Gold/Silver Market Updates

www.kitco.com...

www.kitco.com...

Gold and Silver Are Begining a comeback.
Articles
Pay as You Exit
www.kitco.com...
Miners Bottomed out?
www.thegoldandoilguy.com...
Gold Price Suppression
www.gata.org...
Shorting to Suppress Gold/Silver
www.gata.org...



Edited 'All Caps' in title.

Please read Starting a New Thread ?... Look Here First

[edit on 11/2/10 by masqua]

I really wonder just how much gold or silver has to be bought to make those kind of major moves in price. Just look at the jump in price for silver from 11:45 to about 12:10...almost 40 cents!

Yeah same thing happened last friday. Opened at 14.80s fell all the way to the mid 14.40s then took off all the way to almost 14.90. It is so manipulated that actual physical trade of silver, and even more so gold has uncoupled from the paper price. Spot silver fluctuaded in 08 from 19 to 7 dollars while on ebay silver dollars stayed at 17-25 range.

Company Symbol Time(EST) Price Volume Change $ Change %
Argentex Mining Corporation ATX.V 14:33 0.70 CAD 91800 -0.01 -1.41%
Aurcana Corporation AUR.V 15:25 0.28 CAD 52250 -0.02 -6.78%
Bear Creek Mining Corp BCM.V 15:42 3.76 CAD 170450 +0.11 +3.01%
Coeur D Alene Mines Corp NYSE:CDE 15:52 14.51 USD 2972226 +0.78 +5.68%
ECU Silver Mining Inc ECU.V 15:38 0.62 CAD 155700 +0.02 +3.33%
Endeavour Silver Corp AMEX:EXK 15:52 3.47 USD 454949 +0.12 +3.58%
Excellon Resources Inc EXN.TO 15:41 0.67 CAD 485599 +0.03 +4.69%
First Majestic Silver Corp FR.TO 15:39 3.52 CAD 202825 +0.14 +4.14%
Fortuna Silver Mines Inc FVI.TO 15:44 2.33 CAD 388505 +0.09 +4.02%
Great Panther Resources Ltd GPR.TO 15:44 0.88 CAD 229258 +0.02 +2.33%
Hecla Mining Co NYSE:HL 15:52 5.14 USD 1720800 +0.30 +6.20%
MAG Silver Corp AMEX:MVG 15:52 5.68 USD 116928 +0.26 +4.80%
Mines Management Inc AMEX:MGN 15:49 2.61 USD 6900 +0.16 +6.53%
Orko Silver Corp OK.V 15:04 1.19 CAD 38125 -0.01 -0.83%
Pan American Silver Corp NASDAQGSAAS 15:53 22.38 USD 1016387 +0.87 +4.05%
Sabina Gold And Silver Corp. SBB.TO 15:31 1.19 CAD 37680 +0.01 +0.85%
Scorpio Mining Corp SPM.TO 15:21 0.63 CAD 89153 +0.02 +3.28%
Silver Quest Resources Ltd SQI.V 15:43 0.28 CAD 172033 +0.00 +0.00%
Silver Standard Resources Inc SSO.TO 15:44 19.26 CAD 115346 +0.16 +0.84%
Silver Standard Resources Inc NASDAQGM:SSRI 15:52 18.28 USD 401720 +0.30 +1.67%
Silver Wheaton Corp NYSE:SLW 15:53 14.98 USD 6355064 +0.60 +4.17%
Silver Wheaton Corp TSX:SLW 15:44 15.74 CAD 1566636 +0.46 +3.01%
Silvercorp Metals Inc SVM.TO 15:44 6.50 CAD 1642818 +0.39 +6.38%
Silvercrest Mines Inc SVL.V 15:27 0.87 CAD 133647 -0.01 -1.14%
Valencia Ventures Inc VVI.V 13:43 0.13 CAD 18752 +0.00 +0.00%

Silver and Gold
Company Symbol Time (EST)* Price Change Change % Volume High Low
Agnico Eagle Mines Ltd NYSE:AEM 15:52 58.00 USD +2.61 +4.71% 1036900 58.18 55.26
Agnico-Eagle Mines Ltd AEM.TO 15:45 61.09 CAD +2.29 +3.90% 712374 61.09 58.50
Alamos Gold Inc AGI.TO 15:44 12.69 CAD +0.14 +1.12% 311985 12.78 12.45
Allied Nevada Gold Corp ANV.TO 15:45 14.55 CAD +0.45 +3.19% 562975 14.55 13.84
Anglogold Ashanti Ltd JSE:ANG 12:22 28725.00 ZAR +210.00 +0.74% 909835 29316.00 28320.00
Anglogold Ashanti Ltd NYSE:AU 15:52 38.58 USD +1.61 +4.36% 620600 38.74 36.86
Aurizon Mines Ltd ARZ.TO 15:44 4.24 CAD +0.18 +4.43% 429288 4.25 4.06
Barrick Gold Corp ABX.TO 15:45 38.82 CAD +0.92 +2.43% 2856746 39.00 37.71
Barrick Gold Corp NYSE:ABX 15:52 36.86 USD +1.18 +3.31% 2275600 37.16 35.59
Centamin Egypt Ltd CEE.TO 15:44 2.00 CAD +0.01 +0.50% 1568750 2.01 1.94
Centerra Gold Inc CG.TO 15:42 12.33 CAD +0.56 +4.76% 346460 12.39 11.77
CGA Mining Limited CGA.TO 15:44 2.18 CAD +0.15 +7.39% 515368 2.20 2.02
Coeur D Alene Mines Corp NYSE:CDE 15:52 14.51 USD +0.78 +5.68% 2972226 14.60 13.61
Colossus Minerals Inc. CSI.TO 15:44 4.67 CAD +0.16 +3.55% 568767 4.72 4.51
Compania de Minas Buenaventura NYSE:BVN 15:52 33.32 USD +1.38 +4.32% 1011416 33.60 31.61
Drdgold Ltd JSERD 12:16 459.00 ZAR +10.00 +2.23% 149231 463.00 457.00
Eldorado Gold Corp NYSE:EGO 15:52 12.71 USD +0.38 +3.08% 1220600 12.76 12.29
Eldorado Gold Corp ELD.TO 15:45 13.37 CAD +0.27 +2.06% 2359789 13.40 13.04
European Goldfields Ltd EGU.TO 15:44 6.02 CAD +0.14 +2.38% 353500 6.07 5.78
Exeter Resource Corporation XRC.TO 15:44 8.96 CAD +0.38 +4.43% 255428 9.20 8.62
Franco-Nevada Corp FNV.TO 15:44 27.46 CAD +0.79 +2.96% 199402 27.60 26.54
Freeport-McMoran Copper & Gold Inc NYSE:FCX 15:52 73.95 USD +2.92 +4.11% 3846000 74.73 70.92
Gammon Gold Inc GAM.TO 15:43 10.43 CAD +0.35 +3.47% 326761 10.46 10.06
Gold Fields Ltd NYSE:GFI 15:52 11.87 USD +0.39 +3.40% 1614500 11.89 11.42
Gold Fields Ltd JSE:GFI 12:22 9060.00 ZAR -30.00 -0.33% 2364233 9079.00 8825.00
Goldcorp Inc NYSE:GG 15:52 37.31 USD +1.35 +3.75% 1891300 37.52 35.86
Goldcorp Inc G.TO 15:44 39.28 CAD +1.09 +2.85% 2617323 39.43 38.00
Golden Star Resources Ltd GSC.TO 15:44 3.30 CAD +0.10 +3.12% 800788 3.33 3.17
Golden Star Resources Ltd AMEX:GSS 15:52 3.15 USD +0.12 +3.96% 2439425 3.17 3.00
Greystar Resources Ltd. GSL.TO 15:44 5.51 CAD +0.24 +4.55% 381438 5.55 5.27
Harmony Gold Mining Co Ltd JSE:HAR 12:48 7014.00 ZAR -177.00 -2.46% 1356600 7295.00 6998.00
Harmony Gold Mining Co Ltd AMEX:HMY 15:52 9.60 USD +0.41 +4.46% 1216700 9.62 9.05
Hecla Mining Co NYSE:HL 15:52 5.14 USD +0.30 +6.20% 1720800 5.19 4.82
Iamgold Corp NYSE:IAG 15:52 14.89 USD +0.67 +4.71% 1033900 14.97 14.17
IAMGold Corp IMG.TO 15:44 15.68 CAD +0.59 +3.91% 2499225 15.72 15.02
International Tower Hill Mines Ltd. ITH.TO 15:43 6.79 CAD +0.45 +7.10% 230872 6.89 6.35
Kinross Gold Corp K.TO 15:44 19.12 CAD +0.47 +2.52% 2724048 19.16 18.49
Kinross Gold Corp NYSE:KGC 15:52 18.16 USD +0.61 +3.48% 1202800 18.26 17.45
Lihir Gold Ltd. NASDAQGS:LIHR 15:52 26.12 USD +1.51 +6.14% 828623 26.24 24.98
Nevsun Resources Ltd. NSU.TO 15:40 2.59 CAD +0.04 +1.57% 425342 2.63 2.53
New Gold Inc NGD.TO 15:44 4.80 CAD +0.20 +4.35% 2481890 4.82 4.57
Newmont Mining Corp NYSE:NEM 15:53 46.71 USD +1.38 +3.04% 2250300 46.93 45.20
Northgate Minerals Corp NGX.TO 15:43 2.93 CAD +0.08 +2.81% 160887 2.96 2.82
NovaGold Resources Inc AMEX:NG 15:53 6.06 USD +0.33 +5.76% 2295713 6.07 5.70
Pan American Silver Corp NASDAQGSAAS 15:53 22.38 USD +0.87 +4.05% 1016387 22.67 21.52
Randgold Resources Ltd NASDAQNM:GOLD 15:52 72.02 USD +2.67 +3.85% 973978 72.60 68.67
Red Back Mining Inc RBI.TO 15:44 18.36 CAD +0.15 +0.82% 1347951 18.45 18.02
Royal Gold Inc NYSE:RGLD 15:53 43.94 USD +0.70 +1.62% 575890 44.19 42.89
Rubicon Minerals Corporation RMX.TO 15:44 4.80 CAD +0.20 +4.35%

reply to post by stephinrazin


How about Platinum or Rhodium?

[atsimg]http://files.abovetopsecret.com/images/member/dc11eff1b772.jpg[/atsimg]

Being a dollar centric society , sometimes we forget that Gold is priced in other currencies.

Gold price in EURO shows a textbook Cup & Handle formation. Evidence that Gold [see today] is in the process of sniffing-out a fresh wave of QE in the EuroZone...beginning , but unfortunately not ending...with Greece.

Same bullish formation in GBP and CHF.

Traditional currency relationships (Gold is trading as currency) are deteriorating rapidly as the Fed frantically mops-up US treasury auctions with even more freshly printed paper [towels].

Watch for the breakout.

Time to buy gold stocks?
www.q1publishing.com...
My opinion is even if gold were to fall to 950 range it would be a good thing. It would present even better buying opportunities. In the long term even if gold goes farther down to that 750 mark, which I don't think will happen, it doesnt matter to much. The long term instability of fiat currency, especially the dollar, is being cemented by current US/EURO policies. The huge manipulations in the COMEX, and the paper price in general make it hard to know anything for sure.

News....

China Raises Bank Reserve Requirement to Cool Economy
February 12, 2010, 09:17 AM EST

Tailwind for Bucky

Another test for Gold

Lets see ?

New York Spot Price
www.kitco.com...
MARKET IS OPEN
(Will close in 54 mins.)


GOLD
02/16/2010
16:21
1118.60
1119.60
+19.10
+1.74%
1111.00
1120.90

SILVER
02/16/2010
16:19
16.12
16.16
+0.60
+3.87%
15.70
16.23

PLATINUM
02/16/2010
16:19
1538.00
1543.00
+25.00
+1.65%
1523.00
1548.00

PALLADIUM
02/16/2010
16:05
431.00
436.00
+12.00
+2.86%
427.00
439.00

Dollar Index
Opened 80.35 Fell down to currently 79.63.
www.bloomberg.com...

China's continued sale of U.S. debt seen as a trend
www.gata.org...

EURO GOLD

***

Gold in euro terms hits record high 816.33 euro/oz

Gold denominated in euros was bid at 815.82 euros an ounce at 0948 GMT, against 809.01 euros an ounce late on Monday. Its earlier peak beat a previous record high of 812.43 euros an ounce set in December.

Dollar-priced spot gold also rose to $1,113.20 an ounce versus $1,100.05. Gold typically has a close inverse relationship with the dollar, rising as the U.S. currency falls versus others.

However in recent sessions the correlation weakened, as both gold and the dollar benefited from fears over the outlook for smaller euro zone economies such as Greece. This helped gold prices outperform in other currencies.

"It is important to concentrate not only on the dollar price (of gold)," said VM Group analyst Matthew Turner. "Currently $1,100 is much lower than it has been, but if you look in euros that is not so true."

Source

***

[atsimg]http://files.abovetopsecret.com/images/member/b86255f55244.jpg[/atsimg]

On a closing basis Gold has corrected approx 13% off the December high.

We could see a break back below the upper trend-line before advancing to new highs , but I'd like to suggest that anybody looking to "get in" at $850 , might want to consider packing a lunch.

Gold Ready for New Highs?

I wonder when there will be a real decoupling between "paper gold" and "physical gold." Anyone with half-a-frontal-lobe working who watches the markets can guess that there is much more "paper gold" circulating than actual physical gold to back it up. I mean, that's how paper currency got started in the first place. When you buy "gold" on your computer screen, do you REALLY think there is an actual bar with your name on it somewhere? If so, I've got a bridge in Brooklyn to sell ya...

India, China, and others are increasingly stepping up demands for physical gold. As many of you may remember, there have been a number of recent problems in making deliveries of physical gold people supposedly "own" on paper. I'm guessing eventually the markets will lose confidence in paper/electronic "gold" and the value of the real thing will shoot through the roof.

You are right to look forward to the "day of reckoning" for it is inevitable that the physical shall be called to verify the accounts!

GOLD
02/17/2010
13:49
1114.40
1115.40
-3.40
-0.30%
1110.80
1125.00

SILVER
02/17/2010
13:49
15.97
16.01
-0.14
-0.87%
15.85
16.29

PLATINUM
02/17/2010
13:48
1530.00
1540.00
-8.00
-0.52%
1523.00
1555.00

PALLADIUM
02/17/2010
13:47
436.00
441.00
+5.00
+1.16%
433.00
446.00

US to Lower Metal % in Coinage
www.coinflation.com...

Soros Claims Gold Bubble, but Buys Gold at the Same Time
blogs.wsj.com...

Video Arguing Gold Will Not Rise Soon
broadcast.ino.com...

GOLD
02/17/2010
16:55
1105.30
1106.30
-12.50
-1.12%
1103.40
1125.00

SILVER
02/17/2010
16:55
15.85
15.89
-0.26
-1.61%
15.79
16.29

PLATINUM
02/17/2010
16:55
1525.00
1535.00
-13.00
-0.85%
1523.00
1555.00

PALLADIUM
02/17/2010
16:45
434.00
439.00
+3.00
+0.70%
433.00
446.00

GOLD MARKET KEEPS 2009 DEMAND ABOVE
$US100 BILLION MARK
www.gold.org...

Interview with Tom Woods 2/16/10 Part 1
www.youtube.com...
Interview with Tom Woods 2/16/10 Part 2
www.youtube.com...

Krugman Says Inflation Is The Answer
globaleconomicanalysis.blogspot.com...

Gereld Celente/James Turk Interview
radio.goldseek.com...

Here comes that break below the upper trendline.

Gold was crushed this evening in the thinly traded access market just ahead of this news release....

IMF To Start Selling Gold Worth Up To $6.9B To Market
FEBRUARY 17, 2010, 5:05 P.M. ET

WASHINGTON (Dow Jones)--The International Monetary Fund said Wednesday it will soon begin selling to the market the remaining 191.3 metric tons of gold it has slated for release, though the sales will be conducted in phases to avoid disrupting markets.

The sale of gold, currently worth nearly $6.9 billion, will begin "shortly," the fund said in a brief statement.

Full Text

Coincidentally , we have options expiry on Tuesday with whopping 5,200 contracts @ 1100 (battle zone). So , looks like another textbook cartel raid to destroy the technical outlook heading into the weekend.

Amazing...the timing of this news release couldn't have been more convenient.

As usual I expect to hear lame excuses from financial media sources explaining the sell-off...everything and anything but illegal price management implicating a blind CFTC operating in collusion with the commercials/IMF. Barring a black swan dollar event which doesn't seem likely...we could be looking at a series of lower highs & lower lows through Tuesday at the minimum.

Trader Dan from jsmineset.com just made a late night post that helps flesh-out the IMF Gold sale news.

Trader Dan Comments On The IMF’s Supposed Gold Sales

This pending sale has been well publicized for two years. General consensus in the community says this Gold will never see the light of day (open market). Just another round of the same old price roiling baloney we've been fed for the past 10yrs.

About 4 months ago Peter Grandich challenged Kitco Senior Gold Analyst John Nadler to a public debate on the Canada's Business News Network (BNN). In his own inimitable fashion Nadler declined.

Tonight Peter surprises with another interesting offer. I'll be surprised if there are any legitimate takers , but none the less this development should be fun to watch for the next couple of days.

An Open Challenge

Posted by Peter Grandich at 11:10 PM on Wednesday, February 17th, 2010

I will wager $50,000 U.S. Dollars that gold closes above $1,200 before below $1,000 basis the Comex spot price. I challenge gold perma bears like Kaplan, Nadler and Soros to be the first to put their money up where my mouth is.

I welcome any and all media to make this offer known. It’s good for 48 hours from this post! This challenge was made at 11:10PM EST February 17, 2010

I urge followers to send this challenge to the media.

Source

news.bbc.co.uk...

George Soros doubles gold investment after saying gold was a bad investment...

Decided since I am watching the markets waiting for entrance points I would dust off this thread. I never really put the time into it I should of.

Here is some stuff about silver today. We are in a bit of a correction. The 38.50s point held up, and we are moving a little up as people take advantage of the correction.

[atsimg]http://files.abovetopsecret.com/images/member/a4f6207be81c.gif[/atsimg]

[atsimg]http://files.abovetopsecret.com/images/member/b6ff6936479b.png[/atsimg]

Silver

The metal surged sharply yesterday as we expected, but without reaching lower levels before that, which pushed momentum indictors into overbought areas. The 41.20 level represents a critical barrier and as shown on the chart above; we can see the Fibonacci ratios connection, which will be discussed later, if it proved to be connected to the harmonic pattern. The minor image shows us the critical upside support at 39.70; trading between 39.70 and 41.20 means that the metal is currently trading in a sideways range, but with intraday downside bias, while momentum indicators are within overbought areas and a breach of 39.70 could lead the metal to the downside today. The downside move is a correctional move unless proved otherwise, and stability above 41.20 negates the possibility.

The trading range for today is among the key support at 37.60 and key resistance now at 42.50

The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.

Support: 40.20, 39.70, 39.10, 38.90, 38.25
Resistance: 40.90, 41.20, 41.85, 42.20, 42.50

Recommendation Based on the charts and explanations above our opinion is selling silver with a breach of 39.70 and take profit in stages at 39.10, 38.25, and stop loss with 4-hour closing above 40.40 might be appropriate OR selling silver around 41.20 and take profit in stages at 40.40 then 39.70 and stop loss with four-hour closing above 41.85

[atsimg]http://files.abovetopsecret.com/images/member/a788f85e0574.png[/atsimg]

Gold

The impulsive nature of the present upside wave has assisted the metal to touch the extended resistance of 1507.00 as seen on the provided daily graph since we believe that the internal fifth wave of the extended fifth wave is still in progress. When we look at smaller time frame -four hour- we will notice that a negative divergence is also in progress; thus, potential downside correction may occur first before resuming the bullishness, mainly targeting 127.2% Fibonacci projection level at 1527.00. AROON indicator -trend indicator- reflects the strength of the bullishness, adding further confirmation to our proposed overview.

The trading range for today is among the key support at 1562.00 and key resistance now at 1650.00.

The general trend over the short term basis is to the upside targeting 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.

Support: 1600.00, 1595.00, 1589.00, 1585.00, 1580.00
Resistance: 1615.00, 1620.00, 1627.00, 1635.00, 1650.00

Recommendation Based on the charts and explanations above our opinion is, buying gold around 1598.00 targeting 1650.00 and stop loss below 1574.00 might be appropriate.

[atsimg]http://files.abovetopsecret.com/images/member/ee6000f23451.png[/atsimg]

Link