OTCRIDER
8 years ago
http://www.westkamgold.com/s/Home.asp
52wk Range
0.009- 0.068
News Releases
August 02, 2016
WestKam Submits Bulk Sample Material to Kinross
June 28, 2016
WestKam to Begin Bulk Sample Program at Bonaparte
June 13, 2016
WestKam Prepares for Bulk Sampling Program at Bonaparte Gold Project
June 08, 2016
WestKam Prepares for Bulk Sampling Program at Bonaparte Gold Project
April 27, 2016
WestKam Announces Private Placement to Existing Shareholders and Other Investors
April 20, 2016
WestKam Receives Bulk Sample Permit for Bonaparte Project
January 27, 2016
WestKam Updates Close of First Tranche of Private Placement
http://www.westkamgold.com/s/Home.asp
fiatschmiat
13 years ago
Here is the Wall Street Grand notification of this:
Company: Encore Renaissance Resources Corp. (TSXVenture: EZ.V; OTCPK: ERRCF)
Current PPS: $0.065
Website: http://www.encorerenaissance.com/index.html
Add EZ.V to your radar for today! EZ.V just had breaking news out this AM- http://finance.yahoo.com/news/Encore-Renaissance-Announces-ccn-2279389682.html?x=0&.v=1
EZ reported on increasing its interest to 75% in the Bonaparte Gold Property!
This is to confirm that TSX Venture Exchange has accepted for filing an Amended Agreement dated November 10, 2010 between encore Renaissance Resources Corp. (the "Company") and BCT Mining Corp. ("BCT"), whereby the Company exercised its option to earn its 75% interest in the Bonaparte Property (the "Property").
Encore Renaissance has paid a total of $7,000,000, issued 12,500,000 shares and incurred work costs of at least $3,405,401 and had earned a 51% interest in the Property. In consideration of the excess work costs incurred by the Company on the Property, BCT has agreed to accept the issuance of 20,000,000 shares by the Company as the final payment required for the Optionee to earn a 75% interest in the Property and waive any further payment.
The company is also please to announce it has received from the Ministry of Environment authorization to extend its underground effluent discharge permit to April 17, 2011. This extension gives the company time to finalize its application for a full discharge permit. All environmental impact information complied over the 15 months of operation has been submitted into the Ministry of Environment for the approval process.
A lot of these Canadian gold and silver stocks have been performing exceptional for investors and we think EZ.V is one that still has not made a breakout and has been under the radar.
EZ.V only has a market cap of $14.2 Million!
After doing some DD on EZ.V we discovered a $21 BILLION dollar gold company, Kinross Gold Corp (KGC) has bought bulk samples from this little company! KGC closed at $18.49! EZ.V has received from Kinross Gold's mill in Washington State, the report and payment for the processed first portion of a permitted 10,000 tonne bulk test sample. An initial shipment of 364.61 short tons assayed at 0.475 ounces per ton was processed yielding 161.95 troy ounces of gold at a recovery rate of 93.51%!
EZ.V has received from Kinross (after all processing costs) a total net payment of $145,783.90.
This initial shipment is only a small portion of the permitted 10,000 tonne (11,000 short ton) bulk test sample and represents a significant milestone for the development of the Bonaparte project verifying the presence of economically viable recoverable gold on the property.
The company is currently planning a 10,000 foot drill program as a first phase to an extensive ongoing exploration program at the Bonaparte Gold Project.The company is currently planning a 10,000 foot drill program as a first phase to an extensive ongoing exploration program at Bonaparte Gold Project.
EZ.V last month released progress on their Bonaparte 10,000 ton bulk exploration program. Development in the Bonaparte underground decline is continuing to advance in the decline heading due east to intersect the diamond drill-indicated high-grade (1.5oz/t gold or 48g/t) Eagle vein. The company has advanced 10 meters further down the decline with samples taken and sent out for assay. The company has winterized all aspects of the project to allow continued operations throughout the coming winter months. Equipment to be operated from underground has been removed from the elements of winter and all surface generators and compressors have been winterized for continuous use. The camp trailers, first aid trailer, shop area, mine dry, mine office and storage area have been fully enclosed for winter use. These efforts have been done in anticipation of the predicted extreme weather conditions this winter.
In anticipation of this drill program they are currently in negotiations with Mid-Point drilling for a contract to complete the job this winter. Mid-point has a state of the art, brand new drill that is specifically designed for drilling in adverse conditions.
Another catalyst for EZ.V is the fact that they are currently in negotiations on acquiring a gold project in Tanzania that was first announced on September 23, 2010. A company's representative has been reviewing data and has traveled to Tanzania to visit prospective properties. A final decision is anticipated within the coming weeks!
Michael Mulberry, President of Encore comments, "We are very encouraged with the prospects we have reviewed and are optimistic that a final deal can be consummated. When you look at the results that are being archived in Tanzania, such as Canaco Resources (CAN) recent discovery of 13.4 metres of 13.54 g/t gold (December 9, 2010), it is clear that the board would be enthused to finalize a prospect for Encore."
EZ.V has identified a potential huge property adjacent to the Canaco Resources (CAN) in Tanzinia! Think about how big this could be for shareholders!
If EZ.V follows through with this acquisition they would be the cheapest trading gold company in Tanzinia by comparison in pricing. From my understanding, all these other properties in Tanzinia are right nearby this potential gold project for Encore!
• (CAN) Canaco Resources closed today at$5.72
• (SD) Sidon International closed today at $0.185
• (CUI) Currie Resources closed today at $0.385
• (BKT) Brookemont capital inc closed today at $0.205
EZ.V is only $0.065!
Remember, EZ.V also has a lot more then this potential gold property! MAKE SURE to look at all the projects they are working on- http://www.encorerenaissance.com/projects_overview.html
Look for a move to the upside starting today nd through the rest of the week!
7Secret7Service7
14 years ago
News out! Yukon White Gold Property Soil Sampling Program
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2010) - ENCORE RENAISSANCE RESOURCES CORP. (TSX VENTURE:EZ - News; FRANKFURT:OUH1 - News; PINK SHEETS:ERRCF - News) Encore Renaissance Resources Corp wishes to provide an update regarding the 2010 soil sampling program assessment of the Yukon gold property for gold potential.
Samples were taken by Equity Exploration Consultants Ltd at 100m spacing along mostly contour and (where appropriate) ridge lines. An anomaly previously undocumented Au-As-Mo high was found along a short spur in the south-central area of the claim block on ground controlled by Encore.
The majority of samples along the line have elevated gold levels though only one sample falls above the 98th percentile, with 23 ppb Au. The most interesting aspect of this 2 km x 1 km anomaly is its elevated molybdenum values; 3 are above the 98th percentile and a further 7 exceed the 90th out of a total of 23. The 2010 soil sampling program identified an anomaly (6) which is worthy of further exploration. The levels for Au and Mo used to define anomalies on the Yukon Gold property are not high and the data does not show the level of correlation between Au, As, Sb and Mo that might be expected if these anomalies were the result of a White Gold type system. However, given the significant gold discoveries made in recent years near the Yukon Gold property within similar rocks, these anomalies should not be ignored. Based on the current broad-scale geologic mapping, the structural and/or lithological controls on the presumed mineralization which caused the anomaly are unknown.
The Yukon Gold property is situated directly across the Yukon River from the White Gold property of Kinross (formerly Underworld Resources). The claims are underlain by the same quartz-muscovite and chlorite-muscovite schist of the Nasina Assemblage that hosts the deposits on the White Gold property, presenting an attractive exploration target.
The company would also like to announce Cale Nishimura as the new company controller.
Cale Nishimura has over 14 years of experience in financial services and over 20 years investing experience. He has 10 years experience conducting compliance and procedural audits of brokerage firms for a securities regulator. Mr. Nishimura holds the Canadian Investment Manager (CIM) Designation (since August 2008) through CSI Global Education (formerly the Canadian Securities Institute).
The company would also like to state that Abi-Farrage remains as an advisor to the company.
This release has been reviewed by Laurence Stephenson P.Eng. the designated Qualified Person.
Michael Mulberry, President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.
http://finance.yahoo.com/news/Encore-Renaissance-Reports-on-ccn-4185800068.html?x=0&.v=1
WNCR
14 years ago
Record-setting acquisitions like Barrick’s buyout of a 4.6 million ounce deposit for $1.7 billion in Nevada or Goldcorp’s buy of 3 million ounces of gold equivalent for $3.42 billion (to name a couple) show you how aggressively the majors are moving in on new resources.
OTC Market: The Most Speculative (and Lucrative) Companies on the Market
Report: November. 5th, 2010
Encore Renaissance Resources: OTCBB: ERRCF, TSX.EZ
Recent Price: $0.10 cents per share
Recommendation: Speculative Buy
Price Target: $2.65 (When National Instrument 43-101 is complete)
GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD-GOLD
Barrick Gold, Newmont Mining, and Goldcorp (the three largest gold producing companies on the planet) are on a frantic shopping spree for junior gold exploration companies. This is what drives junior gold stocks to explode in value…
paying out ten, twenty, even fifty-fold profits to early investors!
The Company has received from Kinross (after all processing costs) a total net payment of $145,783.90. There is a further 400+ tons of stock piled ore on site ready to be shipped. This initial shipment is only a small portion of the permitted 10,000 tonne (11,000 short ton) bulk test sample and represents a significant milestone for the development of the Bonaparte project ( discovery of 20 vein structures all gold bearing)verifying the presence of economically viable recoverable gold on the property.
http://www.encorerenaissance.com
MARKET PERFORMANCE IN GOLD STOCKS ON USOTC:
Venture Research LLC, an independent provider of research on micro cap companies, issued an equity research report on Coastal Pacific Mining Corp CPMCF which is a junior exploration company with gold and silver projects in Canada and Peru, respectively. The shares exploded and traded from .05 cents to .80 cents,(the Company is an Alberta Company) without any production or stock pile of ore.
SO IS “ERRCF” (from Alberta) PREPARING TO SHIP 10,000 TONS TO KINROSS (PREVIOUS 2,700 OUNCES OF GOLD OUT OF 3,425 SHORT TONNE AT 26 GRAMMES PER TON GOLD): PREVIOUS WORK COMPLETED 20,000 FT. OF DIAMOND DRILLING: DO YOUR DD IMMEDIATELY, http://www.encorerenaissance.com/video_gallery.html
Did you get to buy “CPMCF” at .05cents, or .10 cents, most likely NOT
You can still buy “ERRCF” under .10 cents before the share price accelerates to dollars per share.
“ERRCF” is showing very similar patters to that of “CPMCF” before it rallied 500%, Volume is starting to build daily, be sure to put “ERRCF” on your watch list and start your search on it immediately.
RESULTS:
Encore Renaissance Resources Corp. has made progress on the Bonaparte 10,000-ton bulk exploration program.
As of September 24, 2010, dewatering of the Bonaparte decline is complete and the company has resumed full operations at the Bonaparte mine site. Development of the decline will continue this week heading due east to intersect the diamond drill-indicated high-grade (1.5oz/t gold or 48g/t) Eagle vein which is within 20 meters of the current decline face. The company expects the Eagle vein to be intersected within 10 to 14 working days.
The decline will cross cut and test the vein on two headings before heading west to re-intersect the #20 vein at depth. The # 20 vein comprises of an assemblage of semi-massive irregular clusters of sulphide chalcopyrite, pyrrhotite, pyrite, and minor tetrahedrite. Two vein samples assayed 43.5 g/t over 1.02 metres and 69.2 g/t over 1.26 metres. The total overall vein was traced 41.24 metres in length and is totally exposed in the decline.
The decline development will then be intersecting several other targeted veins to the West including the prolific Crow vein.
Juniors which took off with the price of Gold.
• Ventana Gold skyrocketed 13,000% in six months!
• Appleton Exploration surged by more than 3,000%!
• Azteca Gold leaped 2,300%!
• La Mancha Resources jumped 2,150%!
• Norseman Gold shot up 2,067%!
• Pelangio soared 1,500%!
• Australian Solomons grew 1,400%!
Please note this is not a registered investment firm or broker/dealer. Readers are advised that the material contained herein should be used solely for informational purposes. This information does not purport to tell or suggest which investment securities members or readers should buy or sell for themselves. Site users should always conduct their own research and due diligence and obtain professional advice before making any investment decision. We will not be liable for any loss or damage caused by a reader's reliance on information obtained in this newsletter or on our web site. Our readers are solely responsible for their own investment decisions.
The information contained herein does not constitute a representation by the publisher or a solicitation for the purchase or sale of securities. Our opinions and analyses are based on sources believed to be reliable and are written in good faith, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. All information contained in this report should be independently verified with the companies mentioned. The editor and publisher are not responsible for errors or omissions. Any opinions expressed are subject to change without notice. Owners, employees and writers may hold positions in the securities discussed in this report or on our web site.
We do not guarantee the accurateness and completeness of statements made regarding stocks discussed on the web site or in email alerts.
kiwisteve
14 years ago
Encore Renaissance Comments on Cease Trade Order
Encore Renaissance Resources Corp EZ
3/9/2010 3:56:41 PM
VANCOUVER, BRITISH COLUMBIA, Mar 9, 2010 (Marketwire via COMTEX News Network) --
ENCORE RENAISSANCE RESOURCES CORP. (TSX VENTURE:EZ), (FRANKFURT:OUH1), (PINK SHEETS:ERRCF) Encore Renaissance Resources Corp. (the "Company" (TSX VENTURE:EZ) has not completed the Audited Annual Financials due to the complexity of the company's acquisition plan that it instituted over the past year.
The company would like to assure shareholders, however, that it will be completing the shipping of its mined bulk sample to the Kinross mill in the next few weeks as planned, in anticipation of its early April scheduling to run the sample.
The company's acquisition plan, which included the company acquiring producing oil and gas properties (when oil prices were below $50 a barrel), acquiring the Bonaparte Property and proceeding with a 10,000 tonne bulk sample exploration program, acquiring a significant property position in the new gold discovery area of the Yukon territory and a very prospective lithium brine property in Alberta, was instigated by company management to ensure shareholders would benefit from the company's activities. As well the company continued to maintain its copper silver property in the Dolly Varden area of eastern Nevada.
These actions which have just started to bear fruit, were completed in a very fragile financing market and integrating a corporate acquisition (Yukon gold and Alberta lithium exploration projects), an exploration/development project (Bonaparte project) and the oil and gas acquisition has been more complex than for a normal junior exploration mining company (like most listed on the TSX Venture exchange and regulated by the BCSC).
Despite the tremendous economic challenge facing junior companies as a result of the world-wide financial economic meltdown of 2008/2009, the company is confident that its projects will bode well for the company and is working diligently with the auditor to complete the Financial Statements in a timely manner to meet the regulatory requirements. The company is continuing operations, especially the completion of the Bonaparte Project initial bulk sample.
Given the extremely tough year for junior companies in BC, which still see major obstacles in raising exploration and development funds, and with markets still languishing 30-40% off their 2008 highs, management is confident that the audited annual financial statements will be filed and cleared very shortly.
Management would like to apologize for its lack of foresight into the complex nature of some of these acquisitions and thank shareholders for their understanding and continued support.
Michael Mulberry, President and Director
SOURCE: Encore Renaissance Resources Corp.
Encore Renaissance Resources Corp. Michael Mulberry President and Director 778-994-6453 or 778-891-2701 604-572-1891 (FAX) info@encorerenaissance.com Encore Renaissance Resources Corp. Head Office Address PO Box 48474, Bentall Centre Vancouver, BC Canada V5C 2M7 www.encorerenaissance.com
Copyright (C) 2010 Marketwire. All rights reserved.
kiwisteve
14 years ago
ENCORE RENAISSANCE PROVIDES SHAREHOLDER UPDATE
(VANCOUVER BC; MAY 12, 2010) ENCORE RENAISSANCE RESOURCES CORP. (TSXV-EZ, FRANKFURT-OUH1, OUH1, USA-ERRCF)
Dear shareholders and interested stakeholders,
Many of you have been wondering about the delays with the company returning to trading on the TSX Venture Exchange. Be assured that everything is being done to comply with the exchange regulations to return us to our former active trading status and we ask for your further patience while the final steps of this process are completed.
While these filings are being dealt with, we have not stood idle. We have processed the first part of our permitted 10,000 tonne bulk sample at the Kinross mill in Republic, Washington State. This material was run through their mill recently and we anticipate results will be available to us shortly.
We have also been improving camp conditions at the Bonaparte property to comply with new Ministry regulations.
We are proud of our accomplishments so far and we are continuing with our plans to develop and prove the viability of a gold resource at the Bonaparte Property in the aftermath of some very difficult circumstances. As gold prices continue to remain strong testing all time highs, we hope you will continue to support our efforts as we bring the next phase of development on line.
Thank you and stay tuned for our next news release.
Regards,
Michael Mulberry
President and Director
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the content of this press release.
http://www.encorerenaissance.com/index.html
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the cork
14 years ago
Gold slides as China move boosts dollar
Jan Harvey
LONDON
Fri Feb 12, 2010 8:54am EST
LONDON (Reuters) - Gold was down 1 percent in Europe on Friday as the dollar hit a seven-month high versus a basket of currencies after China unveiled a surprise hike in commercial banks' reserve requirements.
China
The euro slipped to a nine-month low against the dollar after a European Union summit the previous day failed to quell investors' concerns on Greece, and as China's surprise monetary tightening hit assets seen as higher risk.
Spot gold was bid at $1,084.30 an ounce at 1317 GMT (8:17 a.m. EST) versus $1,095.85 late in New York on Thursday. In that session it hit a one-week high of $1,097.75 an ounce as investors bought the metal amid fears over the stability of paper currencies.
Michael Widmer, an analyst at Bank of America-Merrill Lynch, said gold was coming under pressure as the dollar appreciated broadly on the back of the China news.
"We always see that when the markets sell off on the back of a macro event, gold sells off along with those," he added. "Metals are lower, equities are lower as well and gold is falling along with those."
U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange fell $13.20 to $1,081.00 an ounce.
The dollar hit its highest since late July against a basket of currencies on Friday after China surprised markets by raising commercial banks' reserve requirements.
Strength in the U.S. unit curbs gold's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
Other commodities also declined, with oil tumbling 2 percent to below $74 a barrel and base metals copper and zinc sliding nearly 3 percent at their lows.
European shares turned negative and U.S. stock futures pointed lower after China's central bank raised reserve requirements.
EURO-PRICED GOLD
Gold priced in euros performed particularly well on Thursday, rising 2.8 percent to a peak of 802.73 euros an ounce, within 10 euros of the record high it hit in December.
The metal steadied on Friday to 798.85 euros an ounce from 799.49 late in the last session, but from a technical viewpoint it is well positioned to make fresh gains, analysts said.
"Since early December, gold denominated in euros has been locked in a well-defined contracting range," said technical analysts at Barclays Capital. "Now that range is on the verge of giving way for a resumption of the larger bull trend.
"A break of 802 would confirm (this), pointing to a re-test of the 813 December high. However, this should prove to be only a temporary stopping point as the measured move... targets the 856 area before greater signs of topping emerge."
Elsewhere demand for gold-backed exchange-traded funds remained lackluster, with holdings of the world's largest gold ETF, New York's SPDR Gold Trust, steady on Thursday, the trust said on its website.
Among other precious metals, silver was at $15.34 an ounce against $15.64. Platinum was at $1,496 an ounce against $1,528 and palladium at $412.50 against $419.50.
Toyota Motor Corp's (7203.T) safety recalls will hurt U.S. dealer sales in the first quarter, two major U.S. auto dealership groups said on Thursday.
Platinum and palladium are heavily exposed to the automotive market, as they are primarily consumed by carmakers for use in catalytic converters.
http://www.reuters.com/article/ousivMolt/idUSTRE5B10OV20100212
the cork
14 years ago
Gold climbs as EU aid plan for Greece lifts euro
Jan Harvey
LONDON
Thu Feb 11, 2010 8:12am EST
LONDON (Reuters) - Gold climbed toward $1,080 an ounce in Europe on Thursday as the euro rose against the dollar and Bund futures extended losses after the European Union president said a deal to help Greece had been reached.
Spot gold was bid at $1,078.35 an ounce at 1241 GMT (7:41 a.m. EST), against $1,071.55 late in New York on Wednesday. U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose 10 cents to $1,078.80.
Gains in gold are being capped, however, by a relatively weak technical picture and concern over the medium-term outlook for the euro, which will influence investment demand.
"It is very much investor sentiment which is going to set prices in the first half of this year," said Barclays Capital analyst Suki Cooper.
"We think there is likely to be further downside from here as the first half progresses, mostly down to the fact that our FX strategists see the euro-dollar moving toward $1.35.
"Given the technical picture looks quite weak at the moment, and the macro factors for gold are quite weak, we could see more downside before sentiment turns more positive."
The euro climbed against the dollar on Thursday, boosting gold prices, after EU president Herman Van Rompuy said European leaders had reached a deal to provide aid to Greece in a move to stave off a broader crisis in the euro zone.
A Spanish source told Reuters that details of the aid would be worked out at the latest by Tuesday, when EU finance ministers are due to hold a meeting.
The dollar is benefiting from euro weakness rather than any innate strength of its own, analysts said, and so could be due a correction if and when euro zone debt problems are resolved.
Among other commodities, oil prices climbed toward $75 a barrel on Thursday as a positive assessment of demand growth and the rescue plan for Greece buoyed prices.
CHINA BUYS
On the physical markets, analysts reported good demand for gold in Asia ahead of the Chinese New Year holiday beginning this weekend.
"Even if Chinese demand slows during and after the Chinese New Year festivities, gold demand in India and other emerging nations appears likely to remain firm and at the least provide a cushion to prices," said HSBC in a note.
Holdings of the world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, were steady on Wednesday. The fund reported its first inflow this year after prices fell to three-month lows on Friday, but holdings have since steadied.
On the supply side, South Africa's statistics office said gold mine output fell 8.8 percent in December in volume terms. The republic was the world's third-largest mine producer in 2008 with output of 233.3 tonnes.
But South Africa's fourth-biggest gold producer, DRDGOLD, reported a 4 percent rise in gold output for the quarter to December and a return to profit owing to lower operating costs.
Among other precious metals, silver was at $15.34 an ounce against $15.18. Platinum was at $1,514.50 an ounce against $1,507, and palladium at $414 against $411.50.
Aquarius Platinum said in a conference call it sees attributable platinum group metals production at 445,000-450,000 ounces this year.
Constraints on platinum output from South Africa this year are a potential support to prices. South Africa is the source of four out of five ounces of mined platinum supply.
http://www.reuters.com/article/ousivMolt/idUSTRE5B10OV20100211
the cork
14 years ago
Gold climbs above $1,080 as euro rises
Jan Harvey
LONDON
Wed Feb 10, 2010 7:32am EST
LONDON (Reuters) - Gold rose above $1,080 an ounce in Europe on Wednesday as the euro rebounded versus the dollar on prospects of an imminent rescue package for Greece, increasing the metal's appeal as an alternative asset.
Spot gold was bid at $1,080.45 an ounce at 1200 GMT (7 a.m. EST), against $1,076.95 late in New York on Tuesday. U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $4.40 to $1,081.10 an ounce.
Richcomm Global Services senior analyst Pradeep Unni said gold's heavy losses had introduced a weaker note in gold's technical position last week which persisted.
But he added: "The market is gaining momentum on hopes that Germany will provide loan guarantees in an effort to calm fears of a massive government default which has been directly undermining the strength of the euro-zone and its currency."
The euro rose to session highs against the dollar on Wednesday after German government coalition sources said bilateral financial aid could be provided for Greece.
Sources also said an agreement on the details of how Greece would be helped and by which countries could be finalized on the sidelines of an EU summit on Thursday.
The dollar rose last week versus the euro as worries over the health of some euro zone economies, including Greece, Spain and Portugal, hurt the single currency.
Strength in the U.S. unit curbs gold's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
The markets are also awaiting Federal Reserve Chairman Ben Bernanke's testimony before the House Financial Services Committee hearing on unwinding Federal Reserve liquidity programmes at 1500 GMT (10 a.m. EST).
"The release of... Bernanke's speech on the Fed's strategy to cease its policy of extremely low interest rates will receive particular interest," said Commerzbank in a note.
OIL SLIPS
Among other commodities, oil rose above $74 a barrel on Wednesday, bouncing from earlier losses, as the euro extended gains versus the dollar on hopes for a bailout for Greece.
Gold tends to track crude prices, as the metal can be bought as a hedge against oil-led inflation.
On the wider markets, world stocks rose and European shares extended gains as sentiment improved on signs the European Union may arrange a bailout for troubled Greece.
On the physical side, Indian gold demand tailed off as prices recovered, while holdings of the SPDR Gold Trust exchange-traded fund were unchanged.
Among other precious metals, silver was at $15.54 an ounce against $15.41, tracking gains in gold.
Holding's of the world's largest silver-backed ETF, New York's iShares Silver Trust, have risen nearly 46 tonnes this week, suggesting investment demand for the precious metal is strong.
Elsewhere platinum at $1,519.50 an ounce against $1,502, and palladium at $418 against $415.
"Key near-term support is seen from seven-month trendlines in palladium and platinum at $386 and $1,468, respectively," Barclays Capital said in a note.
"Breaks here would likely prove to be the catalyst for the next leg of precious metal weakness."
http://www.reuters.com/article/ousiv/idUSTRE5B10OV20100210
the cork
14 years ago
Gold climbs towards $1,070 as dollar slips
Jan Harvey
LONDON
Tue Feb 9, 2010 7:29am EST
LONDON (Reuters) - Gold prices rose in Europe on Tuesday as the dollar weakened versus the euro amid speculation a rescue plan for struggling Greece may be arranged soon, enhancing the precious metal's appeal as an alternative asset.
Spot gold was bid at $1,068.20 an ounce at 1207 GMT (7:07 a.m. EST), against $1,062.80 late in New York on Monday. U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $1.80 to $1,067.50 an ounce.
Afshin Nabavi, head of trading at MKS Finance in Geneva, said the euro's recovery was an excuse for buyers to get back into the market.
"After Friday's free-fall, markets have been consolidating yesterday and so far today within a range of $1,050-$1,075," he said. "Physical demand is still high out of Far East and India, so (there is) good support in the market."
The euro extended gains versus the dollar on Tuesday as investors covered short positions on market speculation that some form of bailout will soon be organized for Greece.
News that European Central Bank President Jean-Claude Trichet was leaving a meeting of central bankers in Sydney early to attend a European Council meeting on February 11 prompted speculation a plan was being discussed.
The euro's slide last week amid fears over the indebtedness of some peripheral euro zone economies such as Greece, Portugal and Spain sent gold prices to a three-month low of $1,043.75.
If these issues are successfully addressed, it is likely to provide a fillip to the euro, and consequently to gold.
"The issue of sovereign risk, which is currently working in the dollar's favor and against the euro and therefore gold, could come back to haunt the dollar," HSBC said in a note.
"If the European Union member nations begin to address their fiscal problems and the U.S. fails to make progress on similar fiscal issues before the November elections, the dollar may find itself on the defensive later in the year. This could help boost gold," it said.
ETF HOLDINGS STEADY
China Investment Corp CIC.UL, the Asian giant's $300 billion sovereign wealth fund, said it had invested $155.6 million in the world's largest gold-backed exchange-traded fund, New York's SPDR Gold Trust.
The trust's holdings were unchanged on Monday after reporting their first inflow of 2010 after spot prices fell sharply on Friday.
Gold ETFs issue securities backed by physical stocks of bullion, giving the investor exposure to the underlying gold price without taking delivery of the commodity itself.
Among other precious metals, silver was at $15.16 an ounce against $14.98, tracking gold higher. Platinum was at $1,484 an ounce against $1,472, while palladium was at $409.50 against $404.
"Both metals have tracked gold and the dollar overnight and will be looking to the currencies and broad risk sentiment for direction," said James Moore, an analyst at TheBullionDesk.com.
The world's number one carmaker Toyota Motor Corp (7203.T) said it is recalling nearly half a million of its flagship Prius and other hybrid cars for braking problems.
BMW (BMWG.DE), the world's biggest premium automaker, said on Tuesday its group vehicle sales rose 16.6 percent in January to 82,120 units, and reiterated its target to boost 2010 unit sales at a single-digit rate.
Platinum and palladium are highly exposed to the automotive sector, as more than half of demand for the metals each year comes from carmakers.
http://www.reuters.com/article/ousivMolt/idUSTRE5B10OV20100209
the cork
14 years ago
Gold climbs as dollar retreats
Jan Harvey
LONDON
Mon Feb 8, 2010 7:24am EST
LONDON (Reuters) - Gold rose in Europe on Monday, rebounding from Friday's three-month low, as the dollar weakened against the euro, encouraging investors to buy into the metal at lower prices.
Spot gold was at $1,068.10 an ounce at 1202 GMT (7:02 a.m. EST) versus $1,065.55 late in New York on Friday. In that session it slid to $1,043.75, its lowest since November 2, as the euro fell on fears over the outlook for some smaller euro zone economies.
"We are having a bit of a run-up, helped by euro/dollar strengthening a little post the weekend G7 meeting," said Calyon analyst Robin Bhar.
"There has been a bit of bargain hunting at the lows," he added. "We fell to nearly $1,040 on Friday, so that has seen a bit of trade interest and some investor positioning emerging, which has given a boost to the market."
U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange rose $15.80 to $1,068.00 an ounce.
The dollar slipped versus the euro on Monday, but the single currency stayed close to multi-month lows on fears about the outlook for some euro zone countries.
A two-day meeting of the Group of Seven ministers and central bank governors in northern Canada this weekend was capped by reassurances about debt-strapped Greece and agreement that banks should pay for future rescue funds.
But dealers said investors were disappointed the meeting did not result in concrete action to tackle sovereign debt issues in countries such as Greece, Portugal and Spain.
Concern over the outlook for smaller euro zone economies was a major driver of the sharp rise in risk aversion late last week, which saw hefty selling of the euro and assets perceived as higher risk, such as equities and commodities.
ETF HOLDINGS RISE
Gold's price drop prompted some fresh interest in the metal, with the world's biggest gold-backed exchange-traded fund, New York's SPDR Gold Trust, reporting its first inflow since December on Friday.
From a technical perspective, resistance near the $1,050 level held on Friday, preventing a move down toward the 200-day moving average near $1,020 an ounce. A breach of this area would lead to a sharper sell-off, analysts said.
"Copper, WTI (U.S. crude futures) and gold have all come down to look at the 200-day moving average, which is quite an influential level," said Bhar. Gold's 200-day moving average is just above $1,020 an ounce.
"The 200-day and 100-day moving averages are often targeted by longer-term players -- funds, hedge funds -- as an indicator of whether to buy or sell, so that could be influential going forward," he added.
Among other precious metals, silver was flat at $15.11 an ounce, platinum was at $1,477.50 an ounce against $1,479.50 and palladium at $398.50 from $402.50.
While all precious metals are to an extent tied to the dollar, platinum group metals' greater exposure to the economic cycle means they could be better supported than gold.
"With the complex largely held hostage to EUR-USD movements, the near-term outlook looks shaky," said Morgan Stanley in note. "We do expect, however, platinum and palladium to continue to outperform."
http://www.reuters.com/article/idUSTRE5B10OV20100208
the cork
14 years ago
1058.30 - Gold hits 3-month low as risk appetite retreats
Jan Harvey
LONDON
Fri Feb 5, 2010 7:59am EST
LONDON (Reuters) - Gold slipped nearly 1 percent to its lowest since early November on Friday as the dollar rose on rising risk aversion due to fears over the fiscal health of peripheral euro zone economies.
Equities and many other commodities also fell, with European shares hitting three-month lows, copper falling to its weakest since October and the euro-dollar reaching its lowest in more than eight months as concern grew over euro zone sovereign debt.
Spot gold was bid at $1,053.65 an ounce at 1233 GMT, against $1,062.60 late in New York on Thursday. U.S. gold futures for April delivery on the COMEX division of the New York Mercantile Exchange fell $8.70 to $1,054.30 an ounce.
The dollar hit a seven-month high versus a currency basket and its strongest since May against the euro on Friday as a widening in euro zone government bond spreads highlighted fears over the indebtedness of the region's weaker economies.
"It looks like the next few days are going to see further weakness in gold and further strength in the dollar," said Standard Chartered analyst Dan Smith. "We see $1,020 an ounce as the next point to look for."
Growing sovereign debt problems in the euro zone, highlighted by European Central Bank chief Jean-Claude Trichet in a press conference on Thursday, and rising U.S. jobless claims have sparked jitters about the global economic recovery.
Commodities suffered almost across the board as the U.S. currency rose, making dollar-priced assets more expensive for holders of other currencies.
European stocks slid to their lowest since November on Friday and Asian stocks fell to five-month lows as investors dumped riskier assets.
JOBS DATA EYED
The financial markets are now awaiting further clues on the health of the U.S. economy from the release of non-farm payrolls data at 1330 GMT, seen as a key indicator of economic health.
"A considerably stronger reading than the 10,000 forecast (increase in jobs) could spark a rebound in risk appetite," said TheBullionDesk.com analyst James Moore.
"However on the flip side a worse reading could trigger a deeper correction," he added.
Standard Chartered's Smith said the growing risk aversion permeating the markets meant the jobless figures would have to be much better than expected to change the market direction.
"In the last few days we have seen anything that is vaguely negative leapt on, and anything positive generally being ignored," he said. "The numbers will have to be extremely good to make any difference to the current market mood."
However, premiums for gold bars in Asia were steady above $1 on Friday as jewejewelersllers made last-minute purchases ahead of the Lunar New Year, with bargain hunting from other Asian consumers also emerging as bullion held near three-month lows. <GOL/AS>
Silver was at $15.12 an ounce versus $15.23 and platinum was at $1,480 an ounce versus $1,499.50.
Palladium, a smaller and less liquid market than other precious metals, hit a 2010 low of $379.50 an ounce and was later at $388.50 against $406.50.
Holdings of new platinum- and palladium-backed ETFs launched in New York last month have stabilized after rising sharply in the first days of their existence, prompting price gains.
Holdings of ETFS Physical Platinum Shares (PPLT.P) were unchanged for a third session at 244,941 ounces, while those of ETFS Physical Palladium shares were steady for a seventh day.
http://www.reuters.com/article/ousivMolt/idUSTRE5B10OV20100205
the cork
14 years ago
PRECIOUS-Gold 1072.50 - lower, wary of firm dollar
Wed Feb 3, 2010 7:14pm EST
6:21am PST
TOKYO, Feb 4 (Reuters) - Gold prices inched lower on
Thursday, keeping a bearish tone as investors cautiously awaited
U.S. jobs data later this week that could further boost the
dollar, which would undermine bullion's appeal as a currency
hedge.
FUNDAMENTALS
* Spot gold XAU= was down 0.2 percent at $1,106.80 an
ounce, compared with New York's notional close of $1,108.85. Spot
gold rose to a peak of $1,124.45 on Wednesday, its highest since
Jan. 20.
* U.S. gold futures for April delivery GCJ0 eased 0.4
percent to $1,107.70 an ounce, compared with $1,112 an ounce on
the COMEX division of NYMEX.
* Gold turned lower on Wednesday, snapping a two-day winning
streak as a weak euro against the dollar amid fiscal worries in
euro-zone countries weighed down on sentiment.
* The world's largest gold-backed exchange-traded fund, SPDR
Gold Trust (GLD), said its holdings eased 0.14 percent to
1,110.339 tonnes as of Feb. 3, down 1.583 tonnes from the
previous business day. [GOL/SPDR]
* ETF Securities said total assets of its four U.S. precious
metals exchange-traded products, namely physical gold, silver,
platinum and palladium, now exceeded $1 billion. The company
launched its silver ETF, its first U.S. product, in July.
MARKET NEWS
* U.S. stocks mostly fell on Wednesday, partly weighed by
President Barack Obama's pledge to complete banking and
healthcare reform, which revived fears of increased regulation.
[.N]
* Obama reiterated his commitment to overhaul the healthcare
system and impose stricter regulatory reforms on Wall Street.
[ID:nN03172967]
* The dollar kept its firm tone on Thursday after climbing
broadly the day before on improving U.S. job and industry data,
while fears Portugal could be the next euro zone country to face
a debt crisis lifted the greenback against the euro. [USD/]
DATA EVENTS
* The following data is expected on Thursday: ECON
- German industrial orders for December. (1100 GMT)
- Bank of England rate decision. (1200 GMT)
- European Central Bank rate decision. (1245 GMT)
- ECB President Jean-Claude Trichet speaks. (1330 GMT)
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>China favours Australia, Canada mining sectors[ID:nLDE6120J6]
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PRICES
Precious metals prices at 2353 GMT
Metal Last Change Pct chg 2 Day chg MA 30 RSI
Spot gold $1108.20 -$0.65 -0.06% -4.29% $1112.43 58
Spot silver $16.33 -$0.01 -0.06% -10.18% $17.54 40
Spot plat $1571.50 -$1.00 -0.06% -0.51% $1538.94 60
COMEX gold $1109.10 -$0.80 -0.07% -0.75% $1113.45 55
TOCOM gold 3,255 -1 -0.03% +0.81% 3,275 56
TOCOM plat 4,562 -19 -0.41% +1.42% 4,537 57
Currencies
Euro/dlr $1.390 $0.000 -0.01% -0.46%
Dlr/yen 90.89 -0.10 -0.11% +0.56%
TOCOM prices in yen per gram. Spot prices in $ per ounce.
(Reporting by Chikako Mogi; Editing by Chris Gallagher)
http://www.reuters.com/article/goldMktRpt/idUSTOE6120AM20100204
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