Gold Prices Up on Greek Rumors and ECB Rate Cut

Tomahawk, WI 11/3/2011 (StreetBeat) – Gold prices were popping Thursday on speculation that a Greek referendum is dead and as the European Central Bank eased monetary policy.

Gold for December delivery was adding $28.40 at $1,758 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,760.30 and as low as $1,724 an ounce while the spot gold price was up $18, according to Kitco's gold index.

Silver prices were up 80 cents at $34.74 an ounce while the U.S. dollar index was down 0.43% at $76.75.

Gold had a tepid start on Thursday, with profit takers vying with a weaker U.S. dollar, but rumors that a Greek referendum is off the table or that Prime Minister Papandreou will be forced to resign caused a pop in gold as the euro rallied, the dollar weakened and investors had less need for cash.

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Atna Resources (OTC:ATNAF) Acquires Pinson Mine from Barrick

Shawshank, VA 8/11/2011 (PennyPayDay) – Atna Resources Ltd. (OTC:ATNAF) announced today, in a press release, that it has signed an Asset Purchase and Sale Agreement with Pinson Mining Company ("PMC"), a subsidiary of Barrick Gold Corporation, to acquire PMC's 70 percent interest in the Pinson Mine, located in Humboldt County, Nevada. As I write, shares of ATNAF were up 35 percent at $0.81 per share on volume of nearly 200,000 shares.

On closing, Atna will also sign a non-exclusive Ore Milling and Gold Purchase Agreement with an affiliate of PMC allowing for processing of Pinson Mine ores at Barrick's Goldstrike processing facilities.

"Unlocking value from the Pinson Mine has been a stated goal for the Company. By consolidating control of this project in Atna, we believe that the Company will be able to achieve this goal," states James Hesketh, Atna's President & CEO. "This acquisition gives Atna 100 percent control of a high grade gold resource located on the prolific Getchell gold belt of northern Nevada. At a cost of approximately $15.50 per gold resource ounce acquired, not including the value of lands swapped, we believe that this transaction provides significant accretive value to Atna's shareholders. In addition to the near term gold production potential, we believe that Pinson has substantial potential for resource expansion. We also welcome Barrick as a significant new shareholder of Atna as a result of this transaction."

Atna is acquiring PMC's 70 percent interest in the four square miles of land (2,480 acres) that contains the currently estimated mineral resources. Interests in lands formerly held by Atna's joint venture with PMC outside of the four sections being purchased by Atna, will become the property of PMC. Each party will assume the environmental liabilities and permit obligations associated with the respective land positions. Atna's joint venture with PMC will be terminated as part of this transaction.

In addition to the land interest received by PMC, Atna will pay $15.0 million in cash, plus 15 million common shares of Atna, which will be subject to a standard four month hold period. PMC retains a 10 percent net profits royalty that will be triggered after the first 120,000 ounces of gold are produced.

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Gold Prices Sell Off on Margin Hikes

Northern, WI 8/11/2011 (PennyPayDay) – Gold prices were lower Thursday after the Chicago Mercantile Exchange raised the amount of money it costs to buy a speculative gold futures contract and after gold spiked to a record of $1,817.60 an ounce in overnight trading.

Gold for December delivery was down $24.90 to $1,759.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,817.60 and as low as $1,757.10 while the spot gold price was losing $37, according to Kitco's gold index.

Silver prices were down $1.10 to $38.21 an ounce. TheU.S. dollar index was slightly lower at $74.77 while the euro was up 0.18% vs. the dollar.

The CME finally stepped up and raised margin requirements on gold, that is the amount it costs to buy an 100 ounce gold futures contract, after the metal skyrocketed more than $200 in 3.5 weeks. It now will cost $7,425 to buy a speculative contract and $5,500 to maintain it, both represent a 22.2% increase.

The CME deployed the same technique with silver in May when prices skyrocketed to almost $50 an ounce, which then led to more than a 30% decline in the metal. If the same were to occur in gold, prices would dip to under $1,300 an ounce. However, gold seems to be shaking off the margin requirement as cries for a safety net as the Dow Jones Industrial Average nears bear market territory.

"We noted at the start of the week that a margin hike could dent the bullish sentiment in gold," says James Moore, research analyst at FastMarkets, who thinks, along with other traders, that gold could benefit from a period of consolidation. "But, with little in the way of positive news in-sight and threat of default/downgrades continuing to overshadow markets gold will likely remain underpinned and could potentially extend to fresh highs."

Scott Redler, chief strategic officer for T3Live.com, says that it's hard to buy gold at record levels, his favorite vehicle is SPDR Gold Shares, but says "I still expect significant upside due to continued demand ... It looks like gold is in the last stage of a parabolic move up to the $2000 mark."

Redler says not to chase gold's recent extension but that "every sale so far has been a bad one."

Gold's frenzied rally has some long-time gold bugs worried. Legendary gold investor Jim Rogers has said that in the end of the gold bull run there will be a huge bubble in precious metals.

"I don't know when that will be," says Rogers. "Most long term bull markets wind up in a huge mania, a huge bubble before it's over and this one will too. Someday, everybody will own gold. Someday, people will be walking down the streets checking gold prices in front-shop windows."

When asked if gold's recent rally qualified as this huge mania, Rogers said it was "not enough frenzy yet, but it is getting very worrisome. I want to keep my gold another several years, but who knows IF this keeps up?"

David Banister, chief investment strategist at ActiveTradingPartners says that gold "could see a final surge to $1,862-$1,900, but that should top it for a while." Banister foresees a multi-month correction that will have gold trading sideways with some big drops along the way.

But for Thursday gold seems content still being a safe haven as even a $30 drop in the spot market doesn't counter act the massive three-week rally. Weekly initial jobless claims in the U.S., which fell to 395,000 last week, did nothing to calm jittery investors. Worries about the solvency of French banks and the country itself not to mention Spain and Italy are still resonating throughout markets, making gold the go-to asset.

Gold mining stocks closed higher Wednesday. Barrick Gold was up 4.02% to $49.66 while Newmont Mining added 0.74% at $55.81. Other gold stocks, Goldcorp and AngloGold Ashanticlosed higher at $50.54 and $44.33, respectively.

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Gold Hits Record Levels

Northern, WI 8/8/2011 (PennyPayDay) – Gold climbed to a record after Standard & Poor’s cut the U.S. credit rating, fueling a slump in equities and commodities amid concern that the global economy is slowing.

The S&P 500 Index lost as much as 5.7 percent, while the Thomson Reuters/Jefferies CRB Index of 19 raw materials touched 317.6, the lowest since Dec. 17, after S&P cut the long-term U.S. rating one level to AA+ from AAA on Aug. 5. The agency described the outlook as “negative” and criticized the nation’s political system for failing to adequately address deficit reduction.

“There is heavy buying in gold because of the uncertainty surrounding the U.S. economy,” Matthew Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview. “For gold, the sky is the limit.”

Gold futures for December delivery rose $61.40, or 3.7 percent, to settle at $1,713.20 an ounce at 1:45 p.m. on the Comex in New York, the biggest gain since March 19, 2009. Earlier, the metal surged to $1,721.90, the highest ever. In after-hours trading, it touched $1,723.40.

Prices may jump to $2,000 in the next few weeks, Zeman said.

The precious metal has surged 21 percent in 2011, gaining for an 11th year, as the sovereign-debt crisis and a faltering economy boost demand for the metal as a protection of wealth.

Gold is attractive “in this current macro environment, with high risk and uncertainty surrounding the financial markets,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. “Gold is pricing in the one-notch downgrade as well as a component of lower global GDP growth.”

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Some LargeCap Stocks to Keep an Eye on Today

J.M. Smucker said fiscal third-quarter profit fell 3% to $132 million, or $1.11 a share, from $135.5 million, or $1.14 a share, a year earlier. Excluding restructuring and merger and integration costs, non-GAAP income per share was $1.27. Net sales rose 9% to $1.31 billion from $1.21 billion. The Wall Street consensus was calling for earnings of $1.26 a share on revenue of $1.25 billion. There were no premarket quotes for J.M. Smucker, the branded food products company. Shares settled at $63.95, up 1.7% on Wednesday.

Duke Energy reported that fourth-quarter income grew 23% to $427 million, or 32 cents a share, from $346 million, or 26 cents a share, a year earlier. On an adjusted basis, Duke, a power company, reported earnings of 21 cents a share. Operating revenue increased about 11% to $3.45 billion from $3.11 billion. Analysts, on average, expected earnings of 23 cents a share on revenue of $3.16 billion. There were no pemarket quotes for Duke. The stock fell 1.1% to $17.70 at the market close Wednesday.

Gold producer Barrick Gold said fourth-quarter adjusted net income rose 57% to $947 million, or 95 cents a share, from $604 million, or 61 cents a share, last year. Sales increased about 25% to $2.95 billion from $2.36 billion. Analysts, on average, had been targeting earnings of 84 cents a share on revenue of $2.74 billion. Shares of the company rose 1.6% to $50.50 during premarket trading Thursday.

Graphics chip maker Nvidia reported a strong quarterly profit performance and outlook, but the shares were dipping into the red. The stock fell 3.6% to $22.55 during premarket trading Thursday.

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