MDM bank and Ursa Bank have completed a merger which makes the new $16 billion enterprise Russia's second biggest non-state bank after Alfa.  The bank may sell a minority stake to investors and plans to increase its loans portfolio by 20-25%.  President Medvedev has reemphasized the importance of Russia diversifying its economy away from a dependence on raw materials.  Japan's Mitsui and Mechel are set to work on several joint steel projects together.  Saving Russia's fisheries industry, which catches in the Far East, but needs to sell in Russia's West, is a complicated affair, says the Moscow Times.  Deputy Prime Minister Alexander Zhukov says that car-maker Avtovaz needs further government assistance to prevent social unrest.  Car sales in Russia fell 58% in July in comparison with last year's figure.  Workers at RegionAvtoTrans-Kurgan have resumed ...

Gold declined gently throughout Far East and early European trading on Tuesday…and by shortly after lunchtime in London…had given up around four bucks. From there, a smallish rally developed that made an attempt to continue rallying on the Comex, but got cut off at the knees [at its high of the day] shortly after 9:10 a.m. Eastern time. This decline lasted until 1:15 p.m. in New York…and by the time electronic trading ended at 5:15 p.m. yesterday afternoon…gold was back to virtually unchanged from Monday’s close. Silver didn’t do much. It lost a dime in choppy trading.

I mentioned yesterday that the open interest decline on Friday [in that short-covering rally] would have been somewhat offset by the big rally that we had on Monday. Well, I was only partially right. Open interest for Monday’s big day showed a staggering increase…up 12,999 contracts to 393,536…on big volume of 139,361 contracts. Friday’s

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Gold traded mostly sideways yesterday. Apart from a $10 jump up towards the end of Comex trading and then an equal slide down early on the Globex, it was a tame day. The yellow metal closed at $912.30/oz., up $3.20. Overnight, gold is trending lower. Platinum took off late in Hong Kong yesterday, adding about $16. The rest of the day it trended slightly down to end at $1106/oz., up $9. Overnight, platinum is little changed.

Silver didn’t do much through Hong Kong, but started a roller coaster ride in London that lasted through the Globex only to end the day little changed at $12.82/oz., down 3 cents. Overnight, silver is trending lower. (Click here for charts)

“Summer inertia” has hit gold-market speculators according to Edel Tully at London dealers Mitsui.

“We believe [the Gold Futures] market remains overly long and further liquidation desires remain in the wings. Until this

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Gold price action on Monday looked similar to Friday’s. The bottom for gold in the Far East came shortly after 3:00 p.m. in Hong Kong…rose until shortly after London opened, declined a couple of bucks…but once the London a.m. gold fix was in [10:30 a.m. in London...5:30 a.m. in New York], gold rose to its high of the day shortly after 11:00 a.m. This high [once again over $940] lasted until 9:00 a.m. in New York, shortly after the Comex opened…then it got taken down eight bucks to its low of the day at 10:00 a.m. in New York…which just happens to be the London p.m. fix…3:00 p.m. over there.

From that point it rose right into the Comex close…and was taken down and closed below $940 once again in the electronic market.

Silver’s chart pattern was virtually identical to gold’s.

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Here are the stocks added to the Zacks #5 Rank ("strong sell") List today:

Actuant Corp (ATU) Arbor Realty Trust Inc (ABR) Barnes Group Inc (B) Capital Bank Corp (CBKN) Capital Trust Inc (CT) Ceradyne Inc (CRDN) China Precision Steel Inc (CPSL) China Security & Surveillance Tech. Inc (CSR) Compass Minerals International Inc (CMP) Conseco Inc (CNO) CRM Holdings Ltd (CRMH) Cutera Inc (CUTR) Dime Community Bancshares Inc (DCOM) Dover Saddlery Inc (DOVR) Duff & Phelps Corp (DUF) FalconStor Software Inc (FALC) FARO Technologies Inc (FARO) First M & F Corp (FMFC) The Hain Celestial Group Inc (HAIN) Horizon Financial Corp (HRZB) InterNAP Network Services (INAP) K-Sea Transportation Partners LP (KSP) Marine Products Corp (MPX) Mercantile Bank Corp (MBWM) Mitsui & Co Ltd (MITSY) ...

There wasn’t much activity in gold in Far East and early European trading on Wednesday morning. But by the time the Comex opened for business, gold was up a few bucks. However, every time the gold price poked its nose above $900, there was somebody there to take it right back down again.

Silver did better. It traded a few cents on either side of unchanged throughout the Far East and early London trading. That came to an end as soon as the London silver fix was in…noon in London…and 7:00 a.m. in New York. From there a rally commenced which really didn’t have much enthusiasm behind it…and it flat-lined from the end of Comex trading until electronic trading in New York was through for that day at 5:15 p.m Eastern.

Tuesday was the last day for trading the April contract in both gold and silver. There was lots of furious action

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Here are the stocks added to the Zacks #5 Rank ("strong sell") List today:

Albemarle Corp (ALB) Associated Banc-Corp (ASBC) BancFirst Corp (BANF) BancorpSouth Inc (BXS) BHP Billiton Plc (BBL) Cape Bancorp Inc (CBNJ) Cascade Bancorp (CACB) A M Castle & Co (CAS) Cimarex Energy Co (XEC) Coleman Cable Inc (CCIX) Cousins Properties Inc (CUZ) Cowen Group Inc (COWN) Cytec Industries Inc (CYT) Eastman Chemical Co (EMN) Edison International (EIX) Emergent BioSolutions Inc (EBS) Enterprise GP Holdings LP (EPE) First Busey Corp (BUSE) German American Bancorp Inc (GABC) The Gorman-Rupp Co (GRC) Harbin Electric Inc (HRBN) Hertz Global Holdings Inc (HTZ) HLTH Corp (HLTH) John Bean Technologies Corp (JBT) Kennametal Inc (KMT) Kinder Morgan Management LLC (KMR) Lexmark International Inc (LXK) The ...

Wall Street Crash of 1929Wall Street Crash of 1929 | 1 Hour VideoQuick Link: Hedge Fund VideosHere is an hour long video no the Wall Street Crash of 1929. If you are viewing this post through my daily hedge fund newsletter please click here now to view this video on my website. Hat tip to Earnings Breakout for first finding it.Related to Wall Street Crash of 1929 | 1 Hour VideoHedge Fund Tracker Tool Millennium PartnersMitsui & Co.Moore Capital Management, LPOch Ziff Capital Management GroupOracle Evolution Oracle Services | Spiro Germenis...

Pershing Square 13FPershing Square Capital 13F HoldingsBelow are some details related to specific securities shown within Pershing Square's recent 13F Filing with the SEC. While these filings don't often show the complete picture of a fund's investments they are interesting to review as they show a sample of their total holdings. Please click on the image below for a clear view of this holdings report.Source: SEC 13F Filing | MFF ReportsWatch a recent video on Bill Ackman of Pershing Square Capital Management here or read more of these 13F holdings analysis pieces within our Investment Securities and Holdings Tool.The securities included within this update:American International Group Inc (AIG) Barnes And Noble Inc (BKS) Borders ...

Copper prices have fallen off a cliff since June, and not even China’s massive stimulus has bucked the trend. But Sara Nunnally says one Chilean mining firm is still planning a major expansion in production over the coming years. This could mean big profits for the company’s three major financial backers (AAUK, XTA, MITSY)… provided they survive the current commodity slump.

This from Taipan Daily’s Emerging Markets blog:

Right now, copper spot prices are an anemic $1.65 per pound. That’s an amazing drop from above $4 back in June.

And yet, one Chilean copper mine is actually expanding.

The mine is called Dona Ines de Collahuasi. It’s Chile’s third largest copper mine and is located in an historical copper mining area. Back in 1880, a large, high-grade copper and silver vein was found. It’s one of the world’s largest copper resources.

Right now, the mine produces roughly 440,000 tons of copper a

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