first_imgSponsor Advertisement The dollar index opened about 80.80…and then fell to 80.60 by 2:00 p.m. Hong Kong time.  It sat at that price until about 8:30 a.m. in London, before rising just under 30 basis points by 8:40 a.m. in New York about five hours later.Then the dollar really took off to the upside…and by 10:20 a.m. it had tacked on another 75 basis points.  This was its high of the day…and from there it gave up about 25 basis points going into the close of trading at 5:15 p.m. Eastern time.  The dollar index closed up 69 points.Except for the New York high in the dollar…which corresponded exactly with the low in gold and silver…it’s a bit of a stretch to say that there was much real co-relation between the dollar and the precious metal prices yesterday.The gold stocks were pretty much slaved to the gold price yesterday…and the HUI finished down 1.40% on the day, but up 4.1% year-to-date.The silver stocks were down across the board yesterday…and Nick Laird’s Silver Sentiment’s Index closed lower by 2.19%.(Click on image to enlarge)The CME’s Daily Delivery Report showed that 38 gold and 23 silver contracts were posted for delivery on Tuesday.  And, once again in silver, it was Jefferies delivering on the short side…and the Bank of Nova Scotia and JPMorgan receiving on the long side.  The link to yesterday’s Issuers and Stoppers Report is here.There were no reported changes in either GLD or SLV…and the U.S. Mint had no sales report, either.The silver action over at the Comex-approved depositories just doesn’t stop.  On Thursday they reported receiving 1,488,261 troy ounces of the stuff…and only shipped 250,774 ounces out the door.  The link to that action is here.The Commitment of Traders Report yesterday was pretty much what I was expecting.  The Commercial net short position in silver increased by 3,146 contracts, or 15.73 million ounces…and I’m guessing that a huge chunk of that was the small Commercial traders, Ted Butler’s raptors, selling out their long positions to the tech fund shorts as the price rose.It was almost the same thing in gold, but there wasn’t as much of a deterioration as I was expecting…which is certainly OK by me.  The Commercial traders only increased their net short position by 4,731 contracts, or 473,100 ounces of gold.  It was the raptors once again selling their long positions to the tech fund shorts as the price rose.Here’s another chart from Washington state reader S.A. and, as is usually the case, it requires no further embellishment from me.  I have a couple of stories on this further down.(Click on image to enlarge)Reader Scott Pluschau has done more T.A. work on the U.S. dollar now that the new COT report was released yesterday.  He had this to say in his covering e-mail to me…”COT report showed that the lights are still flashing a warning on the dollar.  There is a good chart showing weakness intraday, and a multipoint trend line that has formed on the daily.  Bulls don’t want to see this trend line break.  Commercials have got to know something.  Front-running QE3, perhaps?”  The link to Scott’s blog is here.With ruthless editing, I’ve cut the number of stories down to as few as I could.The problems we face today exist because the people who work for a living are outnumbered by those who vote for a living. – Author unknownToday’s ‘blast from the past’ was recorded by a Canadian rock band that formed in Toronto back in 1968…and this tune of theirs was a Top-10 hit all across North America in 1973.  You should recognize it instantly…and the link is here.The scale of the Kitco graph posted above makes it look like a lot happened on Friday and Thursday.  But, in actual fact, the price range in gold from it’s Thursday high to its Friday low was less than forty bucks.Even though the dollar co-relation to the gold price wasn’t the greatest, it’s not hard to see how it affected prices in the very short term.But, having said all that, there’s no question in my mind that there has been a lot of price direction changes [all down] in both silver and gold associated with the London open and the London p.m. fix…and it’s been that way for at least a decade.Here’s a chart that I’ve posted before on many occasions.  It’s something that Nick Laird over at cooked up a couple of years ago…and it’s based on the prior work of German precious metals analyst, Dimitri Speck.As Nick points out in the box on the graph…”The average gold price has been obtained from four years of data…from March 2006 through to March 2010…approximately 1,000 trading days.”Using this much data over such a long period of time, takes out the day-to-day noise…and shows the underlying market trends.  Yesterday’s price action in both gold and silver is almost a carbon copy of this graph.  I urge you to use the ‘click to enlarge’ feature and spend a few minutes on it.(Click on image to enlarge)I wasn’t overly happy with yesterday’s data in the Commitment of Traders Report…as it appears that the rally off the December 29th lows is showing signs that it will end the same old way as the previous ones have done…with the Commercials going massively short against all the longs.  It’s way too soon to tell if that will be the case or not, but at the moment, it’s shaping up that way based on the last two COT reports.However, this dollar rally won’t last forever…and things are looking pretty serious over in the Persian Gulf.  But it’s hard to tell whether this dollar rally is on its last legs or not…or if these threats against Iran are purely posturing, or a count-down to the real thing.No one knows the answer to either of those questions…and that certainly includes this writer…so we’ll just have to wait it out.At the moment, gold is above its 200-day moving average…and has a ways to go to get to its 50-day moving average…and silver is still quite a distance below its 50-day moving average as well.Here’s gold’s 1-year chart.  Although it’s too soon to read anything into it, it appears that the rally in gold [and also in silver] is showing signs of rolling over.  I wouldn’t bet the ranch on that, but we should have a better indication of what the trend is by the end of next week.(Click on image to enlarge)And the 1-year silver chart…(Click on image to enlarge)Here’s the U.S. dollar chart for the last year.  As you can see, this current rally is getting a little long in the tooth if one uses the RSI and MACD lines as clues…and it may be in your interest to re-read Scott Pluschau’s T.A. commentary on the dollar further up in this column.But the take-away from this is that the big decline in gold and silver prices in late September…plus the decline in the last week of December had absolutely zero to do with the dollar…and everything to do with direct intervention in the price of both metals by the Commercial traders.  Even the gold and silver rally since the December 29th low flies directly in the face of a still-climbing U.S. dollar…and as I said in this column yesterday, that’s a bullish sign in my books.When this dollar market finally heads south, it’s going to get interesting.I’m still ‘all in’.Enjoy what’s left of your weekend…and I’ll see you here on Tuesday. The big decline in gold and silver prices in late September…plus the decline in the last week of December had absolutely zero to do with the dollar.As I commented in ‘The Wrap’ in Friday’s column, the gold price got sold off as soon as trading began in the Far East on their Friday morning.  It hit its low price tick around 11:30 a.m. Hong Kong time, but rallied back to virtually unchanged just moments before London opened at 8:00 a.m. local time…which was 3:00 a.m. Eastern.As you know, it was all down hill from there right up until the London p.m. gold fix at 10:00 a.m. Eastern.  Once the ‘fix’ was in, there was a willing seller that sold it down a percent to its New York low of the day, which was $1,624.20 spot.Gold then regained all that loss by noon Eastern time, only to give most it up by the Comex close ninety minutes later…and then regained it again by the close of electronic trading at 5:15 p.m. in New York.It was a roller coaster ride within a one percent price range.  A tempest in a teapot, perhaps?Gold closed at $1,639.70 spot…down $8.90 on the day.  Despite all the shenanigans, Friday’s net volume [126,000 contracts] was only slightly higher than Thursday’s net volume, which was 112,000 contracts.Silver’s price action on Friday was a virtual carbon copy of gold’s…with the timing of the price changes being identical as well.  Silver’s low price tick at 10:25 a.m. Eastern was $29.36 spot…and by the close had recovered 41 cents from the low.Silver closed at $29.77 spot…down 48 cents from Thursday.  Net volume was 33,000 contracts..the same as it was on Thursday. (Click on image to enlarge)(Click on image to enlarge) New Pacific Metals Corp. reports on a re-evaluation of prior drill results from its 100% owned Tagish Lake Gold Property, Yukon Territory, Canada, which includes the Mt. Skukum Mine, a past gold producer, and two advanced stage projects: Skukum Creek and Goddell.  At Goddell, a team of New Pacific geologists has prepared a series of cross sections from data contained in prior NI 43-101 technical reports, revealing an intersection in drill hole 97-41 of 64.69 metres (38.42 m true thickness) grading 5.75 g/t gold; another three drill holes intercepted intervals greater than 30 metres long with grades in excess of 5 g/t gold. The new geological interpretation for the Goddell Project identifies a previously unrecognized target, the P.D. Zone, which remains open in all directions.  New Pacific is currently synthesizing results from over 120,000 metres of surface and underground drilling and more than 4,800 metres of underground workings, and is developing plans for an aggressive exploration and development campaign in 2011. New Pacific Metals Corp. is focused on near-term, high margin opportunities in Canada and China. Please visit our website to learn more about the company and request information.last_img

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first_imgIn celebration of National Voter Registration Day on Tuesday, September 25, The Voter Participation Center joins with Balcony Films for a release of a new music video and original song, “L.O.V.E. (Let One Voice Emerge),” urging women and other unregistered voters to head to the ballot box on November 6.Video: L.O.V.E. Let One Voice Emerge: The Music Video“Let one voice emerge, let your voice be heard” at the voting booth, the song reminds voters. Unmarried women, persons of color and young people – the Rising American Electorate – comprise 53 percent of the voting eligible population, and yet represent 63 percent of all unregistered citizens.“We felt a music video with incredible star power in recognition of National Voter Registration Day would be an attention-getting way to encourage all eligible Americans to participate in our great democracy,” says Page Gardner, President of the Voter Participation Center. “The message is simple: Get registered and get to the polls on November 6. Let the voice of one join the voices of millions and be heard.”“L.O.V.E. (Let One Voice Emerge)” was co-written by Grammy-winning artist Patti Austin, Grammy-winner and twice Oscar-nominated singer/songwriter Siedah Garrett, five-time Grammy-winning producer/composer Mervyn Warren, and Grammy and Tony-nominated songwriter/artist Brenda Russell. The song was produced and arranged by Mervyn Warren. The new music video features hit artists Fergie (Black Eyed Peas), Keke Palmer (actress/recording artist), Patti Austin (entertainer/song writer), Siedah Garrett (song writer and performer), Sheila E (musician/actress), Brenda Russell (songwriter), Judith Hill (singer/songwriter), Lalah Hathaway (R&B artist), and Jenna Ushkowitz (“Glee”).Renowned producer Julie Bergman Sender and Oscar-nominated director Stuart Sender, through their production company Balcony Films, developed the L.O.VE. project and music video with director David Galvez, Jr. The L.O.V.E. music video and additional PSAs feature an array of committed celebrities, including Fergie, Kate Walsh (“Private Practice”), Alexa Vega (“Spy Kids”), Joe Johnson (Brooklyn Nets), Regina King (actress), Seth Green (actor), Quinton Aaron (“The Blind Side”), Reborn (Christian rap artist), Cody Horn (actress), Sophia Bush (actress), Amy Brenneman (actress), Amy Smart (actress) among others.In developing the project, producer Julie Bergman Sender explained, “We wanted to create an anthem – to show this group of American women how valuable their voices are to the health of our democracy and the power that one voice – each and every voice – really has. L.O.V.E. (Let One Voice Emerge) is our answer to the question ‘Why does my voice matter?’”The music video directs viewers to a new website,, where visitors can view a special message from Dr. Maya Angelou, download the song for free, view outtakes from the recording and alternative versions, and register to vote through the Voter Participation website Visitors to the site may choose to support the effort by donating to the Voter Participation Center and the song will be available on iTunes, music and other major online music distributors.“This is our L.O.V.E. song to America,” says L.O.V.E. co-writer and acclaimed vocalist and performer Patti Austin. “When I discovered that nearly 20 million unmarried women don’t vote, I had to do something. So I went to three of the most talented people I know to work with on this. We have never collaborated together before and I couldn’t think of a more auspicious reason to come together.”Also participating in the campaign are Rachel Leigh Cook (actress), Josh Hopkins (“Cougar Town”), Michael B. Jordan (“The Wire”), Sharon Lawrence (actress), Alyssa Milano (actress), Patrick Muldoon (actor/singer), Chris Olsen (actor), Danielle Panabaker (actress), Harold Perrineau (“Lost”), Reborn (Christian rap artist), Jessica Szohr (“CSI: Miami”) and many others.last_img

Rabat – The Interior ministry and Qatar’s embassy in Morocco signed, on Tuesday in Rabat, an agreement of a special grant worth 23.5 million dirhams given by HH Sheikh Hamad Bin Khalifa Al Thani to Morocco’s electricity and drinking water facility (ONEE) to carry out a project of supplying the Guelmim province with drinking water.The agreement was signed by ONEE head Ali Fassi Fihri, wali director general of local authorities at the Interior ministry Abdellatif Benchrifa, and Qatar’s ambassador to Morocco Abdullah Bin Falah Bin Abdullah Adussari.The grant will supply 11 villages of the “Plage Blanche” commune with drinking water. It consists of building a pumping station, the installation of water conveyance along 25 km, the construction of a 100 m3 semi-underground tank, the building of a 75 km distribution network and the installation of 300 individual connections.   The project will contribute to improving inhabitants’ living conditions and health and promoting the socio-economic development of the villages of Sidi Aissa Ou Ali, Maitour, Chaaibate, Ain Rahma and Joui Manasse, Agoujgal, Ajoui Azkara, Lafouija Charkia and Gharbia, Rass Tari Charkia, Ras Tait Gharbia, Kheing Soltan and douar Fouijate Sidi Ahmed Alkehal.

TORONTO — Trading of shares in Sears Canada (TSX:SCC) has been halted ahead of the Toronto Stock Exchange’s open at 9:30 a.m.The agency that regulates Canada’s stock trading says the halt is pending news from the department store operator.Halts are routinely issued when key developments could affect a company’s share price.Sears Canada’s stock has already fallen dramatically amid questions about its future.Last week, the company announced “significant doubt” about its ability to operate in its current form.Sears Canada has said it could be sold or restructured but hasn’t commented on a report it might seek court protection from creditors.Shareholders rank after lenders and creditors in bankruptcy proceeding, so company shares could plunge if it does go the court route.

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