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Aug 30, 2011

Kitco London Fix Market Report


London Fix Tue Aug 30 00:00:00 EDT 2011
Metals
Gold
Silver
Platinum
Palladium
  AM PM AM PM AM PM AM PM
USD 1791.00 1825.00   40.90 1830.00
1840.00
757.00 767.00
UK 1097.56 1121.28   25.06 1119.60
1128.50
463.15 470.40
EURO 1243.49 1264.98   28.38 1266.45
1275.55
523.90 531.70

Money Show Traders Daily Alert: Eric Dutram, 2 ETFs Quietly Beating the Market



Traders Daily Alert
Tips for Traders
5 Tips for Trading Whippy Markets, Robin Rosenberg

Options Idea
2 Ways to Trade Options on EW, Greg Harmon

Charts in Play
Retail Sector Is on the Move, Tom Aspray

Currency Corner
Intro to Trading the Hong Kong Dollar, Stephen Simpson

Trading Idea of the Day
2 ETFs Quietly Beating the Market, Eric Dutram

Daily Market Studies
Trading Outlook for Today: August 30, Daniel Gramza

MoneyShow.com Exclusive Interviews
How to Achieve Consistency Faster, Derek Frey

Today's Featured Videos
3 Tools for FX Trading, Greg Michalowski
Yield Spreads: Why Traders Should Care, Jackie Ann Patterson

We haven’t talked ourselves into recession yet. MarketWatch First Take


By MarketWatch 

WASHINGTON (MarketWatch) — Here’s a shocker: If you run headlines all day every day for a month saying the economy may go to hell because the government can’t get its act together, people pay attention.
 
Can Krueger fix the economy? Cato Institute senior fellow Daniel Mitchell on President Obama's nomination of Princeton labor economist Alan Krueger to chairman of the White House Council of Economic Advisers. 

They really pay attention when the value of their retirement savings drops by 10% or 20%. And they get downright discouraged when they hear top officials admit that nothing is going to get better for a long, long time. 

The news on the economy was unrelentingly bad in August, and that has dampened the already-soggy spirits of the American people. 

The Conference Board reported Tuesday that its survey of consumer confidence plunged from 59.2 in July to 44.5 in August after all the bad news in the economy, from the stock market’s big selloff to the S&P’s downgrading of the government debt to the circus in Washington over raising the debt ceiling. Read our full story on the plunging consumer confidence index. 
 
The confidence index has fallen this much only a handful of times in the past 10 years — after the 2008 financial panic, after Hurricane Katrina in 2005, after the Sept. 11 terrorist attacks in 2001.

What’s different this time is that almost all of the decline in confidence was in our outlook for the economy, not in how we judged our current financial situations. We’re downhearted not so much because things are awful now, but because we don’t have much hope that they’ll get better. We aren’t reacting to a real deterioration in the economy, but to our lower expectations.
The decline in the expectations index of the Conference Board’s survey was the second-largest on record, dating back to 1977. The only larger decline came in September 2008, after the global financial system nearly came unraveled. 

While surveys show that we’re plenty fed up, the hard economic data on actual activity don’t show a severe decline in August. Weekly jobless claims data, weekly chain store sales and other tentative reports are soft but they aren’t nearly as gloomy as the surveys of consumers’ moods suggest they should be.
There’s a large gap between how we are actually doing and how we feel. 

That’s actually the good news, because it means that we’re still getting up and going to work, we’re still spending and investing and getting on with our lives. We haven’t talked ourselves into a recession quite yet.
— Rex Nutting

Reuters Deals Today: Lehman Brothers Holdings Inc. will ask a bankruptcy judge to let creditors vote on its $65 billion payout plan,


News
Lehman Brothers Holdings Inc. will ask a bankruptcy judge to let creditors vote on its $65 billion payout plan, a key step toward ending the biggest bankruptcy in U.S. history.

Hong Kong-listed shares of China Construction Bank rose more than four percent after Bank of America said it will sell about half of its stake in the Chinese lender, providing relief to investors by removing uncertainty surrounding the stake.

Facing limited domestic growth options because of their inability to merge, Canadian banks are finding opportunity to build domestic market share in the troubles of capital-challenged European and U.S. banks.

Andrew Ross Sorkin looks into the mystery of Steve Jobs's philanthropy.

Reuters UK - Daily Investor - Evening News



News
DAILY INVESTOR
Banks lead FTSE rise as investors turn to cheap stocks
30 AUG 2011 12:11 BST
LONDON (Reuters) - Banking stocks led FTSE 100 higher on Tuesday after investors went bargain hunting in beaten down sectors, as the benchmark index played catch-up with the rest of the world following a long holiday weekend. | Full Article
Equity investor confidence drops - Lloyds TSB
30 AUG 2011 13:31 BST
LONDON (Reuters) - Investor sentiment in stock market has fallen to its lowest level since December 2008, as worries about high inflation and market volatility grow, a survey found. | Full Article
Crossrail contract delayed, Alstom pulls out
30 AUG 2011 14:50 BST
LONDON (Reuters) - Crossrail, Europe's largest infrastructure project, has delayed the award of a contract to supply trains for the $26 billion (15 billion pounds) project to save money, a move which could allow the government's review of public procurement to be taken into account. | Full Article
Euro zone econ climate worsens
30 AUG 2011 14:58 BST
BRUSSELS (Reuters) - Euro zone economic sentiment fell more than expected in August, underlining prospects for slower economic growth and expectations that the European Central Bank may cut inflation forecasts and cease raising interest rates. | Full Article
Banks criticised on Greek writedowns - report
30 AUG 2011 10:47 BST
LONDON/PARIS, Aug 30 (Reuters) - Some European financial institutions should have taken bigger losses on their Greek government bond holdings in recent results announcements, the International Accounting Standards Board (IASB) said in a letter to the EU market regulator, according to the Financial Times. | Full Article

Consumer confidence plunges, expectations dive: MarketWatch | U.S. Market Future Confidence - Market Pulse


By Ruth Mantell 
 
WASHINGTON (MarketWatch) -- Consumer confidence plunged in August as expectations dived, with worsening views on future business conditions, jobs and income, the Conference Board reported Tuesday. The nonprofit organization said its consumer-confidence index fell to 44.5 in August - the lowest level since April 2009 -- from a slightly downwardly revised 59.2 in July. "A contributing factor may have been the debt ceiling discussions since the decline in confidence was well underway before the S&P downgrade," said Lynn Franco, director of the Conference Board's consumer research center, in a statement. Economists surveyed by MarketWatch had expected an August reading of 51.9. Generally when the economy is growing at a good clip, confidence readings are at 90 and above. The expectations barometer tumbled to 51.9 in August - the lowest since April 2009 -- from 74.9 in July, while the present-situation gauge fell to 33.3 from 35.7.

CBS NEWS: Daily News Summary: Deadliest month for U.S. in Afghanistan

CBS News.com - Daily News Summary
August 30, 2011 | DAILY NEWS SUMMARY


CBS NEWS TOP STORIES
66 American troops killed in August - almost half in devastating Chinook crash - as U.S. begins withdrawal from 9-year war
Read full story
Deadliest month for U.S. in Afghanistan
Irene death toll hits 40; Flooding endures Vermont and upstate New York continue to struggle with catastrophic swollen waterways; 5M still without power

Federal disaster kitty drying up fast Less than $800M left in FEMA's disaster aid coffers; Damages from Irene alone could climb into the billions

Family flees, but Qaddafi hunt continues Rebels demand Algeria return Qaddafi's wife and children; "I'm sure he's still in Tripoli," opposition commander says

Warren Jeffs in medically induced coma Polygamist sect leader, sentenced to life for sexually assaulting young girls, claims he's fasted since sentencing

Nancy Grace among 2011 DWTS cast ABC officially announces lineup for the new season of Dancing with the Stars

Deadliest month yet for U.S. in Afghanistan 66 American troops killed in August - almost half in devastating Chinook crash - as U.S. begins withdrawal from 9-year war

Vermonters survey devastating flood damage 3 killed, 1 still missing from raging torrents that destroyed houses, bridges; Many still cut off from washed-out roads

Federal disaster kitty drying up fast Less than $800M left in FEMA's disaster aid coffers; Damages from Irene alone could climb into the billions

CBS NEWS TOP STORIES
66 American troops killed in August - almost half in devastating Chinook crash - as U.S. begins withdrawal from 9-year war
Read full story
Deadliest month for U.S. in Afghanistan
Irene death toll hits 40; Flooding endures Vermont and upstate New York continue to struggle with catastrophic swollen waterways; 5M still without power

Federal disaster kitty drying up fast Less than $800M left in FEMA's disaster aid coffers; Damages from Irene alone could climb into the billions

Family flees, but Qaddafi hunt continues Rebels demand Algeria return Qaddafi's wife and children; "I'm sure he's still in Tripoli," opposition commander says

Warren Jeffs in medically induced coma Polygamist sect leader, sentenced to life for sexually assaulting young girls, claims he's fasted since sentencing

Nancy Grace among 2011 DWTS cast ABC officially announces lineup for the new season of Dancing with the Stars

Deadliest month yet for U.S. in Afghanistan 66 American troops killed in August - almost half in devastating Chinook crash - as U.S. begins withdrawal from 9-year war

Vermonters survey devastating flood damage 3 killed, 1 still missing from raging torrents that destroyed houses, bridges; Many still cut off from washed-out roads

Federal disaster kitty drying up fast Less than $800M left in FEMA's disaster aid coffers; Damages from Irene alone could climb into the billions

RTTNews Morning Market Briefing

Morning Market Briefing
Commentary
After moving sharply higher in the previous session, stocks are likely to give back some ground in early trading on Tuesday. The major index futures are currently pointing to a notably lower open, with the Dow futures down by 64 points. (Aug 30, 2011) Full Article
Economic News
The average monthly household spending in Japan declined 2.1 percent on year in July, the Ministry of Internal Affairs and Communications said on Tuesday, standing at 280,046 yen. (Aug 30, 2011) Full Article
India's economy expanded at a slightly faster than expected rate in the June quarter of fiscal year 2011-12, as strong agricultural sector output offset the weakness in manufacturing and construction, government data showed Tuesday. (Aug 30, 2011) Full Article
Europe may escape a double-dip recession, despite the slowdown in the GDP growth seen in most European countries during the second quarter, rating agency Standard & Poor's said in a report Tuesday. (Aug 30, 2011) Full Article
Eurozone economic confidence declined for a sixth month in a row in August, dropping to the lowest level since March 2010, driven by broad-based deterioration across the sectors, a monthly survey from the European Commission showed Tuesday. (Aug 30, 2011) Full Article
Earnings News
Honda Motor Co. (HMC) Tuesday said worldwide automobile production in July dropped 34.4 percent year-over-year, on the back of an 18.5 percent fall in production in Japan and a 40.4 percent slide in overseas production. (Aug 30, 2011) Full Article
Toyota Motor Corp. (TM) reported Tuesday a 4.7 percent drop in worldwide production in July as a result of a 10.5 percent decline in production in Japan. Overseas production improved 1.2 percent. (Aug 30, 2011) Full Article
Dollar General Corp. (DG) Tuesday posted a higher second-quarter profit thanks to a 5.9 percent rise in same-store sales. The company also lifted the lower-end of its 2011 earnings guidance. (Aug 30, 2011) Full Article
The Bank of Nova Scotia (BNS, BNS.TO) announced Tuesday a rise in third-quarter profit with volume growth in residential mortgages and higher small business deposits boosting the performance of the Canadian Banking segment. (Aug 30, 2011) Full Article
Todays WS Events
Barnes & Noble Q1 12 Earnings Conference Call At 10:00 AM ET
Barnes & Noble Inc. (BKS) will host a conference call at 10:00 AM ET, August 30, 2011, to discuss its Q1 12 earnings results. To access the live webcast, log on at www.barnesandnobleinc.com/webcasts (Aug 30, 2011)
Dollar General Q2 11 Earnings Conference Call At 10:00 AM ET
Dollar General Corp. (DG) will host a conference call at 10:00 AM ET on August 30, 2011, to discuss its Q2 11 earnings result. To access the live webcast, log on at www.dollargeneral.com To participate in the call, dial (866) 710-0179. A replay of the call by dialing (334) 323-7226 using passcode is 69218420 (Aug 30, 2011) 
Winn-Dixie Stores Q4 11 Earnings Conference Call At 8:30 AM ET
Winn-Dixie Stores, Inc. (WINN) will host a conference call at 8:30 AM ET on August 30, 2011, to discuss Q4 11 earnings results. To access the live webcast, log on to www.winndixie.com To listen to the call, dial 888-679-8034 (US) or 617-213-4847 (International) with Access code: 60437647. For a replay call, dial 888-286-8010 or 617-801-6888 with passcode 49532031. (Aug 30, 2011)

Mineweb Top Stories: Northgate dumps Primero Mining in favor of C$1.46b AuRico Gold deal






Mineweb logo


FEATURED PODCAST                                                     

The danger of financialisation and substitution in the copper market - Simon Hunt

A look at how the copper market is placed given the likelihood of a return to recession in the West and concerns around inflation in China

TOP STORIES | Tuesday , 30 Aug 2011                                                     

Northgate dumps Primero Mining in favor of C$1.46b AuRico Gold deal

Northgate's new CEO, Ritch Hall, says a deal with AuRico Gold "gives Northgate shareholders a significant premium to market" and the opportunity to be "a leading intermediate gold company."    Tuesday , 30 Aug 2011

Macarthur accepts sweetened Peabody/ArcelorMittal bid

After fending off four takeover bids in three years and opening its books to potential suitors, the Australian coal miner has been won over by an improved offer from Peabody Energy and ArcelorMittal.    Tuesday , 30 Aug 2011

22 Chinese miners rescued after 7 days trapped underground

The search continues for three missing coal miners trapped underground in Heilongjiang Province, as 22 miners have been rescued and one body recovered.    Tuesday , 30 Aug 2011

Newmont hoping to give NZ's Waihi gold mine a new lease on life

The Newmont-operated miner has plans to extend mining in the region with an underground operation at the Martha mine and further work at the Correnso discovery    Tuesday , 30 Aug 2011

Trelawney expects 4 million ounce gold deposit to grow on step-out drilling

Trelawney Mining and Exploration hit some lengthy gold intercepts at Cote Lake, where it hopes to add ounces in the ground in a forthcoming resource update.    Monday , 29 Aug 2011

Hathor rejects Cameco offer, could holdout for more, analysts suggest

Hathor told shareholders Cameco's bid was "opportunistic", while analysts suggest Cameco - or someone else - could pay more for the uranium junior.    Tuesday , 30 Aug 2011

Japan net gold exports hit 6.1 tonnes in July

With shipments at a net 49 tonnes in the first seven months of 2011, analysts say it is increasingly likely that net exports of bullion from the country will top last year's record 78 tonne net outflow    Tuesday , 30 Aug 2011

Peru considering two different royalty scales - sources

Sources from Peru's government and mining sector said Monday the country is considering implementing at least two different rate scales in a bid to push through a new royalty payment system.    Tuesday , 30 Aug 2011

De Beers expects SA unit to produce 6.4m carats in 2011

According to De Beers Consolidated Mines CEO, Phillip Barton, the group's SA operations will produce 1m fewer carats than in 2010 as a result of mine disposals but he remains bullish on exploration in the country    Tuesday , 30 Aug 2011

Optimum Coal says Glencore unit now has 14.1% stake

The South African coal miner said Monday that a unit of the world's largest commodities trader had, as of Friday, a beneficial interest of 14.1% in Optimum    Tuesday , 30 Aug 2011

BHP Billiton, Colombia settle royalty dispute

According to Colombia's mining minister the two parties have settled a dispute over royalties that now clears the way for the renewal of BHP's contract to operate the Cerro Matoso nickel mine    Tuesday , 30 Aug 2011

New wave of Chinese gold bugs emerge as prices surge

Rather than subduing investor interest in the precious metal, record prices have seen a new wave Chinese investors getting into the gold market    Monday , 29 Aug 2011

Yesterday's Top Story: How to pick gold stocks - Holmes

As the valuation gap between bullion and gold stocks grows, making miners of the yellow metal increasingly attractive, US Global's Frank Holmes suggests all miners aren't created equal    Monday , 29 Aug 2011

PODCASTS / RADIO                                                     

Gold to move higher within the next 12 months but a correction won't go amiss - Embry

Sprott Asset Management's John Embry wouldn't be surprised to see gold at $2,500 per ounce within the next 12 months but says he would prefer to see some kind of correction first

Chinese growth, inflation and the implications for commodity prices

The Beijing Axis MD ,Kobus van der Wath, talks us through the implications of the latest set of Chinese inflation numbers in light of the crises in Europe and the US and what it means for commodities

Gold prices to average $1,600 in Q4 as investor demand slips - Westmore

Gold is curerntly pricing in a good probability of a further global recession but, if this doesn't happen then demand by investors is likely to be pared in the second half of the year says National Australia Bank's Ben Westmore

Reuters - Before The Bell: Today's Futures, Global Stocks, PC Business, Pimco.



News

LATEST NEWS
Futures off after rally
NEW YORK (Reuters) - Stock index futures fell on Tuesday after rising nearly 8 percent in the past five sessions as investors cautiously awaited a batch of data for a better assessment on the state of the economy. | Full Article

Global stocks at two-week high, rally may stall
August 30, 2011 07:01 AM ET
LONDON (Reuters) - Global shares edged up to their highest in nearly two weeks on Tuesday, but the rally looked to be running out of steam on the back of concerns over Europe's debt troubles and U.S. growth. | Full Article
U.S. lenders making more subprime car loans: report
August 30, 2011 06:59 AM ET
NEW YORK (Reuters) - Lenders are making more subprime auto loans again, reversing the cautious approach they adopted after the credit crisis, an industry research firm said on Tuesday. | Full Article
HP executive says PC business to remain world No.1
August 30, 2011 06:01 AM ET
BEIJING (Reuters) - Hewlett-Packard Co's personal computer business will retain its position as the world's largest PC manufacturer even after any spinoff, the head of HP's PC business said on Tuesday. | Full Article
PIMCO says betting against U.S. debt was a mistake: report
August 30, 2011 06:03 AM ET
NEW YORK (Reuters) - Bill Gross, the manager of the world's largest bond fund, feels like "crying in his beer" for having bet so heavily against U.S. government-related debt earlier this year, the Financial Times reported on Monday. | Full Article

Kitco Market Hourly Report




Market snapshot as of Tue Aug 30 07:03:10 EDT 2011 New York time (GMT - 5)
Gold
 Bid 1793.4
 Ask 1794.4
 Change
4.9
0.27%
 High 1800.1
 Low 1782.9
Silver
 Bid 40.81
 Ask 40.91
 Change
-0.07
-0.17%
 High 41.15
 Low 40.32
Platinum
 Bid 1832.0
 Ask 1840.0
 Change
12.0
0.66%
 High 1841.0
 Low 1818.0
Palladium
 Bid 764.0
 Ask 770.0
 Change
12.0
1.6%
 High 770.0
 Low 749.0

London Fix
  Gold Silver Platinum Palladium
  AM PM - AM PM AM PM
 $USD   1791.0  0.0  0.0  1830.0  0.0  757.0  0.0