Footwall Zone and for parallel structures. Assays from this program are expected to be released in the near future and a 2012 drill program has now started to further define mineralization in addition to testing new target areas along the favourable horizon.
Highlights of the Footwall Zone include:
The core area of the mineralized zones has been defined over a strike length of 400 metres and to a depth of 400 metres where it remains wide open for expansion.
The 2011 drill program successfully intersected mineralization on-strike with previous drilling in addition to favourable structures parallel to the main Footwall horizons (assays pending).
Main Footwall (MFW) Drill intercepts include 297.61 g/t Au across 1.0m (8.68 oz/ton across 3.3 ft) and 56.54 g/t Au across 0.9m (1.65 oz/ton across 3.0 ft).
FW2 drill intercepts include 44.82 g/t Au across 1.5m (1.31 oz/ton across 4.9 ft).
Two claims comprising approximately 80 acres are being acquired from Belmont Resources Inc. and International Montoro Resources Inc. (the "Vendors").
Premier will pay the Vendors an aggregate of $20,000 Cash and issue 5,000 Shares of Premier for the acquisition.
The claims are located to the south of the Footwall Zone.
The Vendors will not retain any royalty however the claims are subject to an underlying 3% Net Smelter Return royalty ('NSR') of which 1% can be purchased for $500,000.
Premier has also secured an Option to acquire four claims comprising approximately 53 acres from a private vendor. Premier will pay the vendor $20,000 Cash over a three year period and issue 4,000 Shares of Premier and the vendor will retain a 2% NSR, half of which Premier can purchase at any time for $500,000.
"In recent years, the East Bay Ultramafic Trend has yielded impressive high-grade discoveries that are aggressively being advanced," said Stephen McGibbon, Executive Vice-President of Premier. "These new claim groups are located between the two most active areas and are believed to have the potential to host similar mineralization."
In addition to the East Bay Project, Premier's core Red Lake Project is the Rahill-Bonanza Project that is host to several gold deposits having historical and NI43-101 compliant mineral resources, including the past-producing Wilmar Gold Mine. The Rahill-Bonanza joint venture Project (49% Premier, 51% RLGM) covers approximately 4.5 kilometres of the main Red Lake "Mine Trend" between the world class Red Lake Gold Mines complex to the east, and the Cochenour (Bruce Channel) complex to the west, where an underground exploration tram designed to link the two operations is under construction. This Project represents the last piece of the main mine horizon in the Red Lake gold camp not 100% owned by Goldcorp. Current drilling at Rahill-Bonanza is defining high-grade gold mineralization within the 2E structure where recent drilling has intersected appreciable grades including 68.87 g/t Au across 3.5 m (2.01 oz/t across 11.5 ft uncut) and 46.15 g/t Au across 4.5m (1.35 oz/t across 14.8 ft uncut).
Stephen McGibbon, P. Geo., is the Qualified Person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. Assay results are from core samples sent to Activation Laboratories, an accredited mineral analysis laboratory in Ancaster, Ontario, or to Accurassay Laboratories, an accredited mineral analysis laboratory in Thunder Bay, Ontario, for preparation and analysis utilizing both fire assay and screen metallic methods.
Premier Gold Mines Limited is a well-financed Canadian-based mineral exploration and development company with several projects and deposits in Northwestern Ontario, Nevada and a joint venture in Mexico. In the Red Lake gold mining camp, two are operated in joint venture with Red Lake Gold Mines. The Company holds 100% interests in the PQ North project on the main Musselwhite Gold Mine trend, the Trans-Canada Project and the Saddle Gold project in the heart of the Carlin Trend, Nevada. Premier has recently signed a Letter of Intent with Newmont Mining Corporation to consolidate lands held in the historic Rain Gold Mine area that includes Saddle.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: Info@premiergoldmines.com
Web Site: www.premiergoldmines.com
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=71638414
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-0100
e-mail: Info@premiergoldmines.com
Web Site: http://www.premiergoldmines.com
http://tmx.quotemedia.com/article.php?newsid=47842415&qm_symbol=PG
Premier Gold Mines Ltd. (TSE:PG)
http://www.premiergoldmines.com/s/Home.asp
http://www.premiergoldmines.com/i/pdf/Nov-2011.pdf
http://www.premiergoldmines.com/i/pdf/PG-MainPPT-Nov2011.pdf
http://www.premiergoldmines.com/s/RedLake.asp
http://www.premiergoldmines.com/s/Rahill-Bonanza.asp
http://www.premiergoldmines.com/s/EastBay.asp
http://www.premiergoldmines.com/s/Hardrock.asp
http://www.premiergoldmines.com/s/KeyLake.asp
http://www.premiergoldmines.com/s/Brookbank.asp
http://www.premiergoldmines.com/s/NorthernEmpire.asp
http://www.premiergoldmines.com/s/Leitch-Sandriver.asp
http://www.premiergoldmines.com/s/Nortoba-Tyson.asp
http://www.premiergoldmines.com/s/PQNorth.asp
http://www.premiergoldmines.com/s/Saddle.asp
http://www.premiergoldmines.com/s/GoldenEdge.asp
http://www.premiergoldmines.com/s/SantaTeresa.asp
http://www.premiergoldmines.com/s/Royalties.asp
http://www.premiergoldmines.com/i/pdf/Royalties.pdf
http://www.premiergoldmines.com/s/Home.asp
http://www.premiergoldmines.com/s/NewsReleases.asp
http://www.premiergoldmines.com/s/Presentations.asp
http://www.premiergoldmines.com/i/pdf/PG-Dec-2011.pdf
http://www.premiergoldmines.com/s/RelatedSites.asp
http://www.premiergoldmines.com/s/Events.asp
http://tmx.quotemedia.com/quote.php?qm_symbol=pg&locale=EN
http://tmx.quotemedia.com/quote.php?qm_symbol=PIRGF:US
http://www.premiergoldmines.com/s/QwikReport.asp
http://investorshub.advfn.com/boards/board.aspx?board_id=10569
God Bless
Sold most of my GDSM below .005 (wish I hadn't now), but still did well on it. I'm holding the rest to see what happens.
I find it strange that many of these micro gold 'miners' (many aren't mining anything) are running whereas the juniors and majors remain under pressure.
GDSM--from .0005 to .0075 in a few weeks.
DKGR--from the pits of .000 hell to .002 in a couple of weeks
LBSR--from .02 to .04 in no time
AGCZ--already doubled to .029
BONZ--.007 to almost 2 cents yesterday (pulled back today)
USCS--this has run on no news (still waiting for drill results) from .04 or so to almost a dime today.
And we already know about the heavily pumped ones--NSRS and MSTG. Both went to the moon.
<<<Lots of people making dough on GDSM. I tried to catch it lower, but didn't get filled.>>>
Sorry to read that.... perhaps you would have been better served had you checked your charts a little more carefully.
Just saying....
Lots of people making dough on GDSM. I tried to catch it lower, but didn't get filled.
Yukon-Nevada Gold Corp. Drills 52.30 m Grading 6.17 g/t from West Mahala, Jerritt Canyon, Nevada
VANCOUVER, Feb. 13, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG.TO; OTC: YNGFF - News) (Frankfurt Xetra Exchange: NG6) is pleased to update results from its 2011 Surface drilling program at the Mahala Project which is located at its wholly-owned Jerritt Canyon gold operation in Nevada, USA. Jerritt Canyon is operated by Queenstake Resources USA Ltd., ("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp. ("YNG" or the "Company").
HIGHLIGHTS
• MAH-456 (West Mahala) intersected 52.30 meters at 6.17 g/t;
• MAH-459 (West Mahala) intersected 29.28 meters at 5.56 g/t;
• MAH-475 (West Mahala) intersected 15.10 meters at 14.92 g/t; and
•SH-1205 (East Mahala) intersected 34.16 meters at 9.98 g/t.
The Company continues to deliver exciting results from the 2011 Mahala surface drill hole assays located proximal to the SSX-Steer and Smith underground mines. These results provide further support to the Company position that the area between the Smith and SSX-Steer mines is strongly mineralized. The Mahala project consists of East Mahala, Mahala, and West Mahala that continue to exhibit outstanding exploration potential for the delineation of additional resources and reserves. West Mahala is growing into a significantly sized mineralized zone.
The additional results of the drill program received as of January 31, 2012 are shown in Tables 1 to 3. Surface plan maps illustrating drill hole locations and an assay summary table can be found on the Company website here:
http://www.yukon-nevadagold.com/i/pdf/WMahalaSurExplUpdateMaps_2011.pdf
and here:
http://www.yukon-nevadagold.com/i/pdf/WMahalaSurExplDrillAssayResults_2011.pdf
Geologic and Engineering modeling are in progress to update the resources and reserves in the Mahala Project area and will be included in an NI 43-101 Technical Report scheduled to be completed in April 2012.
In mid-January substantial snowfall occurred at higher elevations throughout the Jerritt Canyon property. This prompted suspension of surface drilling operations until the upcoming spring/summer 2012 field season. Underground diamond drilling continues at the Smith mine. The Mahala surface drill hole assay results listed in this press release are those that were not included in the previous press release dated January 11, 2012. Details of the geology and mining zones for the present drill hole assay results are included in the previous press release.
Assaying of all samples from the 2011 surface drill program reported in this news release were conducted by ALS Laboratory Group in Reno, Nevada using standard fire assay techniques. Assay intercepts are reported as drilled. True widths have not yet been calculated; given the geometry of the mineralization at Jerritt Canyon, the concept of true width is not always meaningful before delineation drilling has been completed. The company's 2010 and 2011 Quality Assurance and Quality Control protocols are available at the Company's website: http://www.yukon-nevadagold.com/i/pdf/JC_Assay_Protocols.pdf
The information in this news release was compiled and reviewed by William Hofer B.Sc., Chief Geologist, Jerritt Canyon Mine. The information contained in this news release has been reviewed and approved by the Company's Vice President of Exploration, Todd Johnson, M.Sc. (Qualified Person per the requirements of NI 43-101).
Yukon-Nevada Gold Corp. is a North American gold producer in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Nevada in the United States. The Company's focus has been on the acquisition and development of late stage development and operating properties with gold as the primary target. Continued growth will occur by increasing or initiating production from the Company's existing properties.
Contacts
Yukon-Nevada Gold Corp.
Richard Moritz
Senior Director
Institutional Investor Relations
Tel: (604) 688-9427
Email: rmoritz@yngc.ca
Nicole Sanches
Investor Relations Manager
Tel: (604) 688-9427 ext 224
Email: nicole@yngc.ca
www.yukon-nevadagold.com
Click on link below to view the drilling tables:
http://finance.yahoo.com/news/Yukon-Nevada-Gold-Corp-Drills-cnw-3252168346.html?x=0
Gold Heading Back Towards A Monetary System, Not Away By Jim Sinclair
* Tuesday, February 14, 2012
Dear Extended Family,
The Gold Aficionado’s greatest fear is totally without basis. The price of gold will not fall significantly from its points of true standard valuation and the introduction of a new currency system.
Gold is heading back towards a monetary system and not away from it. The producing gold company of the future is the new utility as it dividends a majority of its profits to its shareholders.
The fact that gold is money and not a commodity is the safety latch that opens on its own when all other forms of money close. Gresham’s Law is human nature seeking a standard when all other forms of exchange have mutated to casino chips with national flags on them. Increasing world liquidity multiplies itself in increasing volatility of all things traded until an epic moment when over the top volatility convinces even the most economically ignorant that only a standard that cannot be multiplied by an instant Bernanke helicopter unlimited electronic monetary liquidity system is honest money. It is the flight from the burning values in terms of purchasing power of the casino chips called fiat currency towards a standard that proves Professor Gresham’s Law. It is a study of history that repeatedly shows his thesis that good money, honest money, forces out bad money.
Between now and 2015 gold will meet and, like all markets, exceed its value as a standard of measure. However there will be no repeat of the 1980 to 2001 price adjustment. Of course gold will meet and exceed a number, but its return to that full valuation will be a modest percentage of the total value. Gold is headed to a pendulum point at the introduction of the new virtual Western World Reserve unit for trade settlement.
I see the new system utilizing a Western World M3, which all member governments will agree to as 100 on the Index of Standard Currency Equilibrium. As this measure rises and falls, governments will agree that the value of their Treasury gold will move in the same direction and percentage according to their GDP ranking.
What will of course happen is the Squids of the Western world, the investment banks, will invent derivatives to speculate on member’s gold value requirements, which will change the price of gold in the marketplace and therefore remove the necessity of doing anything from the central banks. Once again the airwaves of the financial world will hang on the weekly announcement of the M figures, but this time it will be for a Global Western M3 tallied by the historical lender of last resort, The US Federal Reserve Bank.
There will be many variations and tweaks to this concept, but once again a new Rentenmark will be invented as a virtual reserve currency unit tied to a standard (gold) with a shadow of control on Western global money supply. A function of control will be by exposure (M3), but not convertibility. Like the Rentenmark it will be a bit of a farce, but it will work due to the demand for a fix that sits in the shadow of gold but is not convertible. This new Rentenmark will not be tradable by general business but rather be the virtual Standard Reserve Currency Unit (SRCU) available only to the central banks of the Global Western Monetary Association. All the present fiat currencies, the casino chips with national flags on them called things like the dollar and euro, will still be around and serving a purpose valued against the virtual Standard Reserve Currency.
The survivor will be gold. Its volatility will subside as it trades around a pendulum point that will be the price of gold on the day of agreement to the setting of the Index of Standard Currency Equilibrium (ISCE).
Assuming Alf Fields has called the number at $4500, then gold would trade in a range around $4500, say by $500, as the derivatives created to speculate on the Global Western world M3 changes via gold’s value.
What would not remain is the purchasing power of each casino chip with a flag on it, fiat currency. That would have fallen victim to currency induced cost push inflation, which now permeates the Western world’s financial system yet to be properly defined.
In conclusion, gold will not fall significantly in value after finding its full valuation as a standard. It will mutate into a currency form the same way German real estate gave the Rentenmark its value when Germany did not own all that much real estate.
The producing gold companies will now return to what they were in the 1940s and 1950s, the utility sector of the equity market as the best and certain yielders.
This is why I do what I do every day. Rather than in the 70s when I carried 22,000 long Comex gold contracts, I am building an entity to carry as many ounces of mineable gold as I possibly can assemble to become a utility equity of the future via outright ownership and royalty. That is done through TRX on the NYSE and TNX on the senior Toronto Stock Exchange.
Regards,
Jim
http://www.jsmineset.com/2012/02/14/gold-heading-back-towards-a-monetary-system-not-away/
George.
Click on "In reply to", for Authors past commentaries.
Happy trading to you.
lol, I really didn't plan on not reading your post's anymore though. All I was getting at was how it is so easy for people to have a pissing contest with each others opinions, and much harder to agree to disagree and leave it alone. Kinda like 99% of the people in this God awful mess of a country. Rather take the easy way out than work hard at something. I enjoy reading your post's RB, I even enjoy your charts. But did any gold chart predict what the BoJ just did? nope, and gold sure the hell is not responding like it should, "yet" lol, anyway, have a great day RB and I didn't mean to piss in anyones bowl of wheaties this morning. ;)
You are certainly welcome to your opinion and always have the freedom to use your own discretion as to what posts you want to read.
Hey RBKissMyAs, I really enjoy reading post's from everyone that leaves them here, but the little jabs about "charts" between you and whoever are really getting overdone. Let me break it down on the theory that some people use, such as myself, when it comes to charts, I don't use charts and they are useless to me when I BUY PHYSICAL gold and silver. I do look at charts to see where the metals might go in a short time frame. But overall T/A is not a tool I use for physical metals. And this is what I think was meant all along from another board member here. Charts can be useful and useless at the same time so to all concerned parties, just agree to disagree and leave the nonsense remarks out of it. Nobody gains anything from it and it really sounds childish when reading it, day in and day out. I mean no disrespect toward anyone here either.......
re Silver
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72079370
"In metals news get your fucking PUTS in gear: So much for the theory that JPM was finished manipulating silver, and was attempting to rid itself from its remaining short silver position.
The commercials increased their net short silver futures position another 5,921 contracts (29.6 million ounces!) in the week ending 2/7/12.
In the last 3 weeks, the commercials have increased their net short silver futures position from 20,382 net shorts to 34,650 net short contracts. This is an increase of 14,268 contracts, or an addition 71.34 million ounces of net short silver positions in just 3 weeks!
As we mentioned this morning, the 1 and 2 month silver lease rates have suddenly plunged into NEGATIVE territory as well, which is very ominous for the paper silver price in the near future. Combine this with the CME Group's slashing of gold and silver margins likely to entice speculative longs back into the futures market, and a 71.34 million increase in the commercial net short position in 3 weeks (likely mainly of the naked variety courtesy our friends at The Morgue), and all the makings are in place for another massive paper raid."
One thing for sure these free and fair markets can be entertaining
Maybe the Chinese just took a break from buying dips.
Can't see why anyone wouldn't be buying when they look at the debt levels displayed here at the debt clock site that someone posted earlier.
http://www.usdebtclock.org/
Of course the big money and powers that be will be thinking around the clock about how to get our gold from us, or to be worth less than whatever paper money they come up with to keep themselves in charge and preserve their own wealth status.
Gold dropping. Wonder how low it will go? I hear there's this nifty thing called a chart that will give us a perty good idea!
Lost kingdoms of Africa: Zimbabwe part 1
Can you elaborate the rest of your thoughts?
George.
Mining company stock owners - note well By Trader Dan
* Monday, February 13, 2012
Most of you who read this site are well aware of my political leanings - I happen to believe that the current administration is perhaps the most inept, reckless and endangering to liberty in the history of this nation and needs to be replaced at the ballot box this coming November.
Those of you who own mining company stocks should take note that as part of the "doomed to fail" budget submitted by the Obama administration, all hardrock mining companies would be required to pay annual rents and royalty fees of no less than 5% of gross proceeds.
Currently a law that is 140 years old, exempts them from paying royalties to the US government.
Environmentalists have been after this law for years and have found their champion in the current occupant of the White House.
The rental portion of this budget would impose a fee on for both public and private lands with the funds supposedly being used to clean up abandoned mines. Coal companies are currently under a similiar plan.
Don't worry however - I am completely assured that every bit of the monies raised from this targetted plundering will be put to good use for the American citizenry with absolutely none of it going to cronies of Obama such as Solyndra.
http://traderdannorcini.blogspot.com/2012/02/mining-company-stock-owners-note-well.html
George.
Click on "In reply to", for Authors past commentaries.
Aurcana Corporation (AUN.V; AUNFF) - by Stonecap Securities
What Could Be... Possible Expansion At Both Operations
Our Aurcana model assumes a maximum throughput of 2,000 tpd at La Negra and 1,500 stpd at Shafter.
The company’s goal is to increase throughput at La Negra to 2,500 tpd in early 2012, generating an average throughput rate of 2,000 tpd for 2012 and 2,500 tpd thereafter. Similarly, Aurcana’s goal at Shafter is to utilize the old Goldfields shaft at the mine as a production shaft allowing the project to achieve a throughput rate of 2,500 stpd in 2013.
Should Aurcana be able to achieve these goals, Aurcana’s total silver production in 2013 and beyond would be in the 7m to 8m oz range versus our current forecast of around 5m oz Ag.
While Aurcana has been able to expand throughput at La Negra from 800 tpd to 1,500 tpd, we are currently maintaining our conservative view of 2,000 tpd as the ultimate throughput at La Negra. Similarly, as Aurcana has yet to commission Shafter, we are currently maintaining our model of 1,500 stpd maximum throughput for the project.
We would likely re-visit our mine model assumptions once Aurcana has successfully completed expansion at Le Negra and provided third party support for a plan to expand throughput at Shafter.
The body of this Morning Advantage note provides a comparison for Aurcana assuming both expansion plans are achievable in the short term relative to our current, more conservative model.
Valuation
We value Aurcana using a 67/33 blend of P/NAV multiples and 2012 CFPS multiples. Our CFPS-based target for Aurcana is $1.24, while our NAV based target is $1.03, resulting in a blended target of $1.10.
Conclusion
We are maintaining our current model and forecasts for Aurcana but note that the company’s expansion plans could significantly increase production beyond our current forecasts. We maintain our Outperform rating and our $1.10 target price.
Expansion Scenarios
Aurcana’s goals are to expand throughput at both La Negra and Shafter significantly in 2012 with the ultimate goal of achieving throughput rates of 2,500 tpd at La Negra and 2,500 stpd at Shafter in 2013. Our assumptions are more conservative and are based on current feasibility work at Shafter and a more modest expansion to 2,000 tpd at La Negra, with 2012 throughput at La Negra averaging 1,850 tpd.
At Shafter the company intends to use the old Goldfields (see Figure 1*) shaft as a production only (or “skip”) shaft allowing it to increase throughput by 1,000 stpd while still hauling around 1,500 stpd via decline. Plans for this expansion are currently at the internal level and have yet to be vetted by any third party engineering groups.
Figure 2* provides a comparison of our current production, EPS, CFPS and NAVPS estimates for Aurcana versus what these estimates would be assuming Aurcana successfully executed the expansion plans outlined above at both La Negra and Shafter.
Conclusion
Aurcana is poised to enter the ranks of the mid-tier silver producers in 2012 once it has successfully commissioned the Shafter mine. Should Aurcana be able to execute its expansion plans at both La Negra and Shafter, the company could rise to the top of the midtier silver producers with the potential for 7m to 8m oz Ag of annual production. While we are not yet factoring these potential expansion scenarios into our model for the company, we may do so in the future, specifically once the company moves Shafter expansion plans from the internal drawing board to a third-party vetted engineering study. In such a case, our 2013 and beyond EPS and CFPS estimates for Aurcana would increase substantially as well as our NAVPS estimate. At this time, we are maintaining our Outperform rating and $1.10 target
price.
* Click on link to view Figures 1 & 2
http://www.geckoresearch.com/sites/default/files/Aurcana_Stonecap_120209.pdf
GDSM getting some nice volume
Technical Weekly Precious Metals Report
* Monday February 13, 2012
Gold
Weekly Report
> See Charts
The metal breached the ascending main support level shown above in pink, but 23.6% Fibonacci correction of the upside move, which started at the bottom of 1522.00 and ended at the top of 1763.00, was able to stop the bearishness. Gold returned to trade again within critical levels, where trading below (C) point of the double harmonic stature and also below 88.6% Fibonacci correction of the CD leg at 1735.00 suggests retesting the support level shown in green, supported by stability below the ascending main support. But at the same time, the metal failed to settle below 1706.00. Therefore, we remain neutral now, awaiting the metal to confirm the breach of 1706.00 with 4-hour closing below it.
The trading range for this week is among the key support at 1640.00 and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Silver
Weekly Report
> See Charts
Silver is still trading sideways in general between 88.6% and 113.0% Fibonacci of the CD leg of bullish Bat harmonic pattern, but still, the metal also trades outside the ascending channel which started at the bottom of 26.14. Momentum indicators are still negative which suggests that silver could extend the downside correction. But to confirm the downside correction, especially with the stability within the sideway range of 34.65 and 32.80, the metal should breach the main support. Therefore, we remain neutral, awaiting the breach of the mentioned level at 32.80.
The trading range for this week is among the key support at 30.30 and key resistance now at 35.70.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
http://ecpulse.com/en/dailyreports/technicalpreciousmetals/2012/02/13/06-01-57/index.htm
George.
Click on "In reply to", for Authors past commentaries.
Proposed tax on bullion, gold coins draws concern from business owner
Feb 12, 2012 (The Frederick News-Post - McClatchy-Tribune Information Services via COMTEX) --
Matt Lerner relies on the wink of gold bullion to draw shoppers into his downtown Frederick coin shop. But lately, the gleam in stores like his has attracted some unwanted attention from state lawmakers.
Lerner, owner of the Frederick Coin Exchange, said he is concerned about a proposal that would have all buyers of rare coins and precious metals paying a 6 percent sales tax. Right now, because of a special exemption, customers who spend more than $1,000 on precious metal or coins can add to their treasure chests tax-free.--
Rolling back the exemption would more than double the markup on many of Lerner's products and could send buyers heading to Pennsylvania or the Internet for their South African Krugerrands.
"It might force our business to open in another state," Lerner said.
The tax proposal offered by Gov. Martin O'Malley is part of a spectrum of cuts and revenue-raising strategies meant to polish the state's financial outlook. His office estimated that abolishing the exemption for precious metal and coin sales of more than $1,000 could glean an additional $3 million for the state; the Maryland Department of Budget and Management believes the state missed out on about $2.9 million in fiscal 2012 because of the tax loophole.
As part of a "balanced approach" to narrowing a budget shortfall, O'Malley decided repealing the exemption was a responsible choice, said Takirra Winfield, spokeswoman for the governor's office.
Initially, the state freed sales of bullion and rare coins from the tax to draw metal businesses to the region. O'Malley believes it is time to revisit the issue and stop offering these vendors special treatment, Winfield said.
Delegate Dana Stein made the same suggestion last year. In a troubled economy, the state should not only cut its budget, but also look at weeding out some tax exemptions, he said.
"I don't think this particular item should be singled out for exemption. Why not ... single out sales of precious art or other antiques?" he asked. "Why just sales of precious metals above a certain value?"
Sen. David Brinkley, a lawmaker from Frederick County, has a different take on the issue. In his opinion, levying a tax on the sizable sales of bullion and rare coins would be like charging a percentage for investment purchases.
Brinkley and Lerner both said some people like to hear the clink of metal in their coffers rather than rely completely on stocks and bonds, especially in a fickle economy.
"A lot of stocks just disappeared overnight," Lerner said. "Gold and silver are something you can hold in your hand."
On Feb. 12, 2007, gold was trading at about $660 per troy ounce; it is now at more than $1,700 for the same amount.
Those who want coins and bullion for their investment value are especially vigilant about getting the most for their money and are sensitive to price changes. Lerner said his highest markup for gold is less than 5 percent.
Not only would businesses potentially leave the state if the sales tax exemption is repealed, he said, but valuable coin conventions now held in Baltimore might also go elsewhere.
The proposal would damage the economy, including the Frederick Coin Exchange, without drawing much money to the state, Brinkley said.
"We're concerned about the sticks and bricks businesses downtown," he said. "Here we have a very successful one, and there are others throughout the state. And you're now penalizing anyone from purchasing their investment from these localities."
Lerner said he has been lobbying state legislators to oppose the governor's proposal.
___ (c)2012 The Frederick News-Post (Frederick, Md.) Visit The Frederick
News-Post (Frederick, Md.) at www.fredericknewspost.com Distributed by MCT
Information Services
http://news.tradingcharts.com/futures/9/0/173379609.html
Making the case for a return to a gold standard:
http://lewrockwell.com/rep3/money-banking-fed.html
END FRACTIONAL RESERVE BANKING • END THE FED!
Vietnam battles 'gold fever' as price soars
By Scott Duke Harris
Feb 12, 2012
Customers buy gold at a jewellery shop in Ho Chi Minh City. The recent gold rush has alarmed Vietnam's government, which is faced with an 18 percent inflation rate and an unstable national currency
Stashing gold at home rather than having cash in the bank is a generations-old habit in communist Vietnam, but a recent surge in prices has sparked government attempts to bring the yellow metal to heel.
Last year the country bought more gold per capita than India or China, according to the World Gold Council, and domestic prices soared by 18 percent -- far outstripping the global market's 11 percent increase.
And old habits are dying hard, according to 60-year-old retiree Truong Van Hue, even if an ounce of gold bullion can now cost up to $100 more in Hanoi than anywhere else in the world.
"I still like to keep my savings in gold. It's safe for retired people like me. I can sell the gold any time, anywhere, when I need cash," he told AFP.
Although the treasure has long been perceived as a safe haven, the recent gold rush has alarmed Vietnam's government, which is faced with an 18 percent inflation rate and an unstable national currency, the dong.
Officials are trying to dampen the gold fever by bringing the trade back into their hands, almost two decades after they formally legalised the already-common practice of private gold ownership and trading.
An alchemy of financial measures initiated last summer include a decree that placed the gold bullion business of Saigon Jewelry Company, a dominant processor and trader, under the control of the central bank.
Limiting widespread street-level trading of gold will, the official line goes, reduce price volatility and prevent retail investors from pouring into the precious metal, which undermines the already-shaky dong.
Customers buy and sell gold at a local gold shop in Hanoi. Officials are trying to dampen the gold fever by bringing the trade back into their hands, almost two decades after they formally legalised the already-common practice of private gold ownership and trading...
To this end, officials are also considering a second measure which could force more than 10,000 jewelry shops to get out of the bullion business and focus strictly on jewelry instead.
"They want to control the gold," said a manager at Phu Quy Jewelry Company, whose digital signs feature the bid and ask prices for local "taels" -- 37.5 grams of gold bullion.
"I really can't say if it's a good or bad idea. But here in Vietnam we need (economic) stability," he said, on condition of anonymity.
For practical reasons, many Vietnamese prefer to keep their savings in gold, saying the 14 percent maximum interest rates offered by banks for dong deposits fall well short of last year's 18.6 percent cost-of-living rise.
Recent slumps in the real estate and stock markets have further heightened the gold rush, economists say, as have signals from the central bank that the dong could be due for another devaluation later this year.
"People have tried to control the damage by fleeing into gold," said Le Dang Doanh, a former senior government economist.
Vietnam's love of the yellow metal is centuries-old, rooted in a history of strife, warfare and want. "Empires may fall, currencies may change... gold will always survive," said sociologist Vu Duc Vuong.
Restricting the gold trade dovetails with an ongoing national campaign to encourage Vietnamese to bank their gold, reversing the practice of keeping it at home.
Details of the plan are not yet public, but bankers say the government is considering ways to lure savers by offering better returns and security.
The government estimates that between 300 and 500 tons of gold are privately held by Vietnamese citizens outside of the banking system, the central bank governor said last month.
Placing this private gold in banks, officials explain, would provide authorities with more leverage to stabilise the economy.
"If the profit is a little higher and the banks prove their credibility, I expect 80 percent of the public will deposit their gold," Nguyen Thanh Truc, CEO of the Agribank Jewelry Company said.
The moves to rein in the gold trade come after a dramatic improvement of living standards since Vietnam started a shift to "market-oriented socialism."
Two decades of economic growth lifted the country to middle income status in early 2011, as measured by the World Bank. But progress is threatened by macro-economic issues including persistently high inflation, and corruption.
A return to single-digit inflation would restore public confidence and cool gold fever, the economist Doanh said, adding that any policy has to address the Vietnamese reliance on gold as a form of security.
"If the policy acts against the interest of the people, they (will) move into informal trading which could hardly be controlled," he said, adding that already an estimated 20 to 60 tons of gold is smuggled into Vietnam each year.
People on Hanoi's Ha Trung Street, a hub of the busy gold trade, are skeptical of the government's efforts.
"They will make it a bit harder, but I believe there will always be ways to trade the bars," said Tran Hoang Long, a 40-year-old gold trader.
http://news.yahoo.com/vietnam-battles-gold-fever-price-soars-063935164.html
Yup, right where that long candlestick is to the left. Those are magnets on every chart no matter what the fundamentals are. Ignoring these signs can be important to one's investing experience as I proved with the GPL chart and it will be proven many times more. Most grandfather gold clocks are just plain old and wrong the majority of the time.
The Terminal Beginning Of The Western Financial World By Jim Sinclair
* Sunday, February 12, 2012
My Dear Extended Family,
The real terminal beginning of the Western Financial world was this week.
Kicking the can down the road is limited by the practical viability of the US dollar and US Treasury Securities market.
QE will go to infinity because there simply is no other tool that can create the amounts of liquidity required instantly by the destruction of the Western world financial system. This destruction was delivered to us via those that have securitized everything.
When you add to this that no default will be declared a default by the International Swaps and Derivative Association you have a guarantee that QE will go to infinity at the cost of the US currency market first and the US bond market second. I put this epic event in the year 2015. I give the US dollar no longer than June of 2012 before the cracks in its armor are visible to all.
The deal that set this in place happened in December when the Fed was confirmed as the lender of last resort to the entire Western financial world when it granted in excess of $500 billion in US dollar swaps to the European Central Bank. The ECB then in turn lent those funds to its member banks to buy European debt in order to paint the auctions of the European debt as viable.
At the same time the Chinese have agreed to be a port in the storm to the euro itself, explaining why it is trading above 1.30 when in truth it should be trading below 1.20 under present circumstances.
The IMF did its part in planning a large rescue package should Greek debt be haircut to 30% of its issued value. The IMF bailout fund will be dollar financed by the Federal Reserve and China. When push comes to shove the IMF bailout funds will benefit to a degree from Chinese dollars as an outsider lender that the IMF, which has already laid the ground, work for.
What will have to be rescued is the banking a system of Euroland and elsewhere holding the debt of Greece. However, what makes you think that other European nations will not demand some degree of equal treatment as the US credit rating agencies continue to downgrade European sovereign debt and the debt of their banking system.
Clearly the International Swaps and Derivatives association will see no default in the Greek credit event because it is voluntary. To declare this as such is the final can kick because it will be met by a demand for equal treatment and that will require infinite QE to hold up the world banking system. This begins a march towards 2015 when gold has a cyclical chance of being full-valued for the time being. A march has begun towards the virtual reserve currency that will have a connection to gold. This march will be toward an equilibrium price of gold and will not repeat the 1980 fall in price.
It is the funds necessary to cover the euro debt haircuts for the banks holding this debt internationally plus the ISAD Credit Event and Determination Committee non-declaration of default that guarantees QE to infinity.
The US dollar may have until June of 2012 before it replaces the euro as the currency of deep concern. Gold can continue for a period of time being played by the hedge funds but its next test is not at $1500 but rather at $2111.
The ISDA is the vehicle that will necessitate QE to infinity by its non-declaration of what is clearly default.
The clock is ticking and Alf’s numbers are in the crosshairs of the gold price. Let us hope that things do not get that bad and gold does its natural task and tries to balance the international balance sheet of the USA. That would speak very poorly for the quality of life the Banksters have planned for our grandchildren.
Gold is going to and maybe beyond Alf’s numbers. Gold shares with real growing extractable ounces will perform as they did in 1979 and 1980.
“Non carborundum est.” Don’t let the bashers get you down. They are so wrong at exactly the wrong time.
Respectfully,
Jim
http://www.jsmineset.com/2012/02/12/the-terminal-beginning-of-the-western-financial-world/
George.
Click on "In reply to", for Authors past commentaries.
Rumble v2 (lol)...look what happens when one forgets a slash...see if this posts and back to bed...
Got the idea from Jim Willie:
http://www.gold-eagle.com/editorials_12/willie020812.html
Rumble in the cellar...(couldn't sleep)...
[chart]http://stockcharts.com/c-sc/sc?s=$GOLD&p=D&b=5&g=0&i=p83648989491&a=257242150&r=3761[chart]
That's a great chart. Tells me all I need to know mainly because I understand the process and have profited from it. My vote based on that chart is BULLISH!
Cork, you are really good at what you do. Really good.
When assessing Gold, Silver or any other metal, charts are not sacrosanct.
Getting something right based on TA isn't proof that it works, just proof that 50/50 odds are pretty generous.
"...the ongoing use of the terminology by market commentators and practitioners – may make you wonder whether technical trading rules are profitable and worth using in your own investing?
Given its popularity, is there something to all this TA, basically?
The short answer is no, not really, at least not in developed markets like the US or the UK. This isn’t to say that there couldn’t be some technical indicator out there somewhere
that might just possibly work consistently in some market. But if there is, it’s escaped the attention of any rigorous academic study on the topic that we’ve
come across. Furthermore, most of the popular TA indicators that are bandied around are nonsense jargon and should be ignored as useless noise. ...No evidence
that the profits to the technical trading rules we consider are greater than those that might be expected due to random data variation."
I have a grandfather clock that works that way too.
I'm watching DUST again too, although gold should do OK as war drums are beaten and fear gets ramped up. The miners are another matter--they get beaten down with the market (which has been going up with less participation).
If you want a VIX-related short, try TVIX. Last year it ran from the teens to over $100 in a couple of weeks.
Everything I see and hear is saying Friday was a shift in momentum and the day to start shorts. Not sure if gold/silver will follow the markets down. I wasn't sure what to make of the lowering of margin requirements, now I think it was to lessen the impact of the upcoming crush, I'm holding my DUST for awhile.
I've been looking forward to this. Bernanke is going to be squeeling like a pig, for a while at least, the longer the better. He deserves everything that happens. Look at the volume.
Gold and Silver COT Reports - Futures By Harvey Organ
* Saturday, February 11, 2012
Italy and its Debt to GDP/Greece debt problems/USA Debt Problems/Gold and silver raid/
Let us head over to the COT report and see how positions changed among our players:
First the gold COT:
Our large speculators:
Here those large specs that have been long in gold added a monstrous 10,142 contracts to their longs and thus provided the fodder for our bankers.
Those large specs that have been short in gold, knew that a raid was coming and added 3994 contracts to their shorts.
Our commercials:
Those commercials who are close to the physical scene and generally long in gold, pitched a rather large 4,470 contracts. They also knew that a raid was forthcoming.
Those commercials who are always short and always provide massive non backed gold paper got the green light from our regulators to add 6,740 contracts to their already burgeoning gold shorts.
Our small specs:
Those small specs that have been long in gold added a rather large for them 4,322 contracts and probably got burnt by our banking heroes
The small specs that have been short in gold covered a very tiny 740 contracts.
The COT report is from a Tuesday to a Tuesday and thus it misses the raid on Thursday/Friday.
You can see that the bankers saw the massive increase in contracts to our large specs and small specs.
They provided the non backed paper and then commenced the raid.
The large specs:
Those large specs that have been long in silver looked at declining inventories everywhere so they decided to add 3774 contracts to their long side.
Those large specs that have been short in silver did not like what they saw so they covered 722 contracts from their short side.
Our commercials:
Those commercials that have been long in silver and are close to the physical scene covered a rather large 1,898 contracts.
Those commercials who have been short in silver from the beginning of time, added a monstrous 4,023 contracts to their short side getting ready for the big raid.
Our small specs:
Those small specs that have been long in silver added a huge 1970 contracts.
Those small specs that have been short in silver added a tiny 545 contracts to their short side.
Conclusion: the bankers supplied the necessary paper knowing full well that a raid was called for on Thursday/Friday. Our banking heroes can carry out their criminal collusive behaviour knowing full well that they have the regulators in their pockets.
http://harveyorgan.blogspot.com/2012/02/italy-and-its-debt-to-gdpgreece-debt.html
George.
Click on "In reply to", for Authors past commentaries.
That long bar around 6.70ish should be respected.
I thought we put that stock to rest a month ago.
New Up-Cycle for Gold By MPtrader
* Friday, February 10, 2012
My big-picture analytics of spot gold argue that a 5.5 month cycle low ended -- and a new cycle started -- at the Dec 29 low of $1522.48, after a multi-month correction from the Sep 6 high of $1921.50.
The 21% decline concluded an intermediate-term correction within the larger, multi-year bull market in gold.
In addition, the climb from $1522.48 to the Feb 3 high at $1763.71 represents part of the first up-leg in a new "up-cycle" that should confront and hurdle next resistance at $1800/04 prior to the probability of a potentially deeper corrective period than the one we are currently in.
Only a decline that breaks $1685/80 will begin to compromise my current constructive outlook that projects a cycle apex sometime in late-April to early May for gold and the SPDR Gold Shares (GLD).
http://www.mptrader.com/middayminute/
George.
Click on "In reply to", for Authors past commentaries.
Needs to find its pivot for an abc up off from. Historically (behaviorally), the stochastic and rsi indicators like to full cycle. So my guess is possibly between a .618-.5 retracement. There's volume support along the .618 so I would lean with that. Have to see what it does. If the retracement is as deep as a .618, that means my buying this past week (pmpix-nugt) was way premature.
What do you see for AUMN ?
Hey RB, check out SDRG. They are supposedly in production with their Chinese operations. MACD and RSI lining up nice. Looks like it could bounce to the upper bollie which is about .15
Trading for .065 currently
chaikin money flow has bottomed hard and is rebounding well - I think its hit bottom
One helpful aspect of monex.com's Live Current Prices webpage, is that it has a chart feature for the coins as well as the metals.
Example for Silver American Eagles silver coins.
http://www.monex.com/prods/silver_eagle_chart.html
Dang, GPL hit 2.42. Guess the post this replies to shows that charts just ain't no good. Where's that white line? Yes kids, 2.40.
***** Latest Commodities Report shows Bank Participation in the Futures and Options Market *****
Updated February 7, 2012
The banks Increased their short positions in Gold and Silver, to their Highest Level since September 2010!
http://www.cftc.gov/MarketReports/BankParticipationReports/index.htm
George.
Click on "In reply to", for Prior Reports.
Followers
|
404
|
Posters
|
|
Posts (Today)
|
1
|
Posts (Total)
|
43463
|
Created
|
01/21/05
|
Type
|
Free
|
Moderators NYBob DiscoverGold |
GOLDBUGS - I-hub's #1 precious metals board was created for those with an affinity for the yellow stuff.
Gold has a long history as a hedge against inflation, and in these challenging times it seems prudent to have a certain portion of your portfolio in gold and other precious metals.
For the novice or experienced trader investing in mining stocks or NYMEX, bullion or coins, exploration stocks or producers, you'll find others with similar interests.
Whether a technical or fundamental trader, long or short term, your questions and input are welcomed and appreciated.
"The GOLDBUGS board" is the place where Goldbugs live.
Articles, technical analysis, charts, and data of interest to goldbugs are all welcome here. Information concerning currencies and commodities are also welcome as these markets influence the PM's.
Rules of the Road:
1) No insults or bashing of another member.
2) Members will maintain an attitude of humility.
3) Members who find they are able to help another member will do so.
If you find the board useful please let us know by clicking the "Add To Favorites" link.
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |