October 15, 1997Eleanor, Jonathan and Monica.
On May 9th, Forum Uranium Corp. and Mega Uranium Ltd. announced a new basement-hosted uranium discovery on the Opie target on the NW Athabasca property. Seven of nine holes drilled on the Opie zone encountered uranium mineralization at shallow depths, within a zone of strong red hydrothermal alteration in basement rocks. The zone remains open along strike and down dip, so there is great potential for more mineralization within the zone. There are 15 more gravity targets , untested by drilling, which could prove to be multiple mineralized zones on the property. With further discoveries like Forum’s, the western Athabasca Basin, could prove to be on the same scale as the Eastern Athabasca Basin. Attached is the link to a more descriptive analysis of the discovery and buy recommendation issued by Dundee Securities. GLD added 67,954 troy ounces of gold…but over at SLV an authorized participant added a whopping 3,299,537 ounces of silver.It was nice to see some positive price action in gold for a change…and by 3:00 p.m. Hong Kong time it was up about ten bucks…and was still up ten dollars going into the London p.m. gold fix, which came shortly before 10:00 a.m. in New York.The gold price then jumped about $15 once the fix was in…and by lunchtime in New York, it had reached its high of day, which Kitco recorded as $1,584.80 spot. From there, gold got sold off ten dollars in short order…and then traded sideways into the close of electronic trading.Gold closed the Thursday session at $1,574.30 spot…up $34.00 on the day. Net volume was immense once again at 182,000 contracts.Silver had a pretty decent day as well…and was up about 50 cents by 3:00 p.m. Hong Kong time. From there the price slid until 1:00 p.m. in London…about twenty minutes before the Comex open. From there, the silver price rose in fits and starts until noon in New York. And, like gold, that was the high tick of the day…$28.35 spot…and from there silver got sold off to the $28 mark at the close of Comex trading…and then traded flat into the close electronic trading at 5:15 p.m. Eastern time.Silver finished the Thursday trading day at $28.05 spot…up 78 cents. Volume was pretty heavy at 44,000 contracts.The dollar index oscillated within about a 40 basis point price range yesterday…bouncing off the 81.6 price level for the second time in as many day…and finished up about 15 basis points. Not much to see here.The gold stocks gapped up at the open in New York. The London p.m. gold fix at 10:00 a.m…and the New York high at noon yesterday, are the most prominent features on this chart. After the high tick was in, the stocks faded a bit, but held onto a large portion of their gains. The HUI finished up 4.45%.For the most part, the silver stocks were on fire yesterday, but three of the seven stocks that make up Nick Laird’s Silver Sentiment Index did not share in the fun…and the SSI finished up only 2.87%.(Click on image to enlarge)The CME’s Daily Delivery Report was another yawner, which it has a tendency to become once we get past the first full week of deliveries in any delivery month. They reported that 35 gold and 21 silver contracts were posted for delivery on Monday.Both GLD and SLV had changes to report yesterday. GLD added 67,954 troy ounces of gold…but over at SLV an authorized participant added a whopping 3,299,537 ounces of silver. Considering the lousy silver price action of earlier this week…and the smallish increase in the price of silver yesterday…I would assume [like the counterintuitive deposit in SLV on Monday] that this deposit had something to do with covering a short position. But, as I mentioned yesterday, we won’t really know for sure until the report comes out over at shortsqueeze.com next week…and even then I don’t think that this addition will be in it, because I believe that it occurred after the cut-off date. We’ll see.The U.S. Mint did not have a sales report yesterday.Over at the Comex-approved depositories on Wednesday, they reported receiving 605,838 troy ounces of silver…and shipped 288,396 ounces of the stuff out the door. The link to that action is here.Today’s first chart is courtesy of Washington state reader S.A. As you can see, it’s the 3-year dollar index…and as one commentator over at Zero Hedge put it yesterday…”When the US dollar is your ‘safe haven’, you know you’ve hit rock bottom.” Amen to that.(Click on image to enlarge)Here’s another happy looking chart…and should make everyone on a ‘blue pill’ diet feel a little better. The chart and dialogue say it all.(Click on image to enlarge)I said I was going to post the charts on silver yesterday that German gold analyst Dimitri Speck sent me earlier this week, but they got preempted by others, so here they are now. The first one is the 14-year silver chart from August 1998 to the end of 2011. Three stand-out features are the 12 o’clock noon London silver fix…and in New York it’s the secondary decline at the London p.m. gold fix at 10:00 a.m. Eastern time…and, surprisingly enough, the high for silver on average over the last fourteen years of Comex trading comes at twelve o’clock noon in New York…exactly what happened with silver during yesterday’s price action. You can read into that what you wish.(Click on image to enlarge)Dimitri’s second chart for silver is just for 2011…and even a cursory glance tells you that it’s an entirely different looking beast than the previous chart. Now the three stand-out features on this chart are the usual London silver fix at noon local time…but the high in Comex trading in New York is now 10:30 a.m….not noon. And the amazing thing is that there is now a secondary low equivalent to the London silver fix that occurs shortly after 3:00 p.m. in electronic trading…and the whole chart has a negative bias to it as well. As you can tell, the selling in the New York session last year became much more ferocious once the high was in for the day.(Click on image to enlarge)Dimitri’s gold Intraday Price Movements charts for gold showed up on the Internet about ten years ago and caused a sensation when they did. This is the first time he’s done it for silver, so these charts are new for me as well.I have the usual number of stories…and I hope you find a few that float your boat.The vast majority of people do not seek wisdom; they seek affirmation of their core beliefs. – Author unknownI don’t know what to make of yesterday’s price action. I was certainly happy to see prices move higher…but I found the huge volume that went with it rather disturbing. I’d rather see light volume on big price moves…and that certainly wasn’t the case yesterday.Well, all the stories that I’ve been posting this week have led me…and probably yourself…to the obvious conclusion that the entire world is starting to float off the rails, especially in Europe. But don’t kid yourself, if Greece goes, it won’t be too long before the rest of the E.U…and it’s beloved currency…follow it down the drain. Right after that will come the rest of the world, as the economic, financial and monetary systems of this planet are one giant Gordian Knot…and no amount of cheating or ‘thinking outside the box’ will make any difference. There’s no way out of this where there will be one man standing. And if there is one man standing, it will redefine the word Pyrrhic Victory.The only thing left of value will be hard assets…with gold and silver at the top of the list…whether it is remonetized or not.Today we get the much anticipated [at least by me] Commitment of Traders Report…and as I’ve mentioned several times already this week, it will be one for the record books. I’m particularly interested in seeing the situation in silver…the Commercial net short position…and the positions of the ‘1-4’ and ‘5-8’ short holders in that metal. It’s just too bad that it won’t include what happened during the 24 hours and 15 minutes after the Tuesday cut-off, as that included the absolute low.Here’s the Total PMs Pool for all precious metals that Nick Laird keeps updated on a daily basis. We just hit another new high [barely] in physical ounces in all four precious metals combined. If you check the period from the end of December to the close of trading yesterday on this chart, you will see that the ‘total ounces held’ has been in a permanent up-trend. During that time period gold rose and fell about $250…and silver rose and fell more than $10…platinum rose and fell about $310…and palladium rose and fell about $150. None of this price movement had anything to do with the physical market…it was all paper trading in the Comex futures market.(Click on image to enlarge)The gold price did nothing through all of Far East trading on their Friday afternoon, but shortly after London opened, the price has ticked up about ten bucks. Silver traded within a 20 cent range during the same time period, but is also up in mid-morning London trading. Volume’s are already monstrous, so it’s obvious that these rallies are running into massive resistance from JPMorgan et al. It will be interesting to see how things unfold once trading begins in New York at 8:20 a.m. Eastern time.And as I hit the ‘send’ button at 5:20 a.m. Eastern time, it appears that the rallies in both gold and silver have been stopped in their respective tracks for the moment. Gold is currently up ten bucks…and silver is only up 17 cents.There’s still the opportunity to either readjust your portfolio, or get fully invested in the continuing major up-leg of this bull market in both silver and gold…and I respectfully suggest that you take a trial subscription to either Casey Research’s International Speculator [junior gold and silver exploration companies], or BIG GOLD [large producers], with all our best (and current) recommendations…as well as the archives. Don’t forget that our 90-day guarantee of satisfaction is in effect for both publications.I hope you have a good weekend…and I’ll see here tomorrow sometime. Sponsor Advertisement
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