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When the following statement was made the gold price opened at $783.10, about $93.00 ago.
Mega Move Underway, Stay With It - by Mary Anne & Pamela Aden , Jan 3 2008 11:28AM
Wow, the Bullion Banks are getting desperate. All five lease rates were dropped today and the 1st four are at discounts. The Bullion Banks are actually paying the paper players to borrow silver on the one month, two month, three month and six month contracts.
It might be well to note that the dollar is up slightly against the euro so far this week and yet gold is up strongly.
Currently gold is up $13.80 at $873.10 and silver is up .31 at $15.47.
Boomer, have a great time!
"With Kitco lease rate data not updating at all on Friday, we now have the changes over two days displayed in the link below. Lease rates are now negative for silver all the way out to the 6 month term, and at levels that set new all time lows for lease rates in the one month through 6 month terms. If this data is to be believed, the 3 month silver lease rate was MINUS .33% on Friday. These numbers mean the silver market is under extreme stress, or should we say the bullion banks trying to sell it down are…… There is even some negative backwardation is the silver rates. What this all means is that the bullion banks (lenders) are willing to forego commissions and even give discounts below LIBOR to encourage borrowing of silver".
Today gold closed down $3.70 at $859.30 and silver closed down .14 at $15.16.
Jan 07, 2008 (M2 EQUITYBITES via COMTEX) -- NEM | news | PowerRating | PR Charts -- Newmont Mining Corporation (NYSE: NEM), a gold company, said on 4 January that its indirect wholly-owned subsidiary Newmont Mining B.C. Limited, has entered into an agreement to purchase 189,393,986 common shares of the Canadian gold company Miramar Mining Corporation (Amex: MNG) (TSX: MAE | news | PowerRating | PR Charts ) at a cash price of CAD6.25 per share of its common stock. The company said the common shares taken up under the offer represent around 92% of the outstanding common shares of Miramar, not including the 18,500,000 common shares indirectly owned by Newmont at the time it made the offer.
The common shares that have been taken up under the offer, together with the 18,500,000 common shares already indirectly owned by Newmont, reportedly represent about 93% of the outstanding common shares of Miramar. Newmont stated that it is extending the period for acceptance of its offer until 20:00 (Toronto time) on 18 January 2008 to enable shareholders of Miramar that have not yet tendered to the offer, to do so. Newmont confirmed that it plans to proceed to acquire any common shares of Miramar that are not tendered to the offer pursuant to statutory compulsory acquisition rights.
Langlui, in silver I like Heckla (HL), Wheaton River (WHT), Pan American Silver (PAAS) and Sterling Mining (SRLM). Just about all of these have made significant upward moves already but I believe that this is just the beginning.
I like SRLM simply because they paid cash for the old Sunshine Mine during the Sunshine bankruptcy and made a tremendous deal. The Sunshine Mine was the largest silver mine in the world at one time and I believe that (After seeing the assay results) it will again be one of the largest in the world. Sterling is sitting on top of a mountain of silver.
I like most of the top gold stocks but of the small cap companies I like Madison Enterprises which has gold interests in Papua, and has the Lewis property in Nevada which is adjacent to an operating mine run by Newmont which is a stock that I also like. You must be very patient here. The obvious manipulation of Madison can make the share price swing as much as 35 to 40% in a single trade.
Of the low cap stocks I also like Golden Phoenix (GPXM) which owns gold properties but is also currently mining molybdenum in one of the richest areas in the world if all assay results are proven. I believe that this stock is also currently being held down. It recently made one of the biggest turnarounds in company strength that I have ever seen but the stock price was unaffected.
Kevin, I will put it this way. It is not against the law to sell silver that you do not own but it is against the law not to cover.
The reason that silver has been in the largest short position of any commodity in our history is that the shorts (through manipulation) have made billions during the last 18 years of shorting. Now it is time to pay the piper.
Kevin. Having never seen the o% on all contracts before I wonder if the Central Banks have closed all short contracts on silver. This will force the paper players to cover which will spike the price of silver like never before. I doubt that this is the reason but it is a thought.
I'm sorry about the late response. The storm coming off the Pacific knocked my power out for several hours.
Yamana is a good company but I disagree with the management on their derivative investments. The company is in good shape but the derivative losses are killing their bottom line. If I remember correctly the losses on derivatives were around 50 million for the last quarter. When the company gets out from under that burden the bottom line will be greatly enhanced and the share price will do much better.
My favorite mining company continues to be Goldcorp (GG) even though the stock price has nearly doubled in the past five months. The company has 100's of millions in the bank and very little debt. It is also the lowest cost price per ounce gold producer in the world.
Today gold closed down $2.80 at $863.00 and silver closed down .05 at $15.30. For the week gold is up $24.20 and silver is up .54.
Kevin, I saw that. The Central Banks are doing everything that they can to minimize the losses of the paper players. The roll overs continue but that will only make things worse if they cannot create a huge drop in the silver price. I believe that that is one of the reasons that while gold is at all time highs the silver price continues to increase at a much slower rate. When gold was this high in 1980 the gold/silver ratio was no higher than 17. at the current prices the ratio is now 56.52.
An excerpt from an Aden sisters article posted yesterday:
"Gold is a safe haven, which is why demand is rising. Even though gold’s bull market turns seven years old in February, it’s strong and solid, and a buy and hold strategy is the best way to make the most profits… ride the mega-major wave to completion and keep in mind that the long-term trend has a lot further to run".
The Aden sisters say that the gold bull run will last for another 10 years.
Today gold closed up $9.10 at $865.80 and silver closed up .20 at $15.35.
Gold and silver were doing well in London until the NY market opened. Gold fell $4.90 in 20 minutes and silver dropped .14.
Thanks Utcheevis. All indications are pointing towards this being only the beginning. But I look for silver to do much better than gold over the next one to two years.
Gold and silver were doing well in London until the NY market opened. Gold fell $4.90 in 20 minutes and silver dropped .14.
In London gold is currently up $9.00 at $865.70 and silver is up .20 at $15.35.
Today gold closed up $23.40 at $856.70 and silver closed up .38 at $15.15.
Gold has broken through the all time high by reaching $860.00 an ounce this morning.
Gold and silver are doing well in London this morning with gold currently up $9.40 at $842.70 and silver up .11 at $14.88.
Posts number 12,574, 12,575 and 12,756 have been deleted. Is someone being naughty?
Thanks Boomer. And may your family also have a great new year.
Today gold closed down $4.30 at $834.50 and silver closed up .04 at $14.80. On 12-29-06 gold closed at $636.00 and is up 31.21% for the year. Silver closed at $12.85 on 12-29-06 and is up 15.2% for the year. This is the 1st time in about 50 years of following the metals that I have seen the gold price rise faster than that of silver in a bull market. This is evident when looking at the gold/silver ratio which was 49.49 on 12-29-06 and is now 56.39.
Today gold closed up $11.00 at $838.80 and silver closed up .10 at $14.76. For the week gold is up $27.10 and silver is up .42. the gold/silver ratio is 56.8.
Today gold closed up $2.60 at $827.80 and silver closed down .02 at $14.66. So far this week gold is up $16.10 and silver is up .32.
Today gold closed up $13.00 at $825.20 and silver closed up .16 at $14.68. So far this week gold is up $13.50 and silver is up .34.
Today gold closed up .50 at $812.20 and silver closed up .18 at $14.52.
Platinum continues to hit new all time highs, now $1,526.
Right! It was nice to see gold rise in spite of a stronger dollar.
Actually, for the week, the euro went down against the US dollar. last week $1.4435, this week $1.4355. Friday closing prices, and gold still made a nice advance.
Today gold closed up $13.20 at $811.70 and silver closed up .13 at $14.34. For the week gold is up$18.60 and silver is up .53. The gold/silver ratio is 56.6.
Andean American Intersects 8.09 Metres Grading 7.19 g/t Au, 196.2 g/t Ag and 0.95% Cu at the Invicta Project, Peru
09:00 EST Friday, December 21, 2007
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - Andean American Mining Corp. (TSX VENTURE:AAG)(FRANKFURT:AQN) is pleased to report results from additional infill diamond drilling on the Atenea Structure in its Invicta property in Peru.
Hole AE-DDH-07-34 was drilled on Section ATE-6NW, and intersected the Atenea Structure approximately 125 metres below surface, between drill holes 4411-97-06 and 4411-97-15, drilled by Pangea in 1997. Drill hole 4411-97-06 intersected 5.92 g/t Au, 20.5 g/t Ag and 0.29% Cu over a true width of 16.66 metres, and drill hole 4411-97-15 intersected 0.96 g/t Au, 125.1 g/t Ag and 3.55% Cu over a true width of 1.54 metres.
Kevin, it looks as though we were right about silver only dropping for a couple of days before starting back up. Silver only dropped one day instead of two and has had a nice gain since then. Silver is currently up .21 this morning.
Today gold closed down $1.80 at $801.10 and silver closed up .04 at $14.07. For the week gold is up $8.00 and silver is up .26.
By Peter Degraaf Printer Friendly Version
Dec 19 2007 9:58AM
www.pdegraaf.com
" When people see gold and silver shining brightly amidst the battered economic ruins, they will finally realize that the gold bugs were right all along. "
Buy signals are popping up in many places as a result of today’s positive action in the metal pits.
Since I posted my last article, gold has made several ‘higher lows’, a sign that the bull market is alive and well. Admittedly the HUI, XAU and GDM, went lower than I expected. In retrospect I blame the various ETF’s for drawing money away from the gold and silver stocks. The GLD now has over 19,800.000 ounces of gold in back of it. Even during pull-backs in gold, while investors are dumping their gold stocks, fresh money keeps moving into the GLD.
We are now at a stage where mining stocks are severely under-priced , especially when compared to the ETF’s. Gold production is in decline. The mining world needs 7 new mines to come on-stream every year, to reduce the deficit between gold demand and gold supply. In 1980, every gold producer with a listing was trading at 10.00 or higher.
The ongoing sub-prime credit problems, initially caused by Federal Reserve policy under (‘easy Al’) Mr. Greenspan, are obviously going to be ‘solved’ the only way the Fed knows how, and that is via the printing press, and via digital money.
Throughout history, once a nation embarked on the inflationary route, there has only ever been one final outcome: total destruction of the currency. Since 1913 the Fed, (supposedly created to protect the US dollar – must read: ‘The Creature of Jekyll Island”), has managed to destroy 95% of the purchasing power of the dollar. Does anyone really believe the remaining 5% is safe?
Currencies in a number of countries are being inflated at double digit rates, while the gold supply can only be increased at about 1.6% per year. All the gold ever mined, piled up, would form a cube of less than 20 meters, growing by 12 cm per year. Most of the gold in this hypothetical cube is in the form of jewelry. The driving force behind the current bull market in gold is the fact that fiat money is being created some twelve times faster than gold. In 1980, when gold topped out at 850.00, the US M3 money supply was 1.8 trillion dollars. Today gold is pegged at 800.00, but M3 is now 13 trillion dollars (www.nowandfutures.com). A ratio similar to 1980 puts the potential gold price at $5,600.00.
Central banks are battling the gold price, and they are capable of slowing down its ascent, but they cannot stop it. If they could stop it, gold would still be selling at 260.00 an ounce, the price where Gordon Browne made his last ditch effort, by selling 25 tonnes of British Government gold.
Following are just a few reasons why gold will rise:
1. Annual deficit between production vs consumption.
2. Federal Reserve is printing dollars.
3. USA government is running a fiscal deficit.
4. Congress does not worry about deficit spending.
5. U.S. private debt is at a record high.
6. Many large banks are over-exposed to derivatives.
7. The world is at war against militant Islam. Wars cost money. Wars always last longer than anticipated. Wars are inflationary.
8. The US has gone from a net creditor to a net borrower.
9. The US dollar is in a bear market.
10. ‘Real’ interest rates are negative. Whenever the true rate of price inflation rises to or above interest rates, gold rises.
11. Gold is rising in virtually every currency.
12. Central banks, including the USA, are overstating their gold reserves (www.gata.org)
Today gold closed up $8.40 at $802.90 and silver closed up .22 at $14.03.