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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.
Message: Ed Steer this morning
Silver at $22: Where To From Here?
Sep
30
The SLV ETF adds another million ounces. Gold on display [and for sale] at Russia's Sber Bank.World according to gold: here comes Tokyo Rose. A World Monetary Earthquake is coming... and much more.
"The gold price didn't do much of anything anywhere on Planet Earth on Wednesday. The high of the day [such as it was... around $1,314 spot] occurred shortly after London opened for business at 8:00 a.m. local time... which is 3:00 a.m. Eastern. The low [around $1,306 spot] was at the London a.m. gold fix two and a half hours after that.
Like it almost always does, the silver chart for Wednesday looked pretty much the same as the gold chart... with silver's daily highs and lows occurring at the same times as gold's. Nothing to see here, either, folks.
The world's reserve currency didn't do much of anything either during the Wednesday trading session... and has leveled off around 78.8 for the moment.
Just like the gold price, the shares didn't do a lot yesterday... and the HUI finished basically unchanged on the day.
Wednesday was the last delivery day for silver in the September contract... and it has now gone off the board. First day notice for Comex delivery into the October gold contract is today. Last month they reported it a day early. I see that they didn't make that mistake this month, so I'll have it for you in tomorrow's column.
There was no report from GLD yesterday... but the SLV ETF took delivery of another big chunk of silver... this time it was 978,324 ounces... and another record high.
The U.S. Mint reported selling more bullion coins yesterday. They sold another 6,500 ounces of gold in their gold eagle program... and added another 200,000 silver eagles to their September total.
The Comex-approved depositories reported a net withdrawal on Tuesday of 173,259 ounces of silver. There was a lot of in-and-out activity... and the link to all of that is target="_blank">click here.
I don't have many stories today, which suits me just fine after the monster columns I turned out on Tuesday and Wednesday.
The first story is from The Telegraph... and has to do with the riots, strikes and social unrest in Europe yesterday. Here's an Ambrose Evans-Pritchard offering on this subject courtesy of reader Roy Stephens. It was filed late last night from London... and bears the headline "Europe's austerity anger grows". More than 100,000 marchers converged on Brussels from across the EU to protest austerity measures on Wednesday, while Spanish unions took the extraordinary step of breaking ranks with Spain's socialist government by launching a general strike. This story is more than worth your time... and the link is >World According to Gold: Here comes Tokyo Rose
My first gold-related story is from reader Carl Lindfors... and is posted at kitco.com. It's gold market commentary by James West over at midasletter.com. The headline reads "World According to Gold: Here comes Tokyo Rose". He's not talking about Jon Nadler, dear reader... but, as West says... "Now that gold is muscling its way towards $2,000 an ounce, the forces of ignorance embodied by post-secondary-accredited, yet nonetheless clueless, commentators are being given voice by government-sponsored media outlets such as CNN." The story is very much worth the read... and the link is >Gold at $1,300, Where to from Here?
Europe's austerity anger grows
I don't have many stories today, which suits me just fine after the monster columns I turned out on Tuesday and Wednesday.
The first story is from The Telegraph... and has to do with the riots, strikes and social unrest in Europe yesterday. Here's an Ambrose Evans-Pritchard offering on this subject courtesy of reader Roy Stephens. It was filed late last night from London... and bears the headline "Europe's austerity anger grows". More than 100,000 marchers converged on Brussels from across the EU to protest austerity measures on Wednesday, while Spanish unions took the extraordinary step of breaking ranks with Spain's socialist government by launching a general strike. This story is more than worth your time... and the link is here.
Russian gold coin
Before I get into my gold stories for the day, I received an e-mail from someone by the name of Dimitry the other day... and this is what he had to report... "I just came from a trip to Russia and I was surprised how one can buy and sell any type [!] of world gold or silver coins at the major quasi-government Sber Bank. Prices of precious metals are clearly posted and regularly updated. Bullion and commemorative gold and silver coins readily available on display along with gold and silver bars up to 1 kg of Au. "Metallic" bank accounts are available and heavy promoted on window posters. Price check: 7.7 gram Russian gold coin was selling at the bank for 10,400 rubles [US$335]." Dimitry sent along four photos... and here they are.
World According to Gold: Here comes Tokyo Rose
My first gold-related story is from reader Carl Lindfors... and is posted at kitco.com. It's gold market commentary by James West over at midasletter.com. The headline reads "World According to Gold: Here comes Tokyo Rose". He's not talking about Jon Nadler, dear reader... but, as West says... "Now that gold is muscling its way towards $2,000 an ounce, the forces of ignorance embodied by post-secondary-accredited, yet nonetheless clueless, commentators are being given voice by government-sponsored media outlets such as CNN." The story is very much worth the read... and the link is here.
Hinde Capital CEO Ben Davies
Yesterday, Ben Davies had a blog entitled "The World Monetary Earthquake". Today, Hinde Capital CEO Ben Davies tells Eric King of King World News that the U.S.-China trade relationship, and the imbalances it has caused, are at the root of the international financial turmoil... the recklessness of Wall Street being only a symptom. This 10-minute interview is a much listen... and the link is here.
¤ The Funnies
Here's the 3-year silver chart. We haven't been this overbought since back in March of 2008. I must admit [and I've said this before] that I'm as nervous as a long-tail cat in a room full of rocking chairs.
I see that we've had a bit of a pop in both metals early in London trading, with silver briefly breaking through $22 the ounce again... and gold's back over $1,310 spot. Volume in both metals is not particularly heavy, which is encouraging.
Today's trading activity in New York could be interesting... unless we have a replay of yesterday. Time will tell.
See you on Friday.
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