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Goldfinger!

By

I just love Australian accents!

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Well you can fall for chains of silver
You can fall for chains of gold
You can fall for pretty strangers
And the promises they hold

(Dire Straits)

Note: In our quest for furthering the educational mission, Minyanville will be adding metals commentary in the coming year. Below is a missive from Australian Minyan Laurie McGuirk regarding yesterday's action. Please note that nothing in this column is intended as advice.


What a drag of a day. Gold very tightly traded and thin throughout. Good physical bids underpinning the yellow metal and notwithstanding something out of left field,we should stick in the 401-414 range till Christmas. Currency moves could throw a little spanner in the works but physical buying should supply a solid floor. India is still a buyer above $400 judging by premiums in their major centres and I am informed that the Shanghai Gold exchange is trading at a premium to spot.

Silver was even tighter than gold and expect little in the next couple days. Platinum popped up another $10 to $845 per ounce. Precious metals equities were softer by the NY close on no fundamental basis although Rob McEwen,CEO of Goldcorp may have given some inkling of his thoughts on HIS company stock price by exercising 5.5 million options and selling the shares immediately, bagging $28 odd million bucks.The sale is approximately 40% of his holdings. Maybe he thinks physical gold is better than his options at current levels.Just speculation on my part.

There is much action in the juniors although very speculative in nature.Expect some intense corporate activity in the new year as the majors go hunting for reserves/resources (without having to drill any holes) to replenish diminished reserves from current production.Could be some liquidation in equities as people lock in some tidy profits for reval on 31/12 which could be a nice opportunity for late entries to the sector.

Bridegwater Associates in their Daily Observations entitled "The Growing Dollar Crisis" included some discussion for gold amongst other observations. "Quote......"this will be bearish for the dollar and for bonds and bullish for Gold (and other hard assets).We expect this move to be gradual over next year and much more acute in 2005.: END.

Gold has opened in NY relatively unchanged but some dollar weakness improved golds attractiveness to European investors and is currently at its high for the day at $409.

Nickel up huge. Was $13,500 48 hrs ago,currently trading $15,100.My guess is our Asian friends are buying,but hey,no one really flies the flag to own up to who's buying this stuff.

As always, Minyans, very interested in your feedback before we toss another shrimp on the barbie!

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position in silver, gold

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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