Thoughts on Markets

Tuesday, June 14, 2011

Turkey - Hecla Mining - Gold - Silver - Miners

I will be on vacation for the next two weeks, so the blog will be posted irregularly. I will send notice when it has been posted. Please, hang in there. I do not intend to sell either metals or miners, but will let you know if the market forces a change in my plans.

As always, I carefully make my plans, commit them to the Lord, and put them into action trusting in King Jesus for the results. He is in control of everything and everybody, so it is wise to depend upon Him. He cannot lie, else He would not be God. But, praise God the Father for placing all things under Christ.

Turkey's Elections and Strained U.S. Relations
By George Friedman  June 14, 2011
Turkey’s Justice and Development Party (AKP) won Parliamentary elections June 12, which means it will remain in power for a third term. The popular vote, divided among a number of parties, made the AKP the most popular party by far, although nearly half of the electorate voted for other parties, mainly the opposition and largely secularist Republican People’s Party (CHP). More important, the AKP failed to win a super-majority, which would have given it the power to unilaterally alter Turkey’s constitution. Trouble with Turkey again. HERE.

Mine Web:
Gold rallies on jewellery, weaker dollar
Investors continued to worry about the Greek debt crisis which helped lift gold in morning trade in London, as did the jewellery sector, which had come looking for bargains after the falls in the previous session. HERE.

Mine Web:
Gold prices remain range bound despite serious currency problems
Weakness in both the U.S. dollar and the euro are expected to continue and, possibly get worse, which bodes well for gold. This could be a consolidation or accumulation period before the next leg up in fall. We must watch closely to see what the Lord has in mind for the market this summer. HERE.

Mine Web:
Gold price again steady in Euro today but fluctuating in dollar
Issues affecting gold and silver prices going forward remain dominated by Greece being on the edge of the financial abyss. Now it is down to the Greek parliament to accept latest debt control proposals.  Of course, we should continue to keep in mind that the US has much greater financial problems than Greece. However, the pricing of gold in relation to these two currencies reveals that the Euro may be more stable than the dollar. How will this play out in the long run? HERE.

Mine Web:
Hecla Mining's $263m settlement resolves one of the largest Superfund cases
With Hecla's $263 million settlement, decades of litigation regarding the Bunker Hill Superfund Site come to a close, providing a clean path to restoration of the Coeur d'Alene River Basin.
Author:Dorothy Kosich
Posted: Tuesday , 14 Jun 2011
Hecla Mining said Monday it is "pleased to report" the lodging of a consent decree with the U.S. District Court of Idaho, which settles the environmental litigation and related claims associated with historic mining wastes in the Coeur d'Alene Basin. This is good news for one of my core holdings HL. Read it HERE.

Miners from Scottrade:

Currencies from KitCo:
Some Prices: DOW up 133 to 12092.46; S&P up 17 to 1288.83; NASDAQ up 39.54 to 2679.33; Gold up 7 to 1522.50, and Silver up 0.49 to 35.25. I find that we are not near the third phase for metals, because the miners are trailing the metals and the miners are following the general market. This is not the third phase relationship. It will be in the future, but I believe it will come.

Best to each, Doug


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