China’s August gold output at 31.89 tonnes-ministry
China’s gold output rose six percent from the previous month to reach 31.89 tonnes in August, China’s Ministry of Industry and Information Technology said on its website on Monday. .......
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Compiled 10/17/11 6:00 AM (CT) Statistics: London Gold Fix $1,689.00 +$13.00 LME Copper Stocks 451,650 tons +452 tons GOLD MARKET FUNDAMENTALS: (6:00 AM CST) Residual weakness in the Dollar, hope that the Euro zone debt debacle will avoid full blown contagion status and ideas that a deep recession might be avoided, have seemingly given the gold market renewed investment interest this morning. Apparently the gold trade wasn’t overly concerned with news of a rise in Chinese monthly gold production overnight. Given that Chinese monthly gold production is almost 32 tons a month, some traders might have seen the overnight supply news as a negative. However, the gold market remains focused on the ebb and flow of investment demand for gold and currently there isn’t that much interest in the classic supply side of the equation. With a key Middle Eastern central bank overnight discounting talk it has recently bought gold and in turn suggesting that they would not get into speculative assets like gold, which in turn could have been seen as a negative demand story. Given the action in gold prices overnight, it would seem like the gold trade is also embracing the potential for more positive macro economic conditions ahead. In other words, the gold bulls might be hopeful of positive scheduled data from US Industrial Production and capacity utilization reports and the bull camp might also be hopeful of more upside action in the US equity markets. Comex Gold Stocks were 11.117 million ounces down 450. Stocks have declined 14 of the last 20 days. The Commitments of Traders Futures and Options report as of October 11th for Gold showed Non-Commercial traders were net long 168,022 contracts, an increase of 5,708 contracts. The Commercial traders were net short 203,979 contracts, an increase of 7,773 contracts. The Non-reportable traders were net long 35,957 contracts, an increase of 2,066 contracts. Non-Commercial and Non-reportable combined traders held a net long position of 203,979 contracts. That represents an increase of 7,774 contracts in the net long position held by these traders. OUTSIDE MARKET DEVELOPMENTS: (6:00 AM CST) While equity markets in Asia and Europe were generally stronger during overnight trading, early indications are that US equity markets will open with moderate gains later on today. The US Dollar is slightly weaker against most of the major currencies, although posting a gain versus the Yen and Pound. Germany and France are expected to announce plans this week to raise the size of the Euro zone rescue fund up to 2 trillion Euros. The German Finance Minister stated that the “haircut” on Greek sovereign debt will need to be higher than the 21% under consideration during the summer. Major US economic numbers to be released this morning the NY Fed’s Empire State manufacturing survey at 7:30 AM, and September Industrial Production and Capacity Utilization at 8:15 AM. In addition, Fed Regional Presidents Lacker and Evans will give speeches after the close.
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Apple (NASDAQ:AAPL) announced today that it has sold over four million of the new iPhone 4S just three days after its launch last Friday, October 14.
Additionally, more than 25 million customers have signed up for iCloud, a breakthrough set of free cloud services that automatically and wirelessly stores content and pushes it to all Apple devices.
The iPhone 4S is currently available in the U.S., Australia, Canada France, Germany, Japan, the U.K. and will be available in 22 more countries on October 28 and more than 70 countries by the year's end.
Philip Schiller, Apple's senior vice president of Worldwide Product Marketing said, "iPhone 4S is off to a great start with more than four million sold in itsfirst weekend--the most ever for a phone and more than double the iPhone 4 launch during its first three days. iPhone 4S is a hit with customers around the world, and together with iOS 5 and iCloud, is the best iPhone ever."
Apple (NASDAQ:AAPL) has potential upside of 20.5% based on a current price of $422 and an average consensus analyst price target of $508.33.
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In a telephone interview with Bloomberg today, Research in Motion (NASDAQ:RIMM) Co-CEO Jim Balsillie said the company will consider offering compensation to network operators this week and will also offer a month of free technical support to companies and free online applications following the Blackberry service disruptions. The exact cause of the interruption in service is still under investigation.
Shares of Research in Motion are trading down 5.6% to $22.62 in afternoon trade on Monday. Research In Motion is currently below its 50-day moving average (MA) of $25.76 and below its 200-day MA of $43.30.
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All information on this website is for educational purposes only and is not intended to provide financial advise. Any statements about profits or income, expressed or implied, does not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your actions, trades, profit or loss, and agree to hold MinKL Invest harmless in any and all ways.
Accelerating Discussions to Recapitalize European Banks Are Credit Positive
Last week, discussions across Europe about recapitalizing banks and ensuring support for stressed euro-area sovereigns accelerated. On Wednesday, European Commission (EC) President Jose Manuel Barroso announced a plan to strengthen systemically important banks’ capital.8 The next day, Slovakia’s parliament approved legislation that will make it possible for the European Financial Stability Facility (EFSF) to finance bank recapitalizations. Then, on Friday, French Finance Minister Françoin Baroin reported progress in talks with his German counterpart on a raft of measures for the European Union (EU) to adopt to address the current crisis.
These developments are credit positive for European banks, although more capital alone will bring only temporary respite.9 The crisis has morphed into a systemic sovereign and banking crisis and is pushing European governments towards more mutual support. This is crucial to arresting mounting sovereign debt concerns, which is the underlying factor fueling investors’ worries about European banks. .....................
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The latest figures on World official sector gold holdings from the World Gold Council see totals largely unchanged in August with minor sales by some largely cancelling out purchases by others.
Author: Lawrence Williams Posted: Monday , 17 Oct 2011
LONDON -
The latest World Gold Council statistical update on gold reserves in the official sector shows that August saw some Central Banks reporting increased holdings while a couple of others showed reductions - but overall reported Central Bank holdings were just about flat - a far cry from the situation for a number of years when Central banks were major sellers of hundreds of tonnes a year of the yellow metal.
According to the WGC, Thailand was the biggest net purchaser and reported an increase in its gold reserves of 9.3 tonnes in August, raising its total gold holdings to 136.9 tonnes. This follows an acquisition of 28 tonnes in the first half of the year. Bolivia reported an increase of 7.0 tonnes in its gold reserves. The last acquisition Bolivia reported was in December of 2010 when it also reported a 7.0 tonne increase. Finally, Russia continues to regularly add gold to its reserves, adding 8.0 tonnes between July and August. .................
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Commodities, Ira Epstein, Linn Group, Futures Trading, Online Trading, Technical Analysis, Metals Report, Sales: 866-973-2077
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