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Jason Hommel: What''s the deal with the silver ETF?
5:54p ET Friday, February 24, 2006
Dear Friend of GATA and Gold:
How does Peter Grandich of The Grandich Letter
keep getting away with it? Here he is again tonight
quoted in a major news service story while using
the word "manipulation" in regard to gold. Along
with GATA, all gold and silver investors owe
Grandich much gratitude.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
* * *
Gold rises over $10 to end the week up 1%;
Amex Gold Bugs Index leads rise among benchmarks
By Myra P. Saefong
CBSMarketWatch.com
Friday, February 24, 2006
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7BCF30F9D2%
2DBAEB%2D4208%2DB7DE%2D1A8FECA5C6C3%7D&source=blq%
2Fyhoo&dist=yhoo&siteid=mkwt
SAN FRANCISCO (MarketWatch) -- Gold futures climbed more than $10 an
ounce Friday to close at a two-week high, up over 1% for the week as
investors fretted over an explosion at an oil refinery in Saudi
Arabia and weak U.S. economic data.
"The news of an attack on an oil facility in Saudi Arabia is just an
example of the many different geopolitical events that underpin the
secular gold bull market," said Peter Grandich, editor of the
Grandich Letter.
"Throw in real physical and investment demand, inflation fears,
currency turmoil, manipulation. and shrinking mine supply, and you
should realize a gold bear may want to stay in hibernation long
after winter ends," he said.
Gold for April delivery climbed as high as $562 an ounce on the New
York Mercantile Exchange, its highest level since Feb. 10. The
contract closed up $10.30, or 1.9%, at $561.20. It closed out last
Friday's session at $554.60, so it's $6.60 higher for the week.
Saudi authorities prevented an attempted attack on one of the
biggest oil-production facilities in the world, as guards opened
fire on at least two cars carrying explosives as they attempted to
slam into the gates in an apparent suicide attack, the BBC said.
It's believed to be the first time that Saudi oil facilities have
been attacked, it said.
The news lifted futures prices for oil by almost 4% Friday.
"The trigger fingers hovering over all of the instability-sensitive
commodity 'buy' buttons (gold, oil, etc.) are as jittery as ever,"
said Jon Nadler, an investment products analyst at bullion dealers
Kitco.com. The mere thought of an organized, expanded terrorist
effort to sabotage the West's oil lifelines (and thereby its
economies) has people looking for cover and heading straight towards
gold," he said.
"Gold would like to go somewhat lower to follow long-established
seasonal patterns as well as to complete the corrective phase it was
in, after a swift race to nearly $600 per ounce," said Nadler.
But "the market finds itself compelled to react to overwhelmingly
distressing developments coming from the across the globe," he said,
adding that "whatever strength technical and fundamental factors
previously contributed to gold prices, they are now taking a back
seat to geopolitical realities and their effects on investor
psychology."
Adding to support Friday, "economic data from the U.S. has been
extremely negative...after durable goods orders fell by 10.2% in
January," James Moore, an analyst at TheBullionDesk.com, said in a
note to clients.
But the U.S. dollar had a muted reaction immediately following the
sharply weaker-than-expected durable goods orders number, which
showed the largest decline since July 2000.
Meanwhile, gold's fall on Thursday is "particularly worrisome,
because gold is in a critical period right now -- one in which it
has to prove itself, or suffer the consequences in terms of price,"
said Brien Lundin, editor of Gold Newsletter.
On Thursday, April gold fell $5.70 to close at a one-week low under
$551.
Traders should be "wary of where this market heads in the days
ahead," and be prepared to "take profits, in bits and pieces, when
they are outsized, long-term and available," he said.
Other metals trading in the futures market followed gold higher.
May silver futures rose 26.9 cents to close at $9.825 an ounce, up
over 3% for the week. April platinum tacked on $13 to end at $1,036
an ounce after losing $7.40 on Thursday. It was up 2.5% from last
week's close. March palladium closed at $287.85 an ounce, up $2.85
for the day but down 0.3% for the week.
And May copper was at $2.207 a pound, closing up 0.75 cent for the
session to post a 1% rise for the week.
On the supply side, copper inventories were up 1,785 short tons at
33,101 as of late Thursday, according to New York Mercantile
Exchange data.
Gold and silver stocks were unchanged from the previous day, with
gold supplies at 7.52 million troy ounces and silver at 127.5
million troy ounces.
On the equities side, metals-mining indexes closed broadly higher
for the session Friday as well as the week, mirroring gains in the
metals futures. ...
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RECOMMENDED INTERNET SITES
FOR DAILY MONITORING OF GOLD
AND PRECIOUS METALS
NEWS AND ANALYSIS
Free sites:
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http://www.usagold.com/amk/usagoldmarketupdate.html
http://www.capitalupdates.com/
http://www.silver-investor.com
http://www.thebulliondesk.com/
http://www.goldismoney.info/index.html
http://www.minersmanual.com/minernews.html
http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kereport.com
(Korelin Business Report -- audio)
http://www.plata.com.mx/plata/home.htm
(In Spanish)
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(In English)
http://www.resourceinvestor.com
http://www.goldpennystocks.com/
Subscription sites:
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http://www.interventionalanalysis.com
http://www.investmentindicators.com/
Eagle Ranch discussion site:
http://os2eagle.net/checksum.htm
Ted Butler silver commentary archive:
http://www.investmentrarities.com/
----------------------------------------------------
COIN AND PRECIOUS METALS DEALERS
WHO HAVE SUPPORTED GATA
AND BEEN RECOMMENDED
BY OUR MEMBERS
Blanchard & Co. Inc.
909 Poydras St., Suite 1900
New Orleans, Louisiana 70112
888-413-4653
http://www.blanchardonline.com
Centennial Precious Metals
Box 460009
Denver, Colorado 80246-0009
1-800-869-5115
http://www.USAGOLD.com
Michael Kosares, Proprietor
cpm@usagold.com
Colorado Gold
222 South 5th St.
Montrose, Colorado 81401
http://www.ColoradoGold.com
Don Stott, Proprietor
1-888-786-8822
Gold@gwe.net
El Dorado Discount Gold
Box 11296
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http://www.eldoradogold.net
Harvey Gordin, President
Office: 623-434-3322
Mobile: 602-228-8203
harvey@eldoradogold.net
Gold & Silver Investments Ltd.
Mespil House
37 Adelaide Rd
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+353 1 2315260/6
Fax: +353 1 2315202
http://www.goldinvestments.org
info@gold.ie
Investment Rarities Inc.
7850 Metro Parkway
Minneapolis, Minnesota 55425
http://www.gloomdoom.com
Greg Westgaard, Sales Manager
1-800-328-1860, Ext. 8889
gwestgaard@investmentrarities.com
Kitco
178 West Service Road
Champlain, N.Y. 12919
Toll Free:1-877-775-4826
Fax: 518-298-3457
and
620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
Canada
Toll-free:1-800-363-7053
Fax: 514-875-6484
http://www.kitco.com
Lee Certified Coins
P.O. Box 1045
454 Daniel Webster Highway
Merrimack, New Hampshire 03054
http://www.certifiedcoins.com
Ed Lee, Proprietor
1-800-835-6000
leecoins@aol.com
Lone Star Silver Exchange
1702 S. Highway 121
Suite 607-111
Lewisville, Texas 75067
214-632-8869
http://www.discountsilverclub.com
Miles Franklin Ltd.
3015 Ottawa Ave. South
St. Louis Park, Minn. 55416
1-800-822-8080 / 952-929-1129
fax: 952-925-0143
http://www.milesfranklin.com
Contacts: David Schectman,
Andy Schectman, and Bob Sichel
Missouri Coin Co.
11742 Manchester Road
St. Louis, MO 63131-4614
info@mocoin.com
314-965-9797
1-800-280-9797
http://www.mocoin.com
Resource Consultants Inc.
6139 South Rural Road
Suite 103
Tempe, Arizona 85283-2929
Pat Gorman, Proprietor
1-800-494-4149, 480-820-5877
Metalguys@aol.com
http://www.buysilvernow.com
Swiss America Trading Corp.
15018 North Tatum Blvd.
Phoenix, Arizona 85032
http://www.swissamerica.com
Dr. Fred I. Goldstein, Senior Broker
1-800-BUY-COIN
FiGoldstein@swissamerica.com
The Moneychanger
Box 178
Westpoint, Tennessee 38486
http://www.the-moneychanger.com
Franklin Sanders
1-888-218-9226, 931-766-6066
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