Welcome To The Golden Minerals HUB On AGORACOM
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
American Silver Eagle Coins Hit Record
Insider stock selling reaches all-time record high. Another law firm joins the silver manipulation class-action pig pile. Bank of Canada governor rejects gold as money. Richard Russell says all fiat currencies will fail. G-20 wiener roast in Seoul is a bust... and much more.
Yesterday in Gold and Silver
Gold didn't do much in Far East trading on Thursday, but began showing some signs of life shortly after London opened. That rally lasted until almost lunchtime local time... and set the high price of the day, which was around $1,418 spot, before getting sold off right into the London p.m. gold fix at 3:00 p.m. local time... 10:00 a.m. Eastern. The low around 10:30 a.m. Eastern was the low of the day... which was recorded at $1,396.40 spot. From that low, gold struggled back and closed up about five bucks from Wednesday's closing price.
Silver's price path looked nearly identical to gold's... with the highs and lows of the day occurring at the same time as gold in both London and New York. Silver gained 54 cents from its Wednesday close.
The world's reserve currency gained a net 75 basis points during the Thursday trading day... but there was no co-relation between what the dollar was doing and what the precious metals did.
The gold stocks pretty much followed the gold price, with the low in the HUI coming at the low for gold... which was between 10:00 and 10:30 a.m. Eastern time. From there, the shares worked their way slowly higher... and by the time the equity markets closed, the HUI was in the plus column by 0.49%. For the most part, silver stocks had another great day... comparatively speaking, that is.
The CME Delivery Report for Thursday showed nothing of importance. The GLD ETF showed another minor withdrawal yesterday. This time it was 29,299 ounces. There was no report from SLV. The U.S. Mint had no report, either... and over at the Comex-approved depositories there was a smallish silver withdrawal of 113,041 ounces on Wednesday.
I was over to see my bullion dealer yesterday afternoon... and he informed me that J&M had hiked their prices on 100 oz. silver bars to such an extent that it was cheaper to buy silver in smaller sizes such as ones and tens. We speculated that rather than withdraw the product from the market and raise wild speculations about the availability of silver, they decided to increase their prices high enough so that nobody would buy them... which has the same effect. The only other silver bar that J&M still makes is the 1,000 ounce good delivery bar, so it's obvious that every ounce of silver that J&M is getting, is going into that product. No silver shortage here, folks... please move along.
Here's a nifty graph that's entitled "Transparent Silver Holdings" that is, as always, courtesy of Nick Laird at sharelynx.com. It shows the total ounces held by repositories, mutual funds and ETFs, etc... around the world. They comprise the transparent silver bullion inventories that are visible to the public. I would guess that tens of thousands of investors such as us have many multiples of these total amounts squirreled away that are out of sight of everybody. Keep up the good work!
| Sponsor Advertisement |
|
Diversify with a CD that’s closely tied to the price of commodities Why do EverBank® customers choose our Commodity Basket CD? It’s one CD featuring 4 currencies from countries with resources that are in demand. So as demand for these commodities continues growing, the value of these currencies could increase. - Equally weighted with the Australian, Canadian, and New Zealand dollars plus South African rand - Returns based on a fixed-interest rate and any changes in the values of the CD currencies versus the U.S. dollar. Loss of principal can occur. - FDIC insured against bank insolvency1 EverBank is an FDIC insured federal savings association. The standard FDIC insurance amount of $250,000 is in effect through December 31, 2013. On January 1, 2014 the standard FDIC insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor. FDIC insurance covers against loss due to the failure of the institution, but not fluctuations in currency values. Due to the nature and volatility of the foreign exchange market, the values of currencies are subject to wide fluctuations against the U.S. dollar and investments in foreign currency denominated instruments will entail significant risk exposure to adverse movements of the foreign currency relative to the U.S. dollar. The amount of deposit insurance available for funds denominated in foreign currency will be determined and paid in the United States dollar equivalent of the foreign currency on the institution's date of default. As with all investments, you can lose money, including principal, due to currency fluctuations, over the term that you own it. Please only invest with money that you can afford to risk, and as part of a broadly diversified investment strategy. EverBank is an Equal Housing Lender and Member FDIC. EverBank, the EverBank Infinity Sphere and EverBank logo are proprietary service marks of EverBank. © 2010 EverBank. All rights reserved. 10AGM0014 |
¤ Critical Reads
SubscribeInsider Selling Hits All Time Record Of $4.5 Billion In Prior Week As Everyone Is Getting Out Of Market
Today's first story is one provided to us by 'David in California'. It's a piece posted over at zerohedge.com that's headlined "Insider Selling Hits All Time Record Of $4.5 Billion In Prior Week As Everyone Is Getting Out Of Market". Selling in just S&P companies alone hit a whopping $2.8 billion: over 4 times more than the week prior! The chart is a stunner, which you have to click on to bring it all out in the open. It's a short one paragraph must read... and the link is here.
G-20 Grinds Towards Currency, Trade Accord After Talks
I have two consecutive stories on the G20 'leadership' meeting in Seoul, South Korea that's going on at this moment. The first is a Bloomberg article that I stole from today's King Report... and the headline reads "G-20 Grinds Towards Currency, Trade Accord After Talks". It's not an overly long piece... and the link is here.
Adrift in Seoul: Bickering Likely to Lame G-20 Summit
The next item on the G20 meeting is courtesy of reader Roy Stephens. This one's posted over at the German website spiegel.de... and is headlined "Adrift in Seoul: Bickering Likely to Lame G-20 Summit". This is a very interesting read, especially when you compare it to what was said in the Bloomberg article that preceded it. Both are worth your time... and the link to the spiegel.de article is here.
A third of Chicago-area homes under water
Here's another story that I stole from Thursday's edition of the King Report. This is from the chicagobreakingbusiness.com website... and is headlined "A third of Chicago-area home under water". This compares with 30.9% in June and 27.2% in September 2009. Nationally, 23.2% of homes have negative equity. It's a very short read and the link is here.
American Silver Eagle Coins Hit Record
My first precious metals-related story is an article sent to me by reader Charley Orr... and is posted over at coinnews.tv. As of Thursday, November 4th, the United States Mint had sold more American Silver Eagle bullion coins in 2010 than in any other year of the coin's history. As of that date, 2010 sales had reached the 28,885,500 mark... a number that should be wildly exceeded by the time that December 31st rolls around. The link to this very interesting story headlined "American Silver Eagle Coins Hit Record"... is here. And I hope, dear reader, that you're getting more than your share.
Law firm Girard Gibbs wants to join silver manipulation class action pig pile
Another day, another law firm looking to sue JPMorgan et al for rigging the silver market. Here's a GATA release bearing the headline "Law firm Girard Gibbs wants to join silver manipulation class action pig pile"... and the link is here.
Bank of Canada Governor Rejects Gold as Money
Next are a couple of short blogs that have just been posted over at King World News. Hard on the heels of World Bank president Robert Zoellick's suggestions that gold be reincorporated into the international monetary system in some way, come these 'words of wisdom' from Bank of Canada Governor, Mark Carney... "Our view is that gold has no role to play in the international monetary system." Spoken like the true Goldman Sachs alumnus that he is. The link to this blog headlined "Bank of Canada Governor Rejects Gold as Money"... is here.
All Fiat Currencies Will Fail
The next KWN blog is commentary by Richard Russell. The headline of this short blog reads "All Fiat Currencies Will Fail"... and the link to this short piece is here.
Midas Letter's James West cites GATA in BNN interview
The following is an interview with Midas Letter editor James West. He was interviewed yesterday on Canada's Business News Network by reporter Andrew Bell. They discussed silver market manipulation and GATA's work. The interview runs for a bit over six minutes... and I think it's worth a listen. The GATA headline read "Midas Letter's James West cites GATA in BNN interview"... and the link is here.
Zoellick's Gaffe
Today's last gold-related story is another GATA release. I'm just going to steal Chris Powell's introduction and then insert the link. Economist and former banker Alasdair Macleod writes that World Bank President Robert Zoellick's suggestion that gold be reincorporated into the international monetary system in some way, will be only an embarrassment to central bankers since, in their desperation to bail out and reflate everything, the very last things central bankers can handle right now are discipline and restraint. Macleod's commentary is headlined "Zoellick's Gaffe"... and you can find it at the financeandeconomics.org web site... and the link is here.
¤ The Wrap
The Fed is determined to devalue the dollar, and I think, based on the technicals, that they will succeed beyond their wildest dreams.- Carl Swenlin, decisionpoint.com, November 5, 2010
Thursday was a nothing sort of day. Volumes in both gold and silver were quite high, but steadily declining from the big volume of Tuesday. Wednesday's open interest was down quite a bit in both gold and silver... but none of this will be in the next Commitment of Traders report which won't be published until Monday.
I also note from last night's preliminary numbers that there are only a handful of gold and silver contracts left to deliver in November... and unless a surprise buyer stands for delivery between now and the 29th... the rest of the month should be pretty quiet.
December is a big delivery month for both gold and silver. And, as I've mentioned a couple of times already, except huge volatility as the longs and bullion bank shorts duke it out between now and the end of the month. Both gold and silver prices have advanced considerably as of late... and there is a lot at stake surrounding options and futures expiry later in November.
I see that both silver and gold were under immediate pressure the moment that Globex trading began last night... long before the Far East opened for business earlier today. I guess the bullion banks just wanted to set the tone for the Friday trading day... and it will be interesting to see how things unfold as the day wears on. Both gold and silver hit their lows of the day [so far] minutes after London opened for trading... and gold is currently down $25.10 from yesterday's close.. and silver is down 85 cents as of 4:53 a.m. Eastern time.
Based on this activity, one has to wonder what JPMorgan et al have in store for us when trading begins in New York shortly.
That's it for today. Have a great weekend... and I'll see you here on Saturday.
New Message
Please
login
to post a reply