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Why Barrick Closed Their Gold Hedge

Wed, 02 Dec 2009 19:15:14 GMT

It sure looks like gold is going to close above $1,200 an ounce today in New York. And large open market purchases from central banks in China, India and Russia are only helping the price surge more. (Just one year ago, some of these same central banks were actually selling gold in an attempt to fill an annual 10,000-ton supply gap.)[More...]

The Stock Market's Illusion And The Obama Effect

Mon, 08 Jun 2009 17:18:54 GMT

"Wall Street Rally Takes a Pause" seems to be the consensus headline for the beginning of this week. Nothing too dramatic so far unless you own shares of U.S. Steel (NYSE:X) down around 5% as of this moment, Genco Shipping and Trading (NYSE:GNK) down today over 6%, BHP Billiton (NYSE:BHP) down close to 5%, or any of the silver producers or royalty stocks like Silver Standard Resources (Nasdaq:SSRI), Pan American Silver (Nasdaq:PAAS), and Silver Wheaton (NYSE:SLW), all down around 5% so far.[More...]

Seven Reasons A Boom In Silver Is Beginning

Mon, 01 Jun 2009 19:56:54 GMT

Joe Kunkle, Investment U Research Team With gold and oil hogging the “commodities spotlight,” silver is too often forgotten. However, a new trend is emerging that indicates a major rally may be starting in silver prices and silver related stocks. Over the past few weeks we’ve seen more and more data that supports a rally in silver: from large institutional money making large bullish bets, to technical indicators of a breakout, fundamental valuations well below where they should be, and a possibility of a massive short squeeze. The iShares Silver Trust ETF (NYSE: SLV) has gained 18% since the broader markets began to rally in early March, but we could easily see another 25% – or more – in the remainder of 2009. All in all, they make silver a must-own in any[More...]

Market Report For Friday: Apr 17, 2009

Fri, 17 Apr 2009 13:00:45 GMT

(7:11am ET) There was plenty of economic data released in the US during the day; however the equity market sidetracked until 2pm ET, when with prices at modest losing levels on the week until that point, suddenly, and for no discernable reason, there was a rally that left the indexes with small gains through Thursday. Perhaps traders were anticipating a positive quarterly report from Google (GOOG +2.4% on +151% of average daily trading volume)? After the close, the company did not disappoint, beating both revenue and EPS estimates. The company posted net income of $1.42 billion ($5.16/share), up +8% from the $1.31 billion ($4.84/share) recorded during the same period a year ago. Revenue for 1Q2009 increased +10% to $4.07 billion, from $3.7 billion, excluding traffic acquisition costs. On average, analysts had expected earnings per share of $4.93 and revenue of $4.08 billion, according to Yahoo Finance. For the first[More...]

Daily Report For Thursday, Apr 16, 2009

Thu, 16 Apr 2009 13:36:24 GMT

(8:25am ET) The main focus of traders today will be the 1Q2009 earnings report from JP Morgan (JPM), and the close scrutiny of the data and hype that will follow. After hitting a low of $14.93 in early March, JPM has rallied +118.1% to yesterday’s close of $32.56. There was a high of $34.15 on Tuesday. http://tinyurl.com/da6dcv JP Morgan reported Q1 net income of $2.14 billion, or $0.40/share, down -10% from a year earlier, but beat analysts' expectations. Revenue increased +48% to $25.03 billion. WSJ reported that CEO Jamie Dimon said the firm extended about $150 billion in new credit to consumer and corporate customers during the quarter. With a last hour rally spurred by the real estate investment trusts (REITS) ($DJR +8.7%) and Banks ($BKX +5.1%) in the Financial sector (XLF +4.8%), the US equity[More...]

Daily Report For Tuesday, Apr 14, 2009

Tue, 14 Apr 2009 14:18:59 GMT

(9:30am ET) Stocks in NY sank at the open following various negative reports from TV talking heads, though trade volume was weak on the Easter Monday. After the close, Goldman Sachs surprised with unusually positive revenue and earnings. Today, President Obama will be making a speech on the state of the economy. Traders are confused. Yesterday was pretty much a lost day in the market. Very little of consequence happened. By the close, the DJIA’s small loss (-25.57 -0.32% to 8057.81) offset the small gain in the S&P (+2.17 +0.25% to 858.73), while the NASDAQ (+0.77 +0.05% to 1653.31) was flat. The Toronto Composite (+98.50 +1.07% to 9285.6) and the Toronto Venture Board (+11.89 +1.23% to 980.86) were stronger as the metal miners and goldminers enjoyed a good day. Except for Japan’s Nikkei 225 index (-0.92% to 8842.7), prices today were strong in the major international equity markets: Australia (+2.22% to[More...]

Daily Report For Tuesday: Apr 7, 2009

Tue, 07 Apr 2009 13:31:58 GMT

(8:05am ET) Stocks closed Monday's session in NY lower on a lightly-traded day, but much higher Week over Week. Through Friday, the major market indexes saw their largest four-week gains in seventy-six years. Now the market is preparing for 1Q2009 earnings season, which gets underway today with Alcoa (AA). On Monday, the DJIA (-41.74 -0.52% to 7975.85), S&P (-7.02 -0.83% to 835.48), and NASDAQ (-15.16 -0.93% to 1606.71) could not make headway against concerns the major banks may be preparing to release negative quarterly reports. The Toronto Composite (-49.59 -0.55% to 9016.17), and Venture Board (-12.42 -1.27% to 963.17) were also down on the day, but higher Week over Week. In international equity markets today, the closing prices showed losses except for Shanghai China (+0.80% to 2439.2): Australia -1.30% to 3648.5; Hong Kong -0.46% to 14929.0; India -1.80% to 10534.9; and Japan -0.28% to 8832.9. At 7:30am ET,[More...]

Daily Report For Wednesday, Apr 1, 2009

Wed, 01 Apr 2009 14:53:00 GMT

(8:07am ET) In his absence, Bill has asked the CTAB traders fill in for him today and maybe tomorrow as well. Bill was having connectivity and other related computer issues early Tuesday morning. Perhaps the Conficker worm virus programmed to be unleashed April 1, began slithering through the Bahamas a little ahead of schedule. The final trading day of the month opened higher, with aggressive traders nimbly positioning themselves for further short gains, after a late afternoon bounce Monday, anticipating large money managers to “mark up” equities boosting their quarter end returns. This strategy paid off nicely as the S&P future rose to 807, nearly 4% off Monday’s late afternoon low of 776. However, traders expecting prices to close near the highs were disappointed, as stocks peaked near 3pm eastern, giving up a significant portion of the day’s gains. The DJIA finished up 86.9 (+1.15%) closing at 7608.92,[More...]

Daily Report For Friday, Mar 27, 2009

Fri, 27 Mar 2009 13:32:35 GMT

(8:36am ET) On Thursday, the upbeat earnings report of (Cara 100) Best Buy (BBY) served to lift the market at the open. Technologies stocks later were the basis of a closing hour rally. At the close, the DJIA (+174.75 +2.25% to 7924.56), S&P 500 (+18.98 +2.33% to 832.86), and NASDAQ (+58.05 +3.80% to 1587.00) gained for the third day in four this week. The Toronto Composite (+198.06 +2.25% to 8995.50) was in line with NY, but the Toronto Venture Board (+24.98 +2.63%to 974.02) also rallied. In the US equity market, the big winners were the Industrials (XLI +5.4%), Consumer Disretionary (XLY +4.6%) and Basic Materials (XLB +4.0%). All ten sectors were winners, but the laggards on this day were Energy +0.9% and Financials (XLF +1.2%). Within the many industry groups, there were a broad section of technology groups that were on the leader board. Lagging a bit were the Goldminers ($XAU[More...]

Daily Report For Friday, Mar 13, 2009

Fri, 13 Mar 2009 15:55:00 GMT

(9:48am ET) Equity market prices lifted pretty much from start to finish of Thursday’s session. Retail Sales, Jobless Claims and Business Inventories and comments from Barney Frank and Tim Geithner played a role in the general bullishness. The latter made comments on the dangers of ending the mark-to-market rule and instead believe subtle changes could be made in an effort to improve it. Pfizer (PFE) made a big splash with the announcement its Phase III trial of Sutent was stopped early as the drug showed a significant benefit in patients with pancreatic cancer. At the close, the DJIA (+239.66 +3.46% to 7170.06), S&P 500 (+29.38% to 750.74) and NASDAQ (+54.46 +3.97% to 1426.10) were up sharply for the second day in the past three. The Toronto Composite (+271.25 +3.39% to 8282.27) and Venture Board (+19.52 +2.37% to 843.42) were almost as strong. The winning sector by a wide margin was[More...]

Silver Quest Earns 60% in Capoose Property

Mon, 26 Oct 2009 22:47:00 GMT

Silver Quest Resources Ltd. (the "Company") (TSX VENTURE: SQI) is pleased to announce that it has exercised its option to acquire a 60% interest in the Capoose Property located on the Nechako Plateau of Central British Columbia from Bearclaw Capital Corp. (BRL.V).
The Company has recently completed a 13 hole diamond drill program with results from one hole (see Press Release October 20, 2009) reported.
The results from the remaining 12 holes are pending.

[More...]

StockPreacher.Com Issues Technical Trading Overview for Hecla Mining Company

Tue, 01 Sep 2009 11:49:00 GMT

DALLAS, Sept. 1, 2009 (GLOBE NEWSWIRE) -- StockPreacher.com announces an investment report featuring precious metals provider Hecla Mining Company (NYSE:HL).
The report includes financial and investment analysis, analyst consensus, and pertinent industry information you need to know to make an educated investment decision.
The investment report on Hecla Mining Company (NYSE:HL) should be of particular interest to other precious metals companies: Pan American Silver Corp. (Nasdaq:PAAS), Silver Standard Resources Inc. (Nasdaq:SSRI), Silver Wheaton Corp. (NYSE:SLW) and Goldcorp Inc. (NYSE:GG).

[More...]

Pan American Silver Posts Record Silver and Gold Production in the Second Quarter

Wed, 12 Aug 2009 00:40:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 08/11/09 --[More...]

Pan American Silver Receives Company of the Year Awards in Both Peru and Argentina

Mon, 10 Aug 2009 21:10:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 08/10/09 -- Pan American Silver Corp. is pleased to announce that two of its wholly owned subsidiaries have received honors from industry participants, respectively being named '2008 Company of the Year' in Peru and '2009 Mining Company of the Year' in Argentina.[More...]

Pan American Silver Announces Release Date for 2009 Unaudited Second Quarter Results

Thu, 30 Jul 2009 17:27:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 07/30/09 -- Pan American Silver Corp. today announced that its unaudited 2009 second quarter results will be released on Tuesday, August 11, 2009 after market closes. A conference call and live audio webcast to discuss the results will be held on Wednesday, August 12, 2009 at 11:00 am ET .[More...]

Geothermal Powerhouses Geysir Green Energy and Magma Energy Join Forces

Fri, 24 Jul 2009 17:55:00 GMT

Geysir Green Energy (Geysir), the Iceland-based geothermal company, and the Canadian geothermal company Magma Energy Corporation (Magma) today announced an agreement whereby Magma will acquire a 10.8 percent share in the Icelandic geothermal power company HS Orka from Geysir.
In today's transaction, Geysir sold Magma a 10.8 percent share in HS Orka for just over ISK 3 billion (approximately US$25 million).
After Magma's acquisition of the shares from Geysir and purchase of new shares in HS Orka, Magma's consolidated share will be 16 percent, leaving Geysir with 52 percent.

[More...]

Pan American Silver and Orko Silver Begin Comprehensive Drilling and Development Program at "La Preciosa"

Mon, 22 Jun 2009 14:49:00 GMT

Pan American Silver Corp. ("Pan American") (TSX: PAA)(NASDAQ: PAAS) and Orko Silver Corp. ("Orko") (TSX VENTURE: OK) are pleased to announce that this week they commenced a comprehensive exploration and delineation drilling program at the La Preciosa silver project in Mexico.
FORWARD-LOOKING STATEMENTS OR INFORMATION INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE THE ACTUAL RESULTS, LEVEL OF ACTIVITY, PERFORMANCE OR ACHIEVEMENTS OF PAN AMERICAN, ORKO OR THEIR RESPECTIVE OPERATIONS TO BE MATERIALLY DIFFERENT FROM THOSE EXPRESSED OR IMPLIED BY SUCH STATEMENTS.
ALTHOUGH PAN AMERICAN AND ORKO HAVE ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS OR INFORMATION, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS TO BE MATERIALLY DIFFERENT FROM THOSE ANTICIPATED, DESCRIBED, ESTIMATED, ASSESSED OR INTENDED.

[More...]

Pan American Silver Announces First Quarter Results

Tue, 12 May 2009 23:43:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 05/12/09 --[More...]

Pan American Silver Announces Release Date for 2009 Unaudited First Quarter Results

Mon, 04 May 2009 22:27:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 05/04/09 -- Pan American Silver Corp. today announced that its unaudited 2009 first quarter results will be released on Tuesday, May 12, 2009 after markets close. A conference call and live audio webcast to discuss the results will be held on Wednesday, May 13, 2009 at 11:00 am ET .[More...]

Pan American Silver Complies With Mexican Federal Decree Regarding Influenza

Mon, 04 May 2009 16:23:00 GMT

VANCOUVER, BRITISH COLUMBIA -- -- 05/04/09 -- Pan American Silver Corp. today announced that in accordance with the Mexican Federal Decree published last Thursday, April 30th, it temporarily suspended operations at its Mexican mines . Pursuant to the Decree, all business activities that were deemed non-essential to fight the influenza outbreak in Mexico were ordered to cease from May 1st to May 5th.[More...]