Dear Gold Portfolio
Gold is dropping and it is not so bad to buy weakness when it is likely to be short-lived.
Buy 300 Ivanhoe Mines (IVN) at 7.05
Buy 1.500 Pacific Rim Mining (PMU) at 0.85
O Mundo dos Negócios, da Economia Global e das Oportunidades Financeiras
Dear Gold Portfolio
Gold is dropping and it is not so bad to buy weakness when it is likely to be short-lived.
Buy 300 Ivanhoe Mines (IVN) at 7.05
Buy 1.500 Pacific Rim Mining (PMU) at 0.85
» Escondida copper mine in Chile is expected to return to normal output levels in a week as workers have returned after 25-day strike. Last year Escondida produced 1.27 million metric tons, around 8% of global copper production. BHP Billiton controls Escondida with a 57.5% stake and Rio Tinto holds 30%.
» Mining company Gold Fields has reaffirmed the company's interest in the platinum sector although the company's core business will remain gold. Stating that the pgm sector could make up as much as 25 per cent of the company's business in the future, Gold Fields has so far centred its pgm interests on Finland and the Bushveld region of South Africa. Despite plans to increase platinum use in the automotive and industrial sectors, sales of platinum jewellery will be the key player in supporting prices over the coming years.
Let´s pay some attention to the CRB (Reuters/Jefferies CRB Index) which includes the most important commodities. Precious Metals (as Gold) represent 17,6 % of the indice composition. The weekly CRB chart shows a strong bull market that matches with a similar ascending trendline for Gold. But we are seeing a certain weakness in the CRB and its RSI and MACD are not looking good. Since April 2001 it is the first time that the index broke under the EMA50. Maybe it is not very serious, as long as it doesn´t remain for too long and too deeply under 335/340 to do not invalidate the multi-year weekly trendline.
So, it is not a bad idea to monitor this situation in the weeks ahead.
Coeur d' Alene (CDE) is the world's largest primary silver producer and has a strong presence in gold.
CDE has mines in Nevada, Chile, Argentina, Australia and advanced development projects in Bolivia (San Bartolome Silver Mine, which is expecting reasonable governamental proposals to revise tax and royalty structures) and Alaska (Kensington Gold Mine has a temporary injunction that affects some construction).
For the first six months of 2006, the company reported record net income (excluding the sale of assets) of $33.9 million, or $0.12 per diluted share, compared to a net loss of $2.8 million for the same period of 2005. Metal sales increased 50 percent to $98.9 million from $65.7 million in the year-ago period.
CDE has a sound financial structure and a solid operating performance.
Shares of CDE after deep correction are consolidating and remain with a positive outlook. The company has a bullish chart pattern with an inverted Head (3.93) and Shoulders (4.41 and 4.32) confirmed with target to around 6.30.
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Hoje, o Ouro não tem conseguido acompanhar o Petróleo (ver último gráfico), e voltou a ter como resistência a linha de break de 625 (que durante a semana tanto serviu de resistência como de suporte). Foi a zona de atracção eleita da semana, um íman de que o Ouro não se conseguiu afastar muito.
Temos de concluir que não houve novidades com importância suficiente para fazer mexer o Ouro. O que faz supor que a energia agora contida vai ter que "explodir" mais tarde ou mais cedo.