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Today gold closed up $8.30 at $656.30 and silver closed up .33 at $11.73. For the week gold is down $14.10 and silver is down $1.06. The ratio is now 55.95.
Their financials do not look good but they are bouncing slightly at the moment probably due to the price of gold which is up $8.60.
NEW YORK (MarketWatch) -- Gold futures rose sharply Friday, recovering from their steep losses in the previous session, after the Federal Reserve cut its discount rate to 5.75% from 6.25%, boosting U.S. stock futures. Gold for December delivery rallied $9, or 1.4%, at $667 an ounce on the New York Mercantile Exchange. On Thursday, gold had tumbled 3% in a broad commodities sell-off. The Federal Reserve said Friday it's cut the discount rate to 5.75%, down from 6.25% previously, in a move aimed at narrowing the gap between the discount rate and the federal funds rate. "Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth," the policy-setting Federal Open Market Committee said in a statement. End of Story
Today gold closed down $20.90 at $648.00 and silver closed down $1.13 after being down $1.38 at one point. For the week gold is down $22.40 and silver is down $1.39.
Kevin, that is a strong possibility. Now is a good time for the shorts to cover their contracts.
I am currently down over five figures on silver alone.
I believe that you will end up being right. It won't be the 1st time.
Dow now down over 300 points.
Kevin, This has got to be the covering of equity losses. I haven't seen it quite this bad in about 25 years.
FAIRBANKS, AK and VANCOUVER, Aug. 16, 2007 (Canada NewsWire via COMTEX) -- SILVERADO - OTCBB: SLGLF/Frankfurt: SLGL/Berlin: SLGL
Silverado announced today that it has contracted with Pickering, Inc. of Jackson, Mississippi, to provide complete architectural and engineering plans for construction of Silverado's lignite water fuel (LWF) demonstration facility. The facility will be located on a 14-acre site already designated in the Red Hills Ecoplex outside Ackerman, MS.
"We're excited about this opportunity," said Pickering principal and senior project manager Thomas R. McConnell. "It's not every day that we design a coal-water fuel facility. When the demonstration plant is operational, we hope also to be involved when Silverado scales up to a full production facility."
Pickering will provide detailed architectural and engineering construction plans for the building, including electrical, mechanical and structural designs for the LWF production and boiler test facility. In addition to the demonstration plant, plans will be conceived and delivered for the laboratory center and offices, storage tanks and the coal loading facility. Pickering, under previous agreement, provided Silverado the conceptual design for the LWF facility and laboratory.
"We have been working with Pickering since the conception of this project and are delighted to take this next step with them," said Silverado Green Fuel president Garry Anselmo. "This will be the first plant in North America entirely dedicated to producing lignite water fuel as a petroleum fuel substitute, and this is the first step."
The symbol for Zijin is ZIJMF.
Zijin Mining`s first-half profit surges 81% on output
Zijin Mining Group Co, owner of China`s largest gold mine, said second-half output of the precious metal may gain by a third after posting an 81% increase in profit for the first six months.
Net income rose to Yu1.2 billion yuan (US$158 million), or Yu0.09/share, from Yu662 million, or Yu0.05 yuan, as prices and output advanced, the company said in a statement on Thursday.
Gold production in the second-half is forecast at 29t compared with 22.3t in the first six months, it said.
Chen Jinghe, chairman of Fujian-province based Zijin, said in March the company plans to acquire more mineral resources and boost exploration. Profit at China`s gold mining companies gained 40% in the first half on rising output and prices, according to the China Gold Association.
“The recent drop in share prices is mainly triggered by Asian stock markets` tumble on US subprime concerns.``
Gold, Silver Fall; Investors Sell Metals to Cover Equity Losses
By Pham-Duy Nguyen
Aug. 16 (Bloomberg) -- Gold fell the most since June in New York and silver prices declined as a plunge in global equity markets prompted investors to sell precious metals to raise cash.
U.S. stocks followed markets in Asia and Europe lower on concern a global credit crunch will slow economic growth. Before today, gold had gained 6.5 percent this year.
``There's just a lot of people running scared,'' said Matt Zeman, a trader at LaSalle Futures Group in Chicago. ``People are selling gold to cover losses in other markets.''
Gold futures for December delivery fell $14.80, or 2.2 percent, to $664.90 an ounce at 10:58 a.m. on the Comex division of the New York Mercantile Exchange. A close at that price would be the biggest decline for a most-active contract since June 8.
Silver futures for September delivery fell 48 cents, or 3.8 percent, to $12.075 an ounce. Before today, the metal had fallen 2.9 percent this year.
The Standard & Poor's 500 Index fell for a fourth straight day and is down 10 percent from a record reached July 19. The S&P 500's biggest drop this year was a 3.5 percent decline on Feb. 27, part of a five-day selloff in global equities that wiped out $2.4 trillion of market value. That week, gold fell 6.2 percent, the biggest weekly decline since July 2006.
``Forced liquidation sales are behind gold's slump,'' said Jon Nadler, an investment-products analyst at Montreal-based Kitco Minerals & Metals Co. ``Safe-haven buying is unable to offset the unwinding of positions by larger players.''
Investors are buying U.S. Treasuries instead of gold, analysts said. Two-year yields fell to the lowest in 22 months.
``The public is not turning to gold but rather Treasuries as the equity markets get pounded,'' said Ralph Preston, senior market analyst at futures brokerage Heritage West Financial Inc. in San Diego. ``A close under $675 is going to put the bulls on the defensive and embolden the bears.''
oops. Sorry Kevin. I just now read your PM. But my answer should be what you were asking about.
Kevin, A couple of months ago when silver was around $14.00 I stated that it was time for silver to take a drop to the $11.75 to $11.85 area. This morning it hit $11.88. I may be wrong but I believe that this is very close to the bottom and we should look for a rise back to the $14.00 to $15.00 area.
Today gold closed up .10 at $668.90 and silver closed down .17 at $12.53.
Boomer, silver is coming back nicely on the day. Silver is currently at $12.65 which is up from an earlier $12.30.
Kevin, I thought that last time silver would drop to $11.75 to $11.85 but it only got down to about $12.00. It now appears as though there is a range in the $12.00 to $13.00 that is being held. I don't worry about ranges in silver because the supply/demand deficit will catch many by surprise when it becomes obvious that silver supply cannot keep up with the demand and supply becomes very limited.
By Haris Anwar
Aug. 14 (Bloomberg) -- The Canadian dollar fell the most in 14 months as U.S. subprime debt losses spread to Canada, darkening the outlook for some local financial firms and the nation's economy.
Banks are refusing to supply more than C$1 billion ($940 million) in emergency financing for as many as 17 Canadian asset- backed commercial paper issuers, including funds run by Coventree Inc., after they failed to sell short-term debt, according to company filings and ratings companies. Gold, silver and copper fell today. Commodities make up about half of Canada's exports.
``The global environment has turned sour against the Canadian dollar,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``Anything that's perceived attached strongly to the global growth cycle is getting hit badly.''
Canada's dollar declined 1.2 percent, the most since June 2006, to 93.71 U.S. cents at 4:08 p.m. in Toronto. One U.S. dollar buys C$1.0672. The Canadian dollar has dropped 2.3 percent since July 25, when it reached a 30-year high.
Government bonds gained as investors bought safer assets. The yield on Canada's two-year bond fell 12 basis points, or 0.12 percentage point, to 4.30 percent, the lowest since mid-May. It's the biggest drop in yield since September 2005. The price of the 3.75 percent security due in June 2009 rose 20 cents to C$99.05. Bond yields move inversely to prices.
Carry Trade
The currency fell 1.5 percent against the yen as investors exiting carry trades bid up the price of the Japanese currency. All 16 most actively traded currencies fell against the yen. The carry trade is a strategy in which investors borrow in Japan, where the benchmark lending rate is 0.5 percent, to buy higher- yielding assets in economies such as Canada, where the lending rate is 4.50 percent.
Coventree, the Canadian firm that failed to sell asset- backed commercial paper because of a credit crunch, said some lenders balked at providing emergency funding for C$700 million ($661 million) of maturing debt. Coventree's funds are among 17 asset-backed commercial paper issuers in Canada seeking emergency funding, said rating company DBRS.
The drop in Canada's currency began after a government report showed Canada's trade surplus narrowed more than analysts forecast. Canada's trade surplus in June narrowed to C$5.27 billion from C$5.87 billion a month earlier, Statistics Canada said today in Ottawa. Economists had forecast a drop to C$5.6 billion, according to the median estimate in a Bloomberg survey.
Slowing export growth may reduce demand for the local currency.
Trade Surplus
The ``trade numbers are not encouraging investors to buy the Canadian dollar,'' said David Powell, a currency strategist at IDEAglobal in New York. ``The recent market turmoil has put into question whether a rate hike will materialize in September,'' said Powell, who expects the Bank of Canada won't raise interest rates at its Sept. 5 meeting.
The Bank of Canada on July 10 increased the benchmark lending rate a quarter-percentage point to 4.5 percent after a pause of more than a year, and said a ``modest'' further increase may still be needed.
Investors in the futures market almost eliminated bets that the Bank of Canada will raise rates. The September bankers' acceptances futures contract yielded 4.63 percent, down from 4.86 percent on July 25. The futures have settled at a three-month lending rate averaging 16 basis points above the central bank's target since Bloomberg started tracking the data.
The problem there is that the company still lost more money than before even with the higher revenues. The company continues to expand on owing more than the entire company is worth.
This morning gold opened in New York down $6.80 at $662.00 and silver down .33 at $12.37.
NEW YORK, Aug 15 (Reuters) - Global gold demand in the second quarter jumped 19 percent year-on-year to 922 tonnes as less volatile prices spurred jewelry buying in India and around the world, industry-sponsored World Gold Council (WGC) said Wednesday.
Total jewelry demand for the second quarter rose 29 percent year-on-year to 675.1 tonnes, propelled by a 89-percent gain in top consumer India, as well as China and the Middle East, WGC said in its quarterly "Gold Demand Trends."
"What we've seen in the latest quarter is a return to a much more normal level of price volatility," George Milling-Stanley, WGC's manager of investment and market intelligence, told Reuters before the release of the report.
Milling-Stanley said that price volatility could be more damaging to jewelry consumption compared with higher gold prices.
"What these figures suggest to me is that consumers seem increasingly comfortable with the level of the price, which is 6 percent above the second quarter of last year," he said.
Today gold closed down $1.00 at $668.80 and silver closed down .07 at $12.70.
The last 10Q was also delayed for a few days.
I'm not sure but I believe that someone that posts here holds this stock. I would be very careful here as the company has been surviving by issuing stock.The total assets has plummeted recently and I am not sure that being affiliated with Goldcorp with bail this company out.
Hemis Announces Additional El Tigre Drill Results
LAS VEGAS, Aug 14, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (OTC Bulletin Board: HMSO; Frankfurt: XZA) is an international resource company with three exploration properties in Mexico and one project in Alaska. Hemis' Santa Rita property in Mexico has an Earn-In Agreement with GoldCorp Inc. (NYSE: GG; TSX: G) through GoldCorp's Mexican subsidiary, Glamis Exploration.
Hemis is pleased to announce additional assay results from the drilling program on its El Tigre gold exploration project in eastern Sonora, Mexico. The initial phase of diamond drilling was recently completed on this project and new assay results have been received for drill holes ELT-002 to ELT-005. The results for ELT-001 have already been reported.
Significant Drill Results -
Interval Width Grade - Grade - Grade - Grade -
Au Ag Mo Cu
ELT-001 -
16 to 32
meters 16 meters 0.033%
42 to 70
meters 28 meters 0.758 gr/T 5.92 gr/T
ELT-002 -
ELT-003 -
32 to 34
meters 2 meters 3.090 gr/T 5.20 gr/T 0.061%
ELT-004 -
36 to 44
meters 8 meters 1.090 gr/T
52 to 58
meters 6 meters 1.095 gr/T 8.10 gr/T 0.063%
ELT-005 -
22 to 54 32 meters 0.739 gr/T 6.07 gr/T 0.264%
Holes ELT-001 to ELT-005 were drilled within the El Tigre Monument breccia zone at an angle of -60 degrees. All of the holes were successful in intersecting the breccia. The core was cut, logged and photographed before sending samples to the ALS Chemex facility in Hermosillo, Mexico.
Hole ELT-005 represented a departure from previous holes in that copper mineralization was intersected. Veins of native copper were found in the oxidized portions of the hole. "We may need to start thinking of El Tigre as a poly-metallic project rather than a strictly gold target," remarked project manager William Snoddy. "In addition to gold and silver, we have seen molybdenum, copper, lead, zinc and tungsten mineralization across the concessions."
Dr. Douglas Oliver, the chief geologist for Hemis Corporation, remarks that the initial drilling of the El Tigre Monument breccia zone has met all of its objectives. "We wanted to get a handle of the dimensions of the breccia and determine if the anomalous gold values seen at the surface continue at depth. All of our holes hit gold mineralization throughout the breccia, even ELT-002. Four of the five holes hit potentially economic quantities of gold and silver. The presence of copper and molybdenum was a bonus we weren't expecting."
Results are still pending for drill holes ELT-006 and ELT-007 that tested the Main Pit breccia zone. Hole ELT-008 that tested the Eastern High breccia is also outstanding. Ongoing work at El Tigre is focused on expanding the surface sampling and mapping, and integrating the drill with the surface data to plan the next round of drilling. "El Tigre is proving to be more complicated that we initially thought," Dr. Oliver stated. "But it's complicated in a good way."
Today gold closed down .60 at $669.80 and silver closed down .02 at $12.77.
The latest split was a 1 for 1,000 just three months ago and the stock immediately dropped back to .0001.
Boomer, you are so right. This is one of the companies that live off of unsuspecting investors. Four reverse splits in four years should tell us something. Anyone that held 10 BILLION shares just four years ago would have less than one share today. Anything with the name Clarence Karney connected to it should be avoided completely.
Firstday, UCOI is one of those highly speculative possibilities. I have a very hard time believing anything that a small time company management says. I have seen so many that have been prosecuted for misleading the investors that it is hard to tell who is telling the truth.
UCOI is one of my very high return possibilities but also highly speculative. Don't put anything into this company that you cannot afford to lose.
Hahn, it is probably due to Diversity's small operation and the fact that they still owe about 40 times what the entire company is worth. It appears as thought the company is getting turned around and is making a net profit but you will need to be patient and see if this trend continues.
Unico, Inc. Announces Appointment of New Senior Geologist for Deer Trail Mining Company
Issued Monday August 13, 9:32 am ET
SAN DIEGO, CA--(MARKET WIRE)—Aug. 13, 2007--Unico, Incorporated (OTC BB: UCOI), a natural resource company in the precious metals mining sector, today announced that Dean Misantoni has been hired by the company’s wholly owned subsidiary, Deer Trail Mining Company, LLC, to serve as senior geologist. The focus of Mr. Misantoni’s efforts will be underground mining activities at the Deer Trail Mine in Marysvale, Utah.
Mr. Misantoni has extensive experience in underground metals mines in over twenty-five years as a geologist, consulting geologist, senior geologist and related positions.
Most recently, Mr. Misantoni served as senior geologist for the Sweet Home Mine in Alma, Colorado. In this capacity, he provided underground surveying, geologic mapping and modeling in a complex, narrow vein environment.
In previous positions, Mr. Misantoni conducted geologic mapping and drill target generation over 100 square kilometer concession; was responsible for layout and implementation of underground core drilling program and subsequent reserve calculations; supervised geologic mapping, core logging and reserve calculations in a low sulfidation, epithermal vein district; and was involved in all phases, feasibility through production, of an underground gold mine.
Mr. Misantoni graduated with a B.S. in Geology from Southern Illinois University and an M.S. in Economic Geology from Colorado State University.
“We are pleased to have a geologist with the background and experience of Mr. Misantoni join the Deer Trail Mining Company and assist with our efforts to target future underground mining activities at the site,” stated Mark A. Lopez, chief executive officer of Unico, Inc.
“I look forward to my work at the Deer Trail Mine and believe that there is excellent potential at this property,” commented Mr. Misantoni. “I was attracted to the opportunity due to all of the different types of targets and geology that are present at the Deer Trail Mine.”
Thompson Creek had a net income of .51 per share for the second quarter of 2007. TCM on the Toronto exchange closed Friday at $18.00. On an annual basis that is a P/E ratio of 8.82.
Precious metals bounce back on global cues
11 Aug, 2007, 1548 hrs IST, PTI
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MUMBAI: Gold and silver bounced back on the bullion market here on Saturday on renewed investors and stockists' demand following higher New York advices.
Standard gold (99.5 purity) hardened by Rs 135 per ten grams to Rs 8,870 from Rs 8,735 previously.
Pure gold (99.9 purity) firmed up to Rs 8,920 from Rs 8,785 yesterday.
Silver ready (.999 fineness) also rose by Rs 175 per kilo to Rs 17,845 from Rs 17,670.
In New York market, spooked investors in equities and other markets turned to gold and silver futures yesterday for a safe haven as the dollar fell when the Fed had to inject cash into liquidity-strapped credit markets, sending the metals high enough to erase much of Thursday's losses.
December gold rose by USD 8.80 to settle at USD 681.60 an ounce on the Comex division of the New York Mercantile Exchange.
Comex September silver rose 16.5 cents to USD 12.87.
Today gold closed up $9.60 at $670.40 and silver closed up .12 at $12.79. For the week gold is down $2.30 and silver is down .30.
Tsafi, I have never lived in Canada but do own and talk about Canadian stocks from time to time. That may be why you thought that I lived in Canada.
Today gold closed down $14.00 at $660.80 and silver closed down .44 at $12.67.
also one in 2006 of 1 for 500.
Firstday, also look at the balance sheet, total assets $140,817 and total liabilities $51,154,348. This means that the company owes over 363 times what the entire company is worth. This company is in existence for the sole purpose of living off of the investors.
Not too bad Hahn. If an investor held 100,000,000 shares about six years ago that investor would now have exactly 1 share.