Gold Silver Price Per Ounce Spot Gold Per Gram Spot Silver Per ounce kilo Precious Metal Investing News Close Review Open Today’s
5:32 AM
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Gold Silver Price Per Ounce Spot Gold Per Gram Spot Silver Per ounce kilo Precious Metal Investing News Close Review Open Today’s
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After close numbers were finalized last session, gold and silver trends were green across the board. Gold contract for August delivery moved higher last session by .68 percent to finished the day over 1500 per ounce at 1510.40 per troy ounce. Silver contract finished the last session higher by 3.,31 percent at 34.75 per troy ounce. Green was the closing board color of the day as Copper and Platinum were two other noteworthy precious metals that finished off the day on positive ground. Platinum for July delivery ended higher by 1.90 percent at 1723.80 per ounce and copper for July delivery finished higher by 2.87 percent at 4.21 per pound. Just prior to opening bell this morning, spot gold and spot silver prices were still moving in positive territory.
Spot gold price per kilo was higher by 318.29 at 48534.77 and spot gold price per gram was higher by .32 at 48.53. Spot silver price per ounce was higher by 1.30 at 34.94 and spot silver price per kilo was higher by 41.86 at 1123.35. As the markets around the world attempt to stabilize, especially the European market, safe havens like gold and silver precious metals benefit from the uncertainty.
Gold and silver price per ounce rates today are positioned for a better start as last session close numbers were positive. The dollar dropped to a handful of other currencies and the euro gained strength. Gold and silver prices responded in a positive fashion by notching higher through the session.
Camillo Zucari
South African Price-Producer Inflation Accelerates to 6.9%
5:25 AM
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South African Price-Producer Inflation Accelerates to 6.9%
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June 30 (Bloomberg) -- The cost of goods leaving South African factories and mines rose at a faster pace in May than the previous month, reflecting a surge in the price of oil and other commodities.
Producer prices increased an annual 6.9 percent after gaining 6.6 percent in April, Pretoria-based Statistics South Africa said on its website today. The median estimate of 14 economists surveyed by Bloomberg was 7.1 percent. Prices rose 0.4 percent in the month.
The acceleration in producer inflation reflects "higher commodity prices overall," Peter Attard Montalto, an economist at Nomura Plc in London, said in an interview ahead of the release of today's data. "Even though they have come off in recent months, we won't feel the effects of that in the headline numbers in PPI for another few months."
The price of crude fell 9.9 percent in May on the New York Mercantile Exchange, trimming its 12-month gain to 39 percent. Higher factory-gate prices may feed through to consumer inflation, placing pressure on the central bank to raise interest rates from a 30-year low.
Consumer inflation accelerated to 4.6 percent in April from 4.2 percent the month before. The central bank's inflation target range is between 3 percent and 6 percent.
Reserve Bank Governor Gill Marcus left the benchmark interest rate unchanged at 5.5 percent on May 12, while warning that the outlook for inflation had deteriorated. The bank expects inflation to average 5.1 percent this year and 6 percent in 2012, with a temporary breach of its target in the first quarter of next year.
"We haven't see the second-round effects" of higher fuel prices translating into more generalized inflation yet, Monde Mnyande, the bank's chief economist, said in a June 23 speech in Cape Town. "We are monitoring those very closely and we will definitely act as soon as we start to see them."
Oman Oil Price Falls a Second Month on Supply Gain june 2011
5:19 AM
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Oman Oil Price Falls a Second Month on Supply Gain june 2011
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Oman crude’s official selling price fell for a second month in August as Saudi Arabia offered refiners extra oil supplies and the International Energy Agency agreed to release stockpiles.
The August official selling price for Oman oil will be $107.84 a barrel, based on the average of daily futures settlement prices on the Dubai Mercantile Exchange calculated by Bloomberg News. That’s 1.2 percent below July’s level of $109.20. Today’s settlement at 12:30 p.m. Dubai time was $105.99.
Open interest in the August Oman futures was 8,355 contracts as of 4:49 p.m. Singapore time, the equivalent of about 8.4 million barrels of crude, or about 16 cargoes of 500,000 barrels, according to data compiled by Bloomberg. That’s the lowest since August 2009, and compares with open interest of 11,210 a month earlier.
Prices declined after refiners were inundated with Saudi Arabia’s extra supply for July loading that processors from India, China and Japan purchased. Those barrels were followed by the release of crude and fuel from stockpiles in Japan and South Korea as part of an initiative by the International Energy Agency to release 60 million barrels of light, low-sulfur crude.
Refiners in Asia are also facing slumping refinery margins amid a decline in demand. Gasoil’s premium to Dubai crude, a measure of profitability, dropped 8.6 percent to $17.79 a barrel today from the start of the month, according to data from PVM Oil Associates Ltd., a London-based brokerage.
Oman futures for September delivery fell $1.45 to $106.15 a barrel on the Dubai Mercantile Exchange at 4:30 p.m. Singapore time, with 21 contracts traded.
Oman crude for immediate loading surged 82 cents, or 0.8 percent, to $106.55 a barrel, Bloomberg data showed. Dubai oil for delivery in August jumped 1 percent to $106.33. Murban increased 0.9 percent to $110.90.
The August Brent-Dubai exchange for swaps, which measures the European marker against the Persian Gulf grade, narrowed 3 cents to $5.07 a barrel, according to data from PVM Oil Associates Ltd. The exchange for swaps for September rose 5 cents to $4.78.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
Saudi boosted to highest level by soaring oil prices foreign assets hit $480 billion in May, 2011
5:12 AM
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Saudi boosted to highest level by soaring oil prices foreign assets hit $480 billion in May, 2011
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CAIRO - Saudi Arabia's net foreign assets hit 1.8 trillion riyals ($480 billion) in May, their highest level ever, as surging oil prices helped the kingdom offset increased spending aimed at boosting growth and staving off the protests that have swept through other Arab nations.
The gains in the kingdom's foreign asset position continued for at least the sixth consecutive month, climbing 2.5 per cent from April levels of 1.756 trillion riyals, according to a report released by the Saudi Arabian Monetary Agency, the country's central bank.
"It's a reflection of the high oil revenues," John Sfakianakis, chief economist at the Riyadh-based Banque Saudi-Fransi, said Thursday. "If oil prices stay at these levels, then Saudi Arabia will see its foreign assets climbing above the half a trillion (dollar) mark, which is significant."
Unrest in the Arab world, including the civil war in OPEC member Libya, helped propel oil prices well above $100 per barrel for much of the past few months before the U.S. benchmark crude futures contract eased back to the low-to-mid $90s following the producer group's meeting earlier this month.
The increase in Saudi Arabia's foreign assets came as the prices climbed and the kingdom, to offset lost Libyan production, ramped up its output.
The additional money is key for the Gulf kingdom, which sits atop the world's largest proven reserves of conventional crude and was projecting a slight budget deficit because of ramped up spending this year.
The increase in foreign assets, however, will more than offset that deficit, economists said.
Saudi Arabia's budgetary break-even oil price is between $85-87 per barrel, said Sfakianakis.
"Even with the additional spending they've announced on top of the budgetary spending, they'll have a comfortable surplus as long as oil prices stay above $90" per barrel, he said.
Unrest sweeping across the Arab world led to the ousting of longtime leaders in Tunisia and Egypt, plunged Libya into civil war and left the presidents of Syria and Yemen battling to stay in power. Bahrain, the tiny Gulf monarchy that sits off Saudi Arabia's coast, is also embroiled in its own uprising.
As the protests spread across the region, Saudi Arabia's king announced successive spending packages aimed at improving the lives of the country's lower-income brackets, boosting job growth and expanding the economy.
In total, the packages ordered by King Abduallah will cost the country about $120 billion over several years, and the finance minister has said officials would fund the measures through oil revenues rather than dipping into their foreign assets. But the measures also come at a cost, with the country forecasting a slight deficit for the current fiscal year.
gold prices chart and table today
9:19 AM
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gold prices chart and table today
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Prices in table below are as of close of COMEX & NYMEX
Updated
06/24/2011 Today Change Week Ago Month Ago Year Ago
Gold $1,501.60 -$19.30 $1,538.00 $1,524.85 $1,245.50
Silver $34.70 -$0.34 $35.78 $36.20 $18.75
Platinum $1,679.10 -$18.10 $1,755.00 $1,764.50 $1,550.60
Palladium $733.90 -$13.20 $744.55 $737.70 $473.00
Prices in graphs below are from GLOBEX, which are "live" except weekends and 3:15 p.m. to 4:00 p.m. EST, Mondays through Fridays.
gold price per gram of yuan
9:07 AM
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gold price per gram of yuan
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Gold coins: The Chinese Gold Panda - IBTimes
Gold coins: The Chinese Gold PandaIBTimesThe 1/20 ounce coin manufactured as of the year 1983 had a former nominal value of 5 yuan, while it is quoted at 25 yuan today. The 1/20 ounce coins gold content is at 1.5552 grams. In contrast to many other gold coins, the Chinese Gold Panda does.and more »
China Stocks: Zijin Mining, China Shenhua, Huaneng Power - Bloomberg
China Stocks: Zijin Mining, China Shenhua, Huaneng PowerBloombergShandong Gold Mining Co. (600547 CH) increased 1.7 percent to 44.79 yuan. The price of the precious metal in Shanghai rose to a record high of 320.89 yuan a gram. Power companies: Huaneng Power International Inc. (600011) (600011 CH), the listed unit.and more »
Metals futures prices slide sharply on downbeat economic information - Global Times
Metals futures prices slide sharply on downbeat economic informationGlobal TimesThe August aluminum contract drifted 0.2 percent to 16810 per ton. SHFE gold futures climbed as investors looked for a safe haven. The most active gold contract, for December delivery, added 0.56 percent to close at 320.25 yuan per gram.and more »
. plaza major stores, found that the jewelry market in recent refined decoration is smooth thousands and platinum and 273 The of. TAG_59447_TAG. Global prices soared past the 1,400-U.S.-dollar-per-ounce mark for the first time on Nov. 8, and the spot of hit a new high of 1,413.2 U.S. Gold Price Ounce. Conversion : 1 troy ounce = 31.1034768 grams The reached a three month high on the Shanghai Gold Exchange on Nov. 27. AU9999 and AU9995 both opened on the market at 160 yuan per gram. Yuan = Gold gram in Chinese Yuan (Renminbi) Platinum Ratio = Ratio of to platinum (no units) Silver Ratio = Ratio of. Prices - Chinese oz and per at GoldPrices.biz Global gold prices soared past the 1,400-U.S.-dollar-per-ounce mark for the first time on Nov.
8, and the spot of hit a new high of 1,413.2 U.S. dollars on Nov. Chart Images in Chinese per oz and gram with explanation line. t24_au_en_cngr_2.gif: 24 hour Chinese Yuan per Taiyuan gold jewelry prices break 300 yuan mark, platinum jewelry by the end of March prices rose in early than 10 / gram. With domestic and international. in grams - Live Gold per Charts
The Gold Price Will drops, Aiming at $1,486.50, then $1,460 - $1,450, then the 200 DMA at $1,410
9:01 AM
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Gold Price Close Today : 1,500.50
Gold Price Close 10-Jun : 1,538.60
Change : -38.10 or -2.5%
Silver Price Close Today : 3463.8
Silver Price Close 10-Jun : 3573.9
Change : -110.10 or -3.1%
Gold Silver Ratio Today : 43.319
Gold Silver Ratio 10-Jun : 43.051
Change : 0.27 or 0.6%
Silver Gold Ratio : 0.02308
Silver Gold Ratio 10-Jun : 0.02323
Change : -0.00014 or -0.6%
Dow in Gold Dollars : $ 164.42
Dow in Gold Dollars 10-Jun : $ 161.28
Change : $ 3.13 or 1.9%
Dow in Gold Ounces : 7.954
Dow in Gold Ounces 10-Jun : 7.802
Change : 0.15 or 1.9%
Dow in Silver Ounces : 344.55
Dow in Silver Ounces 10-Jun : 335.89
Change : 8.66 or 2.6%
Dow Industrial : 11,934.58
Dow Industrial 10-Jun : 12,004.36
Change : -69.78 or -0.6%
S&P 500 : 1,268.45
S&P 500 10-Jun : 1,271.50
Change : -3.05 or -0.2%
US Dollar Index : 75.587
US Dollar Index 10-Jun : 75.034
Change : 0.553 or 0.7%
Platinum Price Close Today : 1,686.00
Platinum Price Close 10-Jun : 1,757.00
Change : -71.00 or -4.0%
Palladium Price Close Today : 734.00
Palladium Price Close 10-Jun : 744.50
Change : -10.50 or -1.4%
Even the scoreboard doesn't quite tell the whole tale this week. In three days the GOLD PRICE lost $52.40 and the SILVER PRICE lost 209.6c. Stocks tried to penetrate resistance, but failed, no matter how much the NGM helped them. Platinum and palladium took a thrashing while the dollar verified its uptrend.
When a market gives back $52.40 (3.4%) in three days, clearly it is correction mode with a good deal of gravity-ward inertia. Once the GOLD PRICE crossed below $1,540 yesterday, the trap door opened. After catching yesterday at $1,515 support, gold could no more than rally to $1,524.10, near $1,525 resistance, and faint today. Plunged as low as $1,498.22, but managed to close a chiseling 50c over $1,500 at $1,500.50, down $%19.60.
It's possible, I suppose, that the GOLD PRICE will rally Monday but not very likely. In the past two days it has cut clean through its 20 Dma ($1,534.36) and 50 DMA ($1,518.88), and its uptrend line from the January low.
The GOLD PRICE will drop more, aiming at $1,486.50, then $1,460 - $1,450, then the 200 DMA at $1,410. This should happen right quickly. Watch closely. Be ready to buy.
The SILVER PRICE has lost 209.6c in the past two days, falling 36.4c today to 3,463.8c and meeting the last (13 June) low. Some support remains at the bottom of the range and May low, 3353c. Once it passes that mark, the silver price will touch its 200 DMA (now 31.36) or even the 300 DMA (now 2704c).
Listen, letthe experts all cry and whine and puke in their wastebaskets all they want, y'all just keep your head on your shoulders. Should we not take the correction with the rally? And all the more because it offers us a superb opportunity to pick up silver at firesale prices? Watch closely! Sometime in the next five weeks the bottom should strike. Ready yourself!
Gold/Silver ratio is rising (today at 43.319) but not yet to the high so far, 44.41. 200 DMA stands at 46.46, 300 DMA at 53.18. We are waiting to swap gold back into silver.
Real markets don't need government money. But clearly, stocks need the friendship of the Nice Government Men on the Plunge Protection Team. Week was filled with silly stuff that just don't look right.
Today the Dow sank beneath 12,000 once again, leading one to believe this will be a permanent situation. Dow closed down 91.16 at 11,958.84, off 3/4%. S&P lost 0.98%, 12.61 points lower at 1,270.89.
New support has become last week's low at 11,862.53, and MACD which had turned up has now rolled over. The 200 Day Moving Average at 11,777 stands not far distant and, to a market falling on rising volume, looks like a reasonable near-term target.
Stocks -- they're the Collard Juice on the Investment Health Food Buffet.
After all the sweating, the US dollar index only backed off its mid-June 76.41 high to the 20 DMA at 75.20, then today and yesterday rose 68 basis points. Today the dollar index garnered 14 of those points to end at 75.587. Minimum target here, too, is the 200 DMA now at 77.30, but more likely is something above 78.
Euro is curled up today at 1.4127 licking its wounds and looking sick. Closed at 1.4188, down 1/2% and sitting right above the last (1.4100) low. Looks disconsolate enough to jump over the edge at any time. Nice Government Men of Japan are doing their job holding the yen below 125c/Y100 (Y80/$). Yet stands today at 124.36c/Y100 (Y80.41/$).
On 24 June 1314 Robert the Bruce's Scots beat Edward II of England at the Battle of Bannockburn and secured Scotland's independence. Nothing you want in your enemy more than overconfidence.
On 24 June 1968 the United States government reneged on and repudiated its promise to redeem silver certificates for physical silver. Yep -- trustworthy.
Y'all enjoy your weekend.
Argentum et aurum comparenda sunt -- -- Gold and silver must be bought.
- Franklin Sanders, The Moneychanger
The-MoneyChanger.com
© 2011, The Moneychanger. May not be republished in any form, including electronically, without our express permission.
To avoid confusion, please remember that the comments above have a very short time horizon. Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate in a bubble, primary trend way down. Whenever I write "Stay out of stocks" readers inevitably ask, "Do you mean precious metals mining stocks, too?" No, I don't.
Oil Prices Falling Low to Six-Month
5:44 AM
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Oil prices were trading in negative territory after dropping to a six-month low on financial news out of Europe and India. Texas light sweet crude oil for August delivery was falling 39 cents to $93.01 a barrel after hitting an intraday day low of $91.51 Monday. The August Brent crude contract was lower by $1.26 to $111.95 a barrel.
Over the weekend, European finance ministers delayed a decision to extend a 12 billion euro ($17 billion) loan to Greece, asking to see the introduction of more austerity measures by Athens first. This news came as the public grew increasingly dissatisifed with Greek austerity measures.
The finance ministers said decisions on moving forward with a second round of Greek emergency aid would likely take place by early July.
"The question now is how the pain is going to be shared and especially how private bondholders 'voluntarily' are going to take part in it without the rating agencies being able to call it a default," SEB Commodity Research's chief commodities analyst, Bjarne Schieldrop, wrote in a note.
On Friday, Moody's warned that it may cut Italy's credit rating on worries about the country's economic recovery as it remains vulnerable to eurozone debt contagion risks.
And in Spain on Sunday, tens of thousands of protesters took to the streets, expressing outrage over European Commission-backed austerity measures. Many continued to blame the financial crisis on bankers and politicians.
Schieldrop had a neutral view on oil Monday, noting that the negative sentiment caused by eurozone uncertainties is broad-based.
Also weighing on the markets Monday were reports that India, the fifth-largest oil importer, was trying to remove tax concessions on capital gains in the country's tax treaty with Mauritius -- an island nation that many view as a tax haven. Shares in India plummeted on the chatter.
Separately, JBC Energy analysts have raised their global oil demand growth forecast for 2011 largely due to "strong observed and expected consumption in Asia." They now see global oil demand increasing by 1.52 million barrels a day this year, which is 130,000 barrels a day higher than their May estimate.
Last week, the IEA International Energy Agency raised its 2011 global oil demand projection by 100,000 barrels. Previously, the U.S. Energy Information Administration raised its forecast by 300,000 barrels.
Integrated oil companies were trading in mixed territory. BP(BP_) was down 0.7% to $41.89; Royal Dutch Shell(RDS.A_) was up 0.2% to $68.61; Chevron (CVX_) was rising 0.6% to $99.77; Hess (HES_) was falling 1.9% to $67.94; ConocoPhillips(COP_) was rising 0.5% to $72.32; Exxon(XOM_) was ahead by 0.7% to $79.60 and Marathon Oil(MRO_) was down 0.4% to $50.39.
The price of Kuwaiti crude oil came down 61 cents to reach USD 105 per barrel (pb)
5:36 AM
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The price of Kuwaiti crude oil came down 61 cents to reach USD 105 per barrel (pb) on Wednesday, said Kuwait Petroleum Corporation on Thursday.
The crude was trading at USD 105.61 pb on Tuesday and global prices have been in flux recently, going up and down within the range of 100-110 pb.
Prices are influenced by main factors including supply and demand mechanism, US dollar exchange rate, global crude reserves, and geopolitical factors and speculation.
The prices started a general upward trend with the start of 2011 having ended 2010 on an average of USD 90-93 pb. With the start of unrest in Libya, prices hiked to a range closer to USD 120 pb.
Under the influence of many events, including the Japan quake, the hike and drop of the US greenback, the European sovereign debt crisis, and OPEC statements and decisions, prices came down to the range of USD 100-110 pb.(end) asj.ysa.wsa KUNA 231205 Jun 11NNNN
Crude Oil Prices Weekends
5:29 AM
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This week, crude oil prices remained on USD93 per barrel in Asian trade after seeing oil demand signals the United States a fluctuation.
As quoted by the Associated Press on Wednesday (06/22/2011), price of crude oil for August delivery fell 53 cents to the position of USD93,64 per barrel during the day Singapore time in electronic trading on the New York Mercantile Exchange (Nymex).
Meanwhile, in London, Brent crude oil for August delivery rose 26 cents to USD111,21 per barrel on the ICE Futures Exchange.
Previously, the American Petroleum Institute stated in U.S. crude stocks fell 81 thousand barrels last week, while the Platts energy analysts forecast a decline of up to two million barrels. Gasoline inventories fell by 1.5 million barrels last week, but some analysts that it expected a demand of up to one million barrels.
“Demand for crude oil is not too strong, but we still have more crude oil in storage compared to previous years,” said energy consultant Cameron Hanover.
In other Nymex trading in the contracts in July, heating oil rose 0.2 cents to $ 2,89 per gallon, while gasoline fell three cents at $ 2,91 per gallon. Natural gas futures rose 3.5 cents to $ 4,42 per 1,000 cubic feet.
Heating Oil Dealers makes Standing Against Speculators
8:07 AM
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Heating Oil Dealers makes Standing Against Speculators
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Heating oil dealers have thrown their support behind a new bill, which aims to curb excessive speculation in oil markets.
Independent senator Bernie Sanders, Vt, introduced the “End Excessive Oil Speculation Now Act” last week. It aims to force the Commodity Futures Trading Commission (CFTC) to introduce immediate regulations to reign in Wall Street traders who buy and sell oil contracts for profit. The new rules were mandated under last year’s Dodd-Frank financial reform act but have become mired in delays.
New England Fuel Institute president Michael Trunzo is part of a coalition that has supported Sanders’ bill. He said soaring oil prices were hitting heating oil customers and dealers alike.
“Despite the fact that it’s summer, the average price for a gallon of home heating oil is currently $3.10,” Trunzo said last week. “For the nearly 2.6 million New England homeowners who use heating oil and the 2,000 mainly small, family-owned and operated businesses that serve them, the current pricing structure is a major financial strain.”
Trunzo said the financial hardship went beyond home heating. “It relates to rising costs of gasoline, transportation and groceries as well. Retail heating oil dealers are facing strained lines of credit with banks and oil suppliers. Our members are finding it difficult to grow their businesses and keep their existing workforce employed, never mind hiring new employees.”
Trunzo said his members were often accused of price gouging and it was difficult for customers to understand that oil dealers did not profit from high commodity prices.
Heating oil companies and other businesses that deal in oil products have traditionally used financial markets to “hedge” against price movements and protect themselves and their customers from financial risk, Trunzo said. But the oil markets were now dominated by financial speculators who traded oil contracts for profit with no intention of taking physical possession of the oil they bought and sold. This had driven up prices beyond what was reasonable based on current supply and demand.
Wall Street speculators now control the petroleum market and their motive is to make money with no intentions of ever taking delivery of a single barrel. Unlike my member companies, who hedge to protect their consumers from volatile prices, speculators use petroleum is an investment vehicle.
Sanders’ bill would help reign in the effect of excessive speculation while the CFTC finalized new “position limits”, which would restrict the amount of influence any one trader could exert over a particular market, Trunzo said. It would also improve transparency and “close loopholes that allow speculators the same trading status afforded to companies that actually take delivery of or use the product.”
Unfortunately, the Commodity Futures Trading Commission is delayed in implementing these protections. We are six months down the road and the CFTC tells us that we are potentially another six months away from the rulemaking. This is unacceptable, as heating oil customers cannot go through another winter of volatile pricing.
The proposed legislation would help – “at least until the CFTC can step-up to the plate, fulfill its obligations and enforce these new rules,” Trunzo said. “This bill is good for my members and it’s good for their customers.”
Oil prices have risen 25 percent in the last year, but pulled back in the last week on concerns that Greece could default on its massive debt and send the global economy back into recession. Sanders’ bill would require federal regulators to take immediate action to help control oil prices and prevent volatile price movements.
Heating Oil Price in UK Trend for June 22nd 2011
7:56 AM
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The price of heating oil has dipped in the UK today (June 22nd), tracking the fall in crude oil that has occurred during trading on the world markets.
BoilerJuice's Home Heating Oil Prices tracker indicates a litre of the fuel is now priced at just over 56.4p, having declined from yesterday's figure of approximately 56.9p.
Homeowners may want to use the price fall - which follows a marginal slide on Tuesday - as an opportunity to stock up on heating oil and ensure they have a plentiful supply for the winter months.
The dip coincided with a drop in crude oil futures during trading on the New York Mercantile Exchange, where crude for delivery in August fell by as much as 86 cents (52.9p) to $93.31 per barrel after a Bloomberg survey predicted that a decrease in stockpiles of the commodity in the US may be smaller than previously expected.
Suggestions that some Opec countries are raising supplies of crude also put pressure on prices, the news agency noted.
Following
Heating Oil Prices
Every day we check the lowest 1000 litre price of home heating oil from all our suppliers in all postcode areas and we log the minimum, maximum and average of all these prices. We then provide that information to you in a graph so you can make better decisions when buying your heating oil.
Gold and Silver's prices Daily June 22nd, 2011
6:03 AM
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Asia ended its day in the region of $1,541.80 Greek Parliament’s vote of confidence today. In the euro it was sitting at €1,075.85 ahead of London’s opening. The euro is sitting at Friday’s levels at €1: $1,4331 before London opened. At the Fix in London, gold in the dollar was $1,543.00 and in the euro at €1,077.21.
Ahead of New York’s opening gold was trading at $1,544.65. In the euro, gold stood at €1,076.48 unchanged. The euro was stronger at €1: $1.4349.
Silver is under the influence of the London silver Fixing, which was set at $36.22 where it is trading still ahead of New York.
Gold - Very Short-term
Dollar will stick close to the London Fixing levels ahead of the Greek vote of confidence, after which we expect it to move rapidly one way or the other.
Silver – Very Short-term
Dollar & euro silver price may follow gold today in whatever it does in New York today.
Silver & Gold Price Drivers
At the time of writing the markets were still waiting with bated breath for the result of the vote of confidence in the Greek Prime Minister.
The First World War was started by one gunshot in Sarajevo. If Greece does not give Papandreou his confidence vote, then expect over the next few week to see a ‘ripple’ effect travel throughout the developed world. However, in Greece, the feeling is that he is almost certain to get his vote. The pressure forces his opponents to realize that he is sitting on the edge of a financial precipice.
A failure to get support will be very gold-positive. If the vote of confidence is passed then traders will favor selling gold, but long-term holders will be unaffected. The mood in Europe is that Papandreou will get his vote of confidence.
The news out of Asia is that demand for gold is up over 500% in May over April and 222% up on the same time last year. As we said yesterday, “It is well to remember that more than 50% of gold demand comes from the emerging world and less than 10% from the U.S.A.”
Gold and Silver New Prices June 21 2011
5:39 AM
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Gold (-GC) for August delivery was adding $4.50 at $1,546.50 an ounce at the Comex division of the New York Mercantile Exchange. Gold futures have traded as high as $1,549 and as low as $1,539.30, while the spot gold price was last adding $5.80, according to Kitco's gold index.
Silver (-SI) prices were adding 38 cents to $36.45 an ounce while the U.S. dollar index was down 0.38% at $74.70 and the euro was slightly higher.
Gold prices have been biding time, yet to break through and hold the $1,550 level but staying firmly over the $1,500 mark. Jeff Clark, Casey Research's senior precious metals editor, says that gold's strength is due to a lack of a correction rather than fundamental support. "I don't think it's indicative of something bad, but a correction has to come," says Clark.
According to Clark, the biggest decline in the last year in gold has been 6.2%, while "the average correction since the bull market began is about 12%" for assets like gold that gained more than 5% in the sustained rally. A 12% correction from gold's record close of $1,557 back on May 2nd would take prices to $1,363 an ounce.
"There is enough reason to buy gold right now that it is not giving it room to correct," says Clarck, citing Europe's debt crisis and the U.S. debate over whether or not to raise the debt ceiling or default come August 2nd. "As long as those things continue to happen," prices will be supported. On the flip side, Clark speculates that the reason prices aren't hitting highs is because they are already pricing in the end of the Federal Reserve's $600 billion bond buying program, commonly called QE2.
While gold prices flat-line, physical buyers have been on the move. According to a press release on PRLog from Albanian Minerals, a mining and trading company, India imported a record $8.96 billion of gold and silver bullion in May 2011, up 500% from April and up 222% compared with a year ago. Inflation in India was 9.06% in May despite several central bank interest-rate hikes.
Spot gold price per gram kilo spot silver price per ounce kilo contract gold and silver price trends today
1:47 AM
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If Greece were to default on its debt, many other countries would be affected negatively and stock trend lines would suffer. This global climate is helping to support safe haven appeal of options less risky than stocks. Stock index trend lines were moving in positive territory at the mid-day point of today’s session. Spot gold and spot silver were trending in positive territory prior to opening bell for today’s session and currently, spot gold and spot silver are trending green. Spot gold price per gram is higher by .29 at 49.45 and spot gold price per kilo is higher by 286.14 at 49454.28. Spot silver price per kilo is higher by 6.66 at 1149.71 and spot silver price per ounce is higher by .21 at 35.76. Contract gold floor price is currently higher by .37 percent at 1544.80 per troy ounce. 24 Karat gold prices were trending lower at this same point in the trading session. 24 karat gold price per gram was posting red by .05 at 54.27.....more
gold remains a store of value after Greek crisis looms
1:36 AM
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As the Greek populous awaits a final decision from European financial officials about a crucial aid payment, investors remain focused on the unfolding saga and gold remains well supported.
JOHANNESBURG -
A little more than a year ago, Greek Prime Minister, George Papandreou, told the world that Greece did not have any financial problems. Soon after that, it transpired that the country was so short of cash, they urgently required financial assistance. A year later the situation in Greece is worse than what it was a year ago, and now Papandreou is fighting for his political career.
Last week the Greek drama held centre stage as financial officials, bankers and politicians all tried to seek a mutually beneficial resolution to the crisis. Investors and traders in every corner of global financial markets kept a very close eye on the on-going crisis.
Although the European Union Economics Commissioner Olli Rehn pledged that Greece would receive a crucial $17 billion aid disbursement from the E.U. and the International Monetary Fund by early July, in time to prevent the nation from running out of cash to pay its creditors, after meeting over the weekend, Eurozone finance ministers failed to come to an agreement. They said they needed to approve tougher austerity measures before a final decision is made on a further 12 billion euros in loans.
On Monday, ministers indicated that the next tranche of EU/IMF aid would be paid by mid-July, allowing Athens to avoid default, but said it was up to Greece to show concrete progress on plans to cut spending, raise taxes and generate other revenue streams first.
"We are waiting for a decision from the Greek parliament. We are calling for not just the government, but the Greek opposition to support the plan," Belgian Finance Minister Didier Reynders said ahead of a second day of meetings in Luxembourg.
"We are increasing the pressure because there are precedents," he said, referring to Greece's not meeting commitments in the past and falsifying statistics. "We have to be sure that everyone is going to support the plan."
On Sunday, Prime Minister George Papandreou said, ""The consequences of a violent bankruptcy or exit from the euro would be immediately catastrophic for households, the banks and the country's credibility."
The 12 billion euro payment is due in July. Without it, Athens has warned that it could default on its debts, an event that could wreak havoc on global markets and threaten other European sovereigns and banks, in particular the ECB, certain French and German banks.
"Greece itself must create the conditions so that the next tranche can be paid out as agreed. That's due in July. It is Greece's responsibility that we're having difficulties now," German Finance Minister Wolfgang Schaeuble said of the next tranche payment.
While it seems likely that Athens will eventually get the next tranche, and a further emergency loan program of around 120 billion euros up to the end of 2014 will also be agreed, regardless of how the situation is resolved, it simply won't solve Greece's problems. Greece has a solvency problem, not a liquidity problem, and with a shrinking GDP there is absolutely no ways that this debt will be settled. Greece is bankrupt and any form of bailout is merely "kicking the can down the road."
It seems most people haven't a clue of what is happening in the global monetary system, nor do they particularly care. They are more interested in watching TV or reading about the latest mindless and meaningless escapade of their favourite actor or actress. These are the people who believe everything their government tells them and consider anyone not agreeing, conspiracy theorist-trouble makers, terrorists or money launderers. And, unfortunately, these are the people who will suffer the most if the current situation results in a total monetary collapse. It certainly won't be the so called elite group, or those who have prepared themselves for a potential meltdown.
Hopefully, we escape what has the potential to be the worst financial disaster in our history, and enter a new phase of prosperity for everyone in the world. But, by evaluating the current events, things do not look all that promising. And, while I have always maintained that I don't believe that we will see doomsday, I have become more skeptical. Only a little more than a year ago, I recall Papandreou telling the world that Greece doesn't have a financial problem. What a joke! To use an analogy, Greece is like a small fracture in one of the struts of some large engineering project. However, a failure of this strut could impact the entire structure. And, a break in one structure could cause a collapse in the entire project. The problem I see is that the various structures - in this case the euro and the US dollar- look as if they have numerous fractures.
There is much confusion today over the role of gold. It is viewed as a commodity, a barbaric relic with no real value, as an investment, and as a position to be traded. But if we set aside these preconceived notions and examine the current fiat monetary system, it is not too difficult to understand why gold and precious metals are resuming their historical role as money the world over.
While gold is a commodity that has multiple industrial uses in the fields of electronics, engineering and medicine to name a few, it is much more than that. Quite simply, gold is money. Throughout history there have been many forms of money, from salt to grain to shells to the fiat (paper) currency that is used today. Most don't stand the test of time. Gold, however, has endured as money for over 3,000 years. This is because it meets all the criteria for money, where others have failed.
To satisfy the functions of money, an item must be a unit of account, a medium of exchange and a store of value. Gold is all of these things; it is durable, portable and divisible. It also has an intrinsic value and, of crucial relevance today, it cannot be created by central banks. Gold is a tangible asset; fiat currency is merely printed paper created by government decree. It is only the promise written on the paper that gives it any value. Paper money is not a store of value; the US dollar has lost over 80% of its value since 1971.
There has never been a fiat currency that has retained any purchasing power for a significant period of time. When Nixon abolished the gold standard in 1971, the price of gold was $42 an ounce. Today it is above $1500 an ounce. Meanwhile, in 1971 a gallon of gasoline (petrol) could have been bought of around $0.30, a new Ford car for around $3000 and an average house in the USA for around $25,000. The massive devaluation of the US dollar has been due to the inflationary effects of the monetary policies of the US government.
Gold is traded around the world. The financial institutions of the world understand gold is money. The daily turnover in gold at the London Bullion Market Association is over $20 billion, but the actual volume traded is estimated at five to seven times that amount. This isn't jewellery being traded, this is money. Central banks hold gold as part of their reserves, they understand gold is money, and since 2009 have become net buyers of gold for the first time in decades.
By looking at the weekly chart of gold from November 2009, it is clear that the price of gold remains in a upward trend, and each time it has corrected, it has subsequently moved to a higher price.
About the author
David Levenstein began trading silver through the LME in 1980, over the years he has dealt with gold, silver, platinum and palladium. He has traded and invested in bullion, bullion coins, mining shares, exchange traded funds, as well as futures for his personal account as well as for clients.
Information contained herein has been obtained from sources believed to be reliable, but there is no guarantee as to completeness or accuracy. Any opinions expressed herein are statements of our judgment as of this date and are subject to change without notice.
gold prices $1,600 Gold in 2011 by Standard Bank Forecasts
1:29 AM
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Standard Bank is bullish on gold and predicts the metal will hit $1,600 an ounce by the end of the year.
Banks says while speculative positions are not overly bullish, the investment demand, especially from Asia will lead the gold market higher.
“This segment of the gold market has been buying gold in dips for the past few weeks, and this trend seems entrenched. In fact, we have seen exceptionally strong physical gold demand so far this year (compared to the same periods in 2009 and 2010). We believe that this will provide support for gold on dips. We therefore still favor a long position in gold, and believe that it will reach $1,600 in Q4:11.”
Caltex Sees Lower/Higher Profit update
5:54 PM
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again we saw a hard to understand profit forecast from Caltex Australia.
The company claimed that under a unique measure used only by itself and the oil industry, earnings would fall 39%, but on the measure used by the rest of corporate Australia net profit is forecast to almost double for the six months to June.
So the credulous in the market saw the negative and priced the company's shares lower by more than 6% at the close yesterday.
The shares lost 78c to $10.60, a loss of 6.8%.
In a statement to the ASX the company blamed the expected "fall" in profit on high oil prices and the strong Australian dollar which hurt margins, as well as refinery outages which disrupted fuel production.
The company, which is Australia's biggest oil refiner, forecast "a replacement cost of sales operating profit" for the six months to June 30 of $100 million-$150 million, down from $163 million in the first half of 2010.
But on a net historic cost profit, which includes the impact of a higher oil price on its stockpiles, and which it uses to work out the tax it pays (and every other company in the country pays tax on and uses in their accounts), Caltex is expecting profit to almost double to $255 million-$275 million, up from $141 million.
That's a profit rise of 64% at the low end and 93% at the top end.
"On a historical cost profit basis, Caltex expects an after tax profit in the range of $255 million - $275 million for the first half of 2011, compared with $141 million, including significant items, for the first half of 2010.
"This includes product and crude oil inventory gains of approximately $160 million compared with an inventory loss of $8 million after tax for the first half of 2010.
"Working capital requirements have increased due to the net impact of higher crude oil prices and exchange rates," the company said.
Any Caltex shareholder who saw the headline yesterday and sold should be kicking themselves. The company's earnings are going to be higher than expected, not lower.
The big test of just how much profit was made will be the level of interim dividend paid to shareholders.
Caltex said its refiner margin was squeezed by a jump in Brent crude prices and premiums driven by unrest in the Middle East and North Africa and Japan's March 11 earthquake and tsunami.
"The average Singapore Weighted Average Margin for May 2011 was US$12.05/bbl as product margins continued to receive support from strong product prices driven by the on-going situation in Libya and Japan and strong Asian demand," Caltex said in a separate statement to the ASX on its refiner margins (CRM).
"The crude oil price eased through May, positively impacting the CRM as the Dated Brent crude oil benchmark fell to a month average of about US$115/bbl compared with US$123/bbl in April 2011.
"However, the tightness in regional crude oil markets continues, resulting in premiums continuing to be paid over and above the Dated Brent benchmark price.
"The 7 day lag impact in May due to the fall in crude price has partially offset the negative lag impact accumulated in the Refining result through the months of January to April.
"The CRM sales from production were lower than expected in May due to the overrun of the Kurnell planned maintenance after substantial emergent work.
"This extension to the planned shutdown, combined with an unplanned outage at Lytton, resulted in reduced refinery production which required substitution by prompt cargoes of imported finished product to meet Marketing sales demand.
"While the increase in imports is not reflected in the resultant CRM, this has negatively impacted the Refining result for the month." the company said.
In other words, the company had to buy cargos of petrol, jet fuel and other products to cover the shortfalls from the Lytton and Kurnell refinery closures.
Those purchases would have been made at prices higher than expected, which would have eaten into the refiner margin.
Oil prices fell again yesterday, down to $US112 for Brent type crude, a drop of another 1% or more on the day.
Copyright Australasian Investment Review.
AIR publishes a weekly magazine. Subscriptions are free at www.aireview.com.au
iraqi dinar exchange rate today
5:37 PM
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raqi Dinar Exchange Rate
Curious what the Dinar is worth? Listed below is the Iraqi Dinar Exchange Rate as of 30 minutes ago. You can also convert the Dinar to currency other then US Dollars, such as the Yen and more. To see the value of the Iraqi Dinar, simply do a conversion and the exchange rate will appear in grey
If you're thinking about buying the Dinar, make sure you keep in mind that many resellers tack on an extra $100 for each Million Dinar. There are actually some resellers that are selling 1m Dinar for more than $1,000! Regardless of the Dinar exchange rate.
The Dinar is NOT a good bet!
* Notice: Investing in the Iraqi Dinar is similar to playing the L0ttery! Your odds of winning at this game are not good unlike the odds for Dinar Resellers, which are excellent!
The Exchange rate for Iraqi Dinar
A Brief History of the Iraqi Dinar: Past, Present, and Future
In 1982, one Old "Saddam Hussein" Dinar was equal to $3.22 US Dollars (USD). This rate did not waiver until 1988, when black market trade of the Dinar began to increase. After the Gulf War, the the dinar still retained a value of 1 Iraqi Dinar to $.33USD. It was not until after Operation: Iraqi Freedom (beginning in 2003), that the dinar plummeted to a value of just 1 Iraqi Dinar to $0.00027USD. This is when the currency became the New Iraqi Dinar (IQD).
After the capture of Saddam Hussein, investment opportunities in the Dinar were made apparent. The value of one IQD went from $0.00027USD in October of 2003 to $0.00068USD in August of 2004. That is roughly a 252% growth. To put that in perspective, say that you were able to purchase 5,000,000IQD at the listed exchange rate (1IQD = $0.00027USD) in October, 2003. That would have been a $1,350 initial investment. By August of 2004, less than a year, that same 5,000,000IQD was now worth $3,400USD, for a gross profit of $2,050!
Since that dramatic increase, the exchange rate has held steady at roughly 1IQD = $0.00067USD. Even so, it is clear why many investors think that the Iraqi Dinar has the potential for massive growth. Compare this with the Kuwaiti Dinar after the Gulf War. The World Bank set the value of one Kuwaiti Dinar equal to $0.10USD. Today, one Kuwaiti Dinar equals approximately $3.45USD.
So, what will the Dinar be worth in 5 years? At this point, economists are estimating that the IQD will stabilize (eventually) somewhere between $.01USD and $1.00 USD. The timeframe for that is currently unknown and depends largely upon how quickly the Iraqi economy is able to rebound. Imagine: if you invested just $1000 at the current exchange rate and the Dinar increased in value to $1USD, you would have a gross profit of over a $1,000,000USD. With a wealth of resources and support, the future of the Iraqi Dinar looks bright indeed.
Interested in investing in the Iraqi Dinar? Visit our approved seller: Dinar Profits.com.
Below is a graph of the Iraqi dinar to US dollar exchange rate over the last three months. The dinar has been steadily appreciating over the last few months and the rate as of Jan 16th, 2008 is 1IQD = $0.00083USD). We update the graph approximately every month. You can also find more exchange rate information from the Central Bank of Iraq, here.
Links, news & information:
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High resolution images (provided by www.DinarProfits.com):
South African Coal Prices Climbing to Highest in a Month
5:27 PM
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Coal export prices at South Africa’s Richards Bay terminal rose to the highest in almost a month as a single purchase pushed the average higher.
Prices at Richards Bay, the continent’s largest facility for shipping coal, rose 1.6 percent to $120.37 a metric ton in the week to June 10, according to data from Petersfield, England-based research IHS McCloskey. That’s the highest since the week ended May 13 and a 29 percent increase over the past 12 months.
“Prices did see a surprise spike on June 9, but this was more of a one-off deal” than sustained volume, Miswin Mahesh, an analyst at Barclays Capital in London, said by e-mail without naming the buyer. “We continue to see lackluster demand for South African coal as Asian buyers remain price sensitive and there is adequate supply for Europe from the U.S. and Colombia.”
Richards Bay coal exports may fall or stay at current levels as India enters monsoon season and European demand “shows little sign of life,” Mark Pervan, head of commodity research at Australia & New Zealand Banking Group Ltd. said in a note today. Rains in India from June to September disrupt infrastructure and deliveries from ports.
China, the world’s biggest coal consumer, will meet its increased demand for the fuel by buying more Australian coal, Pervan said. The Asian country may have a 30- to 40-gigawatt power shortfall during peak summer demand, exacerbated by a drought in central part the country, he said. Lower reservoirs curb the amount of power that can be generated by water. A gigawatt can supply 1 million U.S. households on average.
China boosted coal imports 64 percent in the two months through April. The price of coal at the country’s Qinhuangdao port has jumped 29 percent in the past 12 months to $150.22 a ton, according to data from McCloskey.
Power-station coal prices at Australia’s Newcastle port, an Asian benchmark, were little changed in the week ended June 10. Coal prices at the New South Wales port were $119.35 a ton compared with $119.34 the previous week, according to the globalCOAL NEWC Index.
To contact the reporter on this story: Alistair Holloway in London at aholloway1@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
New Stocks Gain for Third Straight Session (AAPL, AGU, BAC, BIIB, CAT, DD, DFS, F, HUM, JCP, JPM, JWN, MCP, MOS, NBR, PCX, PNC, RIMM)
5:18 PM
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New York, June 20th (TradersHuddle.com) – Stocks gained after erasing earlier losses, with the S&P 500 rebounding from a level close to its 200day moving average and posting its third consecutive gain, the longest winning streak since May. Participants put aside concerns over the Greek debt crisis as European finance ministers reassured investors that a default could be avoided despite delaying the next round of emergency financial aid to the debt stricken country.
The Dow Jones Industrial Average gained 76.02 points, or 0.63%. The S&P 500 index climbed 6.86 points, or 0.54%, while the NASDAQ added 13.18 points or 0.50%.
The market started in near the neutral line as futures moved from the session lows, as Greece was the main focus of the morning along with weakness in the crude oil market. The delay in the announcement of the second Greek bailout and a warning from Moody’s about Italy’s credit rating were weighing in the market.
In Asia, markets ended lower pressured by the euro zone sovereign debt crisis. The Nikkei most notably ended unchanged, its trade balance figures showed worse than expected export numbers. After the market close, the Japanese government upgraded its economic assessment of the country.
In Europe, equity markets fell on growing concern over the euro zone crisis amid a delay in the release of financial aid to Greece until the Greek government introduces the highly unpopular austerity measures. The markets closed lower but off their lows for the session as the default concern eased somewhat.
Among the S&P 500 sectors, healthcare, consumer discretionary, and materials posted the bets performances, while energy, technology and financials underperformed. Finanicals was the only sector that finished in negative territory as banks were under pressure from concern over systemic risk entering the system if Greece defaults and after Goldman Sachs reduced its economic forecast for the U.S. and Citigroup cut its estimates and target prices in key banks in the sector.
JPMorgan (NYSE:JPM) and Bank of America (NYSE:BAC), the nation’s biggest lenders, lost more than 0.75%, leading the declines in the Dow Jones Industrial Average. Citi cut its second quarter estimates on JPMorgan to $1.36 from $1.39 versus consensus of $1.21 and slashed its target price on Bank of America to $16 from $17. Additionally, a separate report indicated that the Charlotte, NC based bank was considering the sale of its interest in China Construction Bank.
PNC Financial (NYSE:PNC), the regional bank headquartered in Pittsburgh, PA, fell 1.96% to $56.66 after the lender confirmed it will buy Royal Bank of Canada’s U.S. retail bank unit for $3.45 billion.
Meanwhile, also in the sector Discover Financial (NYSE:DFS), the credit card issuer and electronic payment services company, jumped 2.3% to $23.62, closing very near to its calculated resistance at $23.75 after KBW raised its price target on the stock to $30 from $26.
Healthcare was able the top performer sector, posting a gain of more than 1% as a group. Biogen Idec (NASDAQ:BIIB), the Cambridge, Massachusetts based biotechnology company focusing on neurology, oncology, and immunology, was a notable outperformer in the sector, with shares jumping 4.05% to $98.6 after it was upgraded to a Buy at ISI Group.
Also lifting the sector were the healthcare insurers, with Humana (NYSE:HUM), the managed healthcare provider, rallying 3.55% to $80.26, closing just below its calculated resistance level at $80.81.
Energy turned positive, as crude oil finished with modest gains, just above $93 per barrel. Oil was able to recoup overnight losses as the Dollar gave back its gains against the euro. The sector was a mixed bag with coal stocks receiving a bid and drillers falling following Nabors (NYSE:NBR) warning that its results will be lower than consensus as its pumping and international businesses have been weaker than it expected.
Meanwhile, Patriot Coal (NYSE:PCX), the operator of coalmines in Central and Northern Appalachia and the Illinois Basin, gained 1.79% to $19.32 after it was upgraded to a Buy from Neutral at Goldman Sachs. The firm added the stock to its coveted Conviction Buy List.
Consumer discretionary saw strength on the back of gains in retail, which participants were bidding the space as lower crude oil prices will likely be bullish for the U.S. consumer as disposable income will increase. J.C. Penny (NYSE:JCP), the department stores operator based in Plano, TX, provided additional details of its CEO succession, Mr. Ron Johnson, Apple’s Vice President of Retail will assume the CEO role in the retailer in November, and will join its Board of Directors in August. Shares jumped 2.62% to $35.19.
Nordstrom (NYSE:JWN), the upscale department store chain, rallied 2.67% to $44.93 in the session, closing above calculated resistance at $44.45.
Also in the sector, Ford (NYSE:F), the Dearborn, MI based automaker, climbed 1.33% to $12.94 on reports the company is spending $1 billion to develop a new generation of vehicles for its struggling Lincoln brand. The stock had closed below its calculated support at $12.78 last week.
Industrials outperformed the broad market index, on the back of gains in Caterpillar (NYSE:CAT). The world’s largest earthmoving equipment, rallied 2.32% to $98.18, posting the biggest percentage gain in the blue chip index after the stock was upgraded to a Buy at Raymond James and a Dealer Retail report showed very strong sales all around the world.
Materials gained 0.8% as a group. DuPont (NYSE:DD), the third largest U.S. chemical maker and life science Company, gained 1.65% to $50.26, posting the second biggest jump in the blue chip index after strength in the AG space helped the stock.
Agrium (NYSE:AGU), the producer of major agricultural nutrients, jumped 4.05% to $82.98, after the company raised its second quarter EPS guidance well above consensus. And after Mosaic (NYSE:MOS), the concentrated phosphates, and potash producer, gained 2.38% to $60.73 UBS initiated its coverage with a Buy.
Also in the space, Molycorp (NYSE:MCP), the owner of the world’s largest non-Chinese rare earth metals deposits, surged 7.17% to $52.44, after it was upgraded to Overweight from Neutral at Piper Jaffray. The firm set its target price at $73. Molycorp has calculated support at $46.40 and resistance at $66.43.
In technology, the major news was Apple’s underperformance. Apple (NASDAQ:AAPL) fell 1.54% to $315.32 after trading as low as $310.50, a 7-month low. Apple was not able to garner any support until the $310 level after it breached its calculated support at $318.33. The stock has been under heavy pressure since breaking below its 200day moving average last week. Apple is now close to $50 lower from its all-time high of $364.90 posted in mid February and the stock is now posting a 2.24% year to date loss after dropping 9.3% in June, which with only 8 sessions left could be the worst monthly performance in the stock in 3 years.
Apple has been suffering from concerns over supply chain disruptions, which are limiting the iPad production and shipments and have forced Apple to delay the launch of its iPhone 5 until the September timeframe. In today’s session, weakness in rival Research In Motion (NASDAQ:RIMM) probably impacted sentiment on Apple as well.
Research In Motion tumbled 6.70% to $25.89, extending last week plunged which following a top line miss and a weak outlook. Research In Motion was downgraded today to Underperform from Market Perform at Bernstein.
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Aussie, NZ leaders considering links carbon schemes 2011
5:07 PM
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Australia and New Zealand leaders agreed Monday to investigate linking the near neighbors’ greenhouse gas emissions trading schemes in the future as a means of reducing global emissions and bringing their economies closer.
New Zealand recently introduced a national scheme in which polluters trade permits allowing them to emit carbon dioxide and other gases, while Australia’s plan to introduce a similar scheme is bogged down in a bitter political row.
Australia plans to introduce a tax on carbon gases starting July next year. The tax would be converted into a trading scheme within five years in which the price for a permit to emit a ton of carbon dioxide will be set by free market forces rather than the government.
Australian Prime Minister Julia Gillard and her New Zealand counterpart, John Key, agreed to appoint officials to investigate linking the schemes so that carbon permits could be traded between the two countries.
“It arguably does make sense for there to be interoperability and to be able to trade emissions across the Tasman” Sea, Key told reporters at Australia’s Parliament House.
“My view as New Zealand prime minister has always been I wouldn’t want to see an investment decision moving across the Tasman one way or the other based on climate change policy,” he said. “It would seem to defeat what is a global problem.”
New Zealand’s scheme began in 2008 but didn’t start taxing polluters until last year. The government has initially imposed a fixed price of about $10 per metric ton ($11 per ton) of carbon emissions, but that will move to a market-based system by next year.
Key estimates the scheme costs average New Zealanders about $120 per year through the higher prices they pay for driving their cars or heating their homes.
Gillard will soon announce the tax rate Australia will set on a ton of carbon dioxide. The Australian tax is already proving unpopular in opinion polls and could cost Gillard’s center-left Labor Party government at elections due by 2013. The conservative opposition has vowed to repeal the tax if they win office.
Gillard described the New Zealand system as a success.
“Australians would be asking themselves if the kiwis have had the guts to price carbon, why can’t we?” she said, using a slang term for New Zealanders.
“New Zealand is in front, we will catch up, we’ll show the same determination they have and we’ll have officials working together on linking the two schemes,” she added.
Australia is one of the world’s worst greenhouse gas emitters per capita due to its heavy reliance on abundant reserves of cheap coal for electricity generation. Most of New Zealand’s emissions come from methane belched by livestock, with sheep outnumbering humans almost 10 to one.
The two countries are free trade partners with close economic and social links.
Metals & Mining - Govt's coal pricing policy; neutral for listed producers - Deutsche
4:59 PM
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Renewed newsflows on Indonesia's coal pricing policy
Recent media have cited renewed concern over a more stringent enforcement of govt regulation that requires all coal contracts must be priced above the trailing 3‐month average of Indonesian reference price index (Harga Batubara Acuan or HBA), and must be re‐priced at least every year. The regulation's intention is to maximize govt's receipts of royalties (which is a percentage of revenues) and weed‐out transfer pricing practices.
Non-event for large listed producers; reference price is a floor not a cap
We believe the impact to most listed producers would be neutral, as most have already complied with the regulation which was issued late last year; in any case it is the producer's interest to negotiate a higher price. Moreover, in a rising spot price environment, the monthly‐updated HBA (an average of four market‐based indices including the Newcastle and the Platts Index) has consistently lagged the weekly updated Newcastle spot (on which most contracts are negotiated).
May affect mines owned by Indian power plants
We believe the impact is likely to be more severe on small producers or coal companies in which the India utilities own direct stakes, such as Adani's, where the mine subsidiary sells coal to its overseas parent at below market prices. Even so, we don't' think this will significantly affect overall Indian demand for Indonesian coal (lest low power utilization is tolerated there), as there aren't many alternative import sources, at least near‐term. Outside of Indonesia, Indian buyers would either have to source from thirdparty sellers in S Africa or look for direct mine investment elsewhere which may take time. S. Africa has higher quality coal (is therefore more expensive), non‐withstanding ongoing infrastructure constrains, and in any case would be negotiated at market.
Gold and Silver Prices – today Outlook 20 June 2011
2:09 AM
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Gold and Silver Prices – today Outlook 20 June 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Gold and silver prices finished the week with rises, but they are off to a slow start today. The concerns over the European debt crisis (Greece) will be among the main topics of the day that could affect the financial markets, but will it also affect gold and silver prices? Let’s examine the news of the day and analyze the precious metals market for June 20th:
Gold and silver prices – June
Gold price finished the week rising by 0.6% to $1,539.
Silver price also inclined on Friday, June 17th by 0.53% to $35.75.
During June, gold price increased by 0.1%, and silver price declined by 6.7%.
The chart below shows the normalized gold and silver prices (May 31st 2011=100).
This finding only goes to show that the relations between currencies and gold and silver are reliable; it also shows that gold and silver weren’t affected by the recent changes in US dollar compared with other currencies. This might also indicate that the demand for gold and silver will remain high as they further inclined last week despite the appreciation of US dollar.
Current Gold and Silver prices
The precious metals prices are currently traded with little changes in the Asian markets:
The current gold price, short term futures (July 2011 delivery) is traded at $1,538.3 per t oz. with a $0.8 drop or 0.05% as of 06:51*.
Current silver price, short term futures is at $35.66 per t oz – a $0.088 decline or 0.25%, as of 06:51*.
The current ratio of gold to silver prices is at 43.13.....READ MORE
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