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Dollar slips against euro, yen
By Virginia Harrison, MarketWatch
SYDNEY (MarketWatch) — The dollar slipped against the euro in Asian trading Friday on market optimism over the resolution of Greece’s sovereign-debt crisis.
The euro EURUSD -0.12% rose to $1.4261, from $1.4235 late Thursday.
The European Council was holding a two-day summit in Brussels, concluding Friday, covering debt-plagued Greece among other issues.
House Majority Leader Eric Cantor has pulled out of the bipartisan budget talks because of an impasse over taxes. A deal now rests with House Speaker John Boehner and President Barack Obama.
“A comprehensive reform package agreed upon with the commission, in liaison with the European Central Bank and the International Monetary Fund, and adoption by the Greek parliament of the key laws on the fiscal strategy and privatization must be finalized as a matter of urgency in the coming days,” the European Council said in a statement Thursday.
The statement came amid reports that Greece has gained European Union and International Monetary Fund approval of its latest five-year austerity plan. Read report on reported approval of Greek austerity plan.
The dollar index DXY +0.09% which measures the performance of the U.S. unit against a basket of six rival currencies, edged down to 75.244 from 75.321 late Thursday. See real-time currency quotes and tools.
“At the core, the Fed is on hold, bond yields stay low but don’t fall further, liquidity will drive asset markets up and the dollar, and yen, down,” currency strategists at Societe Generale said.
“This core theme should re-assert itself during July as long as the upcoming data round confirms the soft patch isn’t quicksand, and as long as the Europeans are capable of saving Europe,” they said.
The dollar USDJPY -0.01% slipped to 80.50 Japanese yen, from ¥80.55 late Thursday.
The British pound GBPUSD -0.15% changed hands at $1.6009, up from $1.5979.
The Australian dollar AUDUSD -0.01% rose to $1.0535 from $1.0473 late Thursday.
Virginia Harrison is a MarketWatch reporter based in Sydney.
New York, June 23rd (TradersHuddle.com) – Stocks ended mixed after slashing losses and the NASDAQ turning positive following news that Greece struck a deal with the EU and the IMF on an austerity plan that paves the way for additional emergency funds to be released to the country. The market lost more than 1% in the lows of the session following weak weekly jobless claims and concern over economic growth after the Fed’s soft outlook.
The Dow Jones Industrial Average fell 59.67 points, or 0.49%. The S&P 500 index fell 3.64 points, or 0.28%, while the NASDAQ added 17.56 points, or 0.66%.
The market started under heavy pressure following weak overseas performances on the back of the Fed’s weak outlook and weak Manufacturing PMI data around the globe, spurring a risk-off trade. Futures received additional pressure after the Weekly Jobless Claims Report came also weaker than expected.
In Asia, equity markets ended mostly lower following the soft view for economic growth in the U.S from the Fed, and as it failed to hint any additional stimulus measures to jump-start the recovery. China outperformed, climbing more than 1%, lifted by cement and property stocks, which caught a bid on speculation the companies will benefit from a newly implemented social housing initiative. Participants shrugged off the latest reading of the HSBC's China Manufacturing PMI, which fell from the prior month to 50.1, a level that barely representing expansion.
In Europe, equity markets fell to a 3-month closing low as the higher than expected weekly jobless claims added to the worries from the soft Fed view on U.S. economic growth and unemployment, amid uncertainty over the funding package for Greece, as the country still has to introduce austerity measures, which are widely unpopular in the debt stricken country.
On the economic front, new claims for unemployment benefits posted a surprise gain of 9,000 claims last week to a seasonally adjusted 429,000. And new home sales fell 2.1% in May to a seasonally adjusted annual rate of 319,000, its first decline in three months, but inventories of new homes reached record lows and the median sales price rose slightly
In overnight trade, the Dollar rallied on the weak economic data in both Europe and China. The strength in the greenback weighed heavily on commodities.
Most of the S&P 500 sectors fell, with energy, financials, and consumer staples leading the declines. Technology and consumer discretionary turned positive, posting the only gains among the S&P 500 sectors.
The energy sector was under pressure after crude oil shed 4.4% to settle at $91.02 per barrel. Crude recouped most of its losses from this morning's IEA news, where its members will release 60 million barrels of their strategic reserves, with 30 million coming from the U.S. strategic reserve. The fuel spent a large portion of the session chopping around the $91 level, which is the same area prices were prior to news about the IEA, as it was already under pressure from the higher Dollar and concern over demand. Also in the energy complex, natural gas fell 2.7% to $4.20 per MMBtu after a larger-than-expected build in inventories sent prices to their lowest levels in over a month.
Big oil felt the pressure from the lower prices in the energy complex. Exxon Mobil (NYSE:XOM), the largest U.S. energy producer, fell 1.73% to $78.44, closing below calculated support at $79.42 and posting the biggest percentage decline in the Dow Jones Industrial Average. Exxon traded as low as $77.23 but slashed its losses after Crude oil moved off from their lows as the market realized that the IEA release its less than 1 day of the world’s consumption.
Hess (NYSE:HES), the global integrated energy company based in New York, NY, also weighed heavily in the sector, as shares fell 2.58% to $69.58, closing 2.77% above its calculated support at $67.65.
Coal stocks rebounded from lows, with Peabody Energy (NYSE:BTU), the coal producer with worldwide operations, closing higher by 0.25% to $56.93 after trading as low as $54.72 on concern over China demand. Goldman had upgraded the space, citing strength in thermal coal market earlier in the week.
The plunge in crude oil was reflected in gains in airlines stocks on speculation the drop will lead to lower jet fuel prices and an improved bottom line. United Continental (NYSE:UAL), the world’s largest airline, rallied 4.84% to $25.14, closing above calculated resistance at $24.88 after trading as high as $25.60. The stock is positive for the year, with a gain of 5.54%.
Consumer discretionary stocks also received a lift from the lower energy prices, which participants see as bullish for the U.S. consumer. The sector was also helped by price action in Bed Bath & Beyond (NASDAQ:BBBY), the home furnishings retailer, which surged 5.31% to $56.93, posting one of the biggest percentage gains in the NASDAQ-100 index, on the back of beating on both the top and bottom line. The retailer also issued guidance for second quarter. It sees EPS of $0.77-0.82 versus consensus of $0.82.
Also Home Depot (NYSE:HD), the largest home improvement retailer, helped the sector. Shares jumped 2.06% to $35.65, closing above its calculated resistance at $35.46 and posting the biggest percentage gain in the blue chip index, on the back of new home sales data and the improved environment for U.S. disposable income.
Financials fell 1% as a group, with banks and realty trust pressuring the sector. JPMorgan (NYSE:JPM), the second largest lender, fell 1.52% to $40.07, posting one of the biggest declines in the blue chip index. According to reports a Manhattan Bankruptcy Court Judge approved a settlement that calls for JPMorgan Chase & Co. to pay $861 million in cash and securities to customers of Lehman Brothers Holdings Inc.'s liquidating U.S. broker-dealer business.
Avalonbay Communities (NYSE:AVB), the multifamily REIT, tumbled 2.95% to $127.61, posting one of the biggest declines in the financial sector and closing just 0.48% above its calculated support at $127.
Consumer staples were also under pressure, with Coca Cola (NYSE:KO), the owner of one of the most valuable brands in the world, falling more than2% to $64.98, closing below calculated support at $65.07 and posting the biggest decline in the blue chip index.
The materials sector was also under pressure early on, with stocks falling on concern over demand amid the lackluster growth forecast from the Fed and as the Dollar moved higher; however it was able slash its losses to close near the neutral line. But precious metals were not able to bounce back, as both metals were under the pressure of a stronger greenback. Gold settled lower by 2.1% to $1520.30 per ounce, while July silver tumbled 4.5% to $35.06 per ounce.
iShares Silver Trust (NYSE:SLV), the fund that corresponds to the price of silver owned by the Trust less expenses and liabilities, tumbled 3.18% to $34.37, as silver prices closed pit trade just about $35 an ounce. The trust trimmed its year to date gain to 13.88%. The Silver Trust has calculated support at $33.69 and resistance at $36.71.
Leading the rebound, were shares of Cliffs Natural Resources (NYSE:CLF) the diversified mining and natural resources Company, jumped 2.74% to $86.53, posting the biggest percentage gain in the sector after trading as low as $81.83, as the Dollar moved off its highs of the session. Cliffs has calculated support at $80.37 and resistance at $86.92.
Pharma giants Bristol-Myers Squibb (NYSE:BMY) and Pfizer (NYSE:PFE) buckled the trend and provided support to the healthcare sector after they announced that a blood thinner they developed, Eliquis, proved safer than the current treatment, Warfarin, in preventing strokes. The results from the late stage clinical trial boosted significantly the drugs potential. Bristol-Myers jumped 5.46% to $29.33, closing above calculated resistance at $28.99 and Pfizer climbed 1.82% to $20.65, posting the second biggest percentage gain in the Dow.
Technology was also higher, clearly outperforming and helping the NASDAQ move into positive territory. Micron Technology (NASDAQ:MU), the dynamic random access memory chips maker, jumped 3.18% to $8.43 on the back of strength in the semis space and ahead of its quarterly results. After the close, the stock was being crushed, tumbling 12.57% to $7.37, trading below calculated support at $7.64, after the company missed earnings and revenues expectations. Micron said it earned $0.07 per share, $0.10 worse than consensus, on revenues that fell 6.5% year over year to $2.14 billion, as sales of DRAM products was 7% lower in the third quarter of fiscal 2011 compared to the second quarter of fiscal 2011 due to a decrease in sales volume. On the call, the company’s CEO said that there are no current disruptions from Japan, but saw some fallout on the customer side during the quarter. He also added that desktops and notebooks continue to be weak for DRAM, but enterprise space in server and networking space look good for the 2nd half of the year.
Apple (NASDAQ:AAPL), the maker of iPhones and iPads, also helped the sector by jumping 2.67% to $331.23, closing above its 200day moving average at the $326 level after the stock traded as low as $318.12 at the lows of the sessions to quickly move to the upside in morning trade. The company received approval from the U.S. anti-trust regulators to bid for the patents of bankrupt Nortel Networks and participants awaited a patent ruling in the Eastman Kodak complaint that Apple infringed its 2001 image-preview patent on its iPhone device.
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iShares Silver Trust (NYSE:SLV), the fund that corresponds to the price of silver owned by the Trust less expenses and liabilities, tumbled 3.18% to $34.37, as silver prices closed pit trade just about $35 an ounce. The trust trimmed its year to date gain to 13.88%. The Silver Trust has calculated support at $33.69 and resistance at $36.71.
C-3PO: Sir, the possibility of successfully navigating an asteroid field is approximately 3,720 to 1.
Han Solo: Never tell me the odds.
I'm starting to think another 100,000-200,000 shares isn't a bad idea here. Hoping for an update early next week.
That would be an open down. Back in at $34.12 ...hope we carry through tomorrow and get back to $35ish.
Go big or go home I say :D
Was flipping through the channels...Does Maria Bartiromo look stoned? Or just heavily sedated.
SILVER up $.35+ in the last hour or so :)
Blue Sky now that it went above $6.13...short term would like to see $7/share.
How about we just put out a PR saying the money is in the bank...and skip 1-2 extra PRs?
Just loaded up on Silver Calls (SLV 34.12)
SUGO is a west coast stock, usually trades more about 3 hours after the open, assume most of the buyers are in California (would only make sense since the property is in California).
Also, every time SUGO puts out news it goes on huge volume. I wouldn't rule out a Friday PR...SUGO has done a lot of those in the past. I think it's a dangerous game from here on out to go too long without taking a position. IMO, news could come any time between now and next week. My gut says something by Monday-Tuesday. JMO
These Shares are CHEAP!
...Can't wait for WNRC to start putting out financials and can trade at it's deserving value.
VUQO is a part of a $46 Billion business, just as WNRC is part of a $100 Billion business. I can't stand it when companies say 'if we can just get 1% of market share, we'll all be rich. VuQo has a product that is new, it has to get as much market share in as little time as possible, because the odds are it won't be around in 5-10 years ...that's just the odds (regardless of how it tastes)...you only get one shot to get a boost. Remember all of those other alcohols that had their hay day? Aftershock, Tequilla Rose, Zima, etc. ...got to make the most of this opportunity while you can.
Nothing has changed since Timberline? Cool...they were already given permits, weren't they? Now we just need to get those updated!
I think these guys know SUGO is a go. Otherwise they wouldn't waste any time on a stock board that has no outcome on what SUGO will do.
I was in contact with an environmental group who is broke and they are willing to take a small bribe ($20 and a 6 pack of bud light). SUGO is going to get the green light for a repermit.
The funding won't bring a buyout, but the feasibility study it allows for will. And no need to predict that price until the company starts putting out PRs detailing what most say could be one of the LARGEST GOLD DEPOSITS IN AMERICA.
With Obama devaluing the dollar it would only make sense for a foreign entity to invest or buy into SUGO.
Look for the Chinese to fund the new California Gold Rush.
California - THE NEW GOLD RUSH!
In New California Gold Rush, Old Mines Reopen
SUTTER CREEK, Calif. — Standing in a cramped, slanted and slippery crevice some 500 feet below the earth’s surface, David Cochrane turned his eyes to a ribbon of marbled quartz — mainly gray, amber and white — and found the one hue he was actually looking for.
The rock above is quartz, but in the Sierra foothills of Northern California, gold can be found in tiny quantities in such ore.
“Right there, see? It’s small but it’s very colorful,” Mr. Cochrane said, pointing at a shiny speck no bigger than a seed. “It’s got that nice yellow color.”
It was gold, and if people like Mr. Cochrane have their way, gold will soon be big business again in California’s Mother Lode, in the same area of the Sierra — and occasionally the same mines — where the old-time prospectors once used pickaxes, ore carts and burros to chase their riches.
“People say the Mother Lode’s mined out,” said Mr. Cochrane, a vice president with Sutter Gold Mining Inc., based in Colorado. “But that’s not the case.”
Sutter Gold is just one of several companies seeking to reignite a stagnant industry in California, a state whose early history and growth were intertwined with gold’s discovery, excavation and exploitation.
Mining largely dried up in California after World War II as price controls made the business model unappealing. But with controls gone, and gold now selling at more than $1,300 an ounce, the math makes sense again.
“The price is there,” said James Hesketh, the president and chief executive of Atna Resources, which reopened the Briggs Mine on the western border of Death Valley National Park in 2009. “It’s still a very well-endowed resource state.”
Sutter Gold estimates that there could be $800 million or more in ore under the 3.6 mile stretch it owns in the Mother Lode. And with most of about three dozen local, state and federal permits already in hand, its new Lincoln Mine could be producing gold as early as next year.
But Sutter Gold will not be the first to get back in the game in California. In addition to the Briggs Mine, which last year produced some 25,000 ounces of gold — or about $30 million worth — there is the Mesquite Mine, in Imperial County on the Mexican border, which reopened in 2008. In 2010, that mine outstripped company estimates to produce nearly 170,000 ounces of gold.
Both the Briggs and Mesquite projects are open-pit mines. But here in the Sierra foothills, where the discovery of nuggets in 1848 set off the global rush of prospectors to California, miners are headed back underground. In addition to the Lincoln Mine, plans are afoot to reopen the Idaho-Maryland mine in Grass Valley, a family-friendly area 50 miles northeast of Sacramento.
That mine — now flooded — has not had hard hats in it since 1956, but a Canadian company is convinced that more than one million ounces of gold were left behind. “This was a world-class ore body,” said David Watkinson, chief executive of the Emgold Mining Corporation, which is spearheading the project.
The Idaho-Maryland project is further from being shovel-ready than the Lincoln Mine: pumping out more than 50 years of water will take time, after all, as does completing a variety of environmental impact reports and permitting processes. And the prospect of a newly opened mine has also been met with opposition from some local activists, whose worries are rooted in both the legacy of the first Gold Rush — including contaminated and sediment-filled rivers and hillsides denuded by hydraulic mining — and by more modern quality-of-life concerns like traffic, noise and water rights.
“We’d be looking at reopening a mine in the middle of a city,” said Ralph Silberstein, the president of a grass-roots group called Citizens Looking at the Impacts of Mining in Grass Valley (or Claim-GV). “Which is not a good idea.”
Like many of the other towns in the Mother Lode, Grass Valley has long since moved its economy away from mining toward things like software and tourism. The Gold Rush itself peaked in 1852, according to the state’s Department of Conservation, when nearly four million ounces were discovered in California. By 1971, when the nation went off the gold standard, less than 2,000 ounces were produced in California.
But the rebound in price has led to a rebound in production. Domestic gold mine production in 2010 increased for the first time in a decade, according to the United States Geological Survey. Nevada is by far the largest gold-producing state, producing roughly four times that of all other states combined.
Early California prospectors used pans and their hands to find nuggets in freezing cold streams. Methods soon became more intrusive, however, with machinery and dynamite being used to dig into hard rock and lethal chemicals like mercury and cyanide used to help process the crushed ore.
And while today’s methods are safer, Izzy Martin, chief executive of the Sierra Fund, a nonprofit group devoted to preservation of the Sierra Nevada, says there are several challenges to mining old mines, including what previous companies might have left behind.
“There’s a lot of toxic materials in there,” Ms. Martin said. “And you have to clean it up.”
Such processes can be expensive, particularly in an environmentally attuned state like California. And the worry, Ms. Martin said, is that companies could abandon the work halfway. “And then we’ll be left with this gigantic eyesore,” she said.
For its part, Emgold says its mine will be “a forward-thinking, environmentally responsible business,” which will provide jobs and tax dollars for the local economy. Water from the mine will be treated before it is returned to a local creek, the company says, and some of the mine’s waste rock will even be used to make another product: tile.
And while the Gold Rush miners swarmed the region in a near-lawless crush, Mr. Watkinson says today’s deliberate pace of exploration, permitting and local approval — the Idaho-Maryland project has been in the works on and off for nearly two decades — has made the hunt for nuggets seem almost dull.
“The concept of a ‘gold rush’ is no longer applicable into today’s world,” Mr. Watkinson said. “All anyone can expect to see is resurgence, not a rush.”
That said, there is an undeniable romance surrounding the idea of gold in places like Sutter Creek, a picturesque town of 3,000 where there is a Eureka Street, a Gold Dust Trail and Oro Madre Way.
The Lincoln Mine itself sits just off Highway 49, a reference to the year — 1849 — when the first Gold Rush kicked into high gear. Sutter Gold Mining hopes to break ground this year on its new mill — designed to look like an old mill, per a requirement with the county.
The actual mine will be built out from an existing tunnel that is currently used for tours, a popular attraction drawing some 50,000 visitors a year. But Mr. Cochrane says a mine could be even more lucrative; engineers, using calculations made with modern surveying equipment as well as historic mine records, believe there is nearly 700,000 ounces still in the ground.
On a recent tour, Mr. Cochrane showed off several veins of quartz, flecked with what he said could be either gold — or its deceptive cousin, iron pyrite. Once the mine is fully operational — probably by 2012 — he expects dozens of miners to be blasting into those veins.
“They’re our friends,” he said of the quartz veins. “Because that’s where the gold is.”
Hahaha... It pays to sit on the bid :)
NITE 5000@ .18 x AUTO 5000@ .21
AUTO 20000@.17 x ETMM 6400@ .23
...thin up to $.30 on the ask.
Little bit of buying, some volume, and we can continue to climb upward.
WNRC needed to get a partner like this so that it can expand to other markets and not have to worry about sales. This gives all new markets a revenue stream IMMEDIATELY without having to build up a sales force.
Bigger PR than what it appears.
IMO this clears the path for acquisitions.
NEWS ON WNRC. Continues growth, adds 40% advertising contract!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
WNRC continues to grow --NEWS-- 40% on advertising contract
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
WNRC just put out news on a new advertisng contract...40%
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
WNRC to get 40% of advertising contract.
News out!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
News out on WNRC. Ooga!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
News out on WNRC...one of my best picks.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=64490387
40% and they don't have to do anything. Plus, this means WNRC doesn't have to add the cost (and time, HR, etc.) to hire sales people. All the costs associated with having a sales person and the liabilities are given up. WNRC can focus their time on expanding rather than running the sales team.
Expecting multiple news releases over the next few weeks/months.
Excellent. More news, more exposure, more revenue.
Recession still hurting MWA.
Next bit of news should make $.023 a distant memory.
Feasibility Cost: 5,500,000.00
http://www.sungrominerals.com/images/report.pdf
The Conglomerate Mesa is a remarkable property that is a clone of a Carlin-type system. There are numerous similarities with Carlin systems, which include alteration styles, mineralization
styles, host rock types, and structural settings.
The geochemistry suggests a strong similarity to Carlin–type systems and most of the targets contain gold intercepts in drill holes that would suggest that they are excellent targets with the
potential for discovery.
Conglomerate Mesa is a quality prospect that should be drilled on a grid system and several +2000 foot drill holes should be placed in strategic locations based on geology, geochemistry and geophysics. If this prospect was in Nevada, it would have hundreds of drill holes, as properties of this quality are difficult to find.
Just wouldn't be surprised to see Luis and Bonafacio selling here at $.20 to get paid out. Scammers.
I know. Really! Who would complain about a stock that has gone up 20x in a year and has the potential to go up even more.
Man, I wouldn't ever complain about performance like that.