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Gold fell near $600 is Asia, rebounded to find slight gains in London, and rose above $610 in midmorning New York trade, but it then fell off into the close and ended slightly lower on the day.  Silver followed a similar pattern and lost 1.61%.

Euro gold fell near €480, platinum lost $25 to $1,160, palladium lost $11 to $308, and copper remained at about $3.10.

Gold and silver equities rose around 1% at the open, but they then fell off for the rest of trade and ended about 3% lower.

From Julian D.W. Phillips of www.goldforecaster.com:

"The gold market is in the process of completing its consolidation process, however there is still room for another dip to below $600, as buyers stand quietly on the sidelines waiting for the right price.   One notable feature of the fall from the peak gold price of late, has been the dominance of the funds as sellers.   They have lowered their net speculative positions to close to the lows of the past few years, leading us to believe the selling will soon be exhausted.  

Little selling has taken place from other quarters.   Indeed demand appears to be growing tacitly on the sidelines.   With little to no real change in the fundamentals that are really driving the gold price, a solid turn in the price could well prove strong and probably sudden." 

From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com:

“It seems The Gold Cartel was caught off guard by all the Iranian/Russian buying following Gold Rush 21, which is why the price went ballistic … that buying blew out the shorts and overwhelmed available supply. The recent IMF, BIS, Gold Cartel bullion dealers, Treasury, Fed, Bank of England meetings had to be about some technicality-based way to secure enough gold to bring the price back down. As we are all aware of by now, via a US Senator from the far west, Washington ORDERED the gold price down, and down we went.”

From The Hightower Report, Futures Analysis and Forecasting:

“With the gold market making a new low for the move and the Dollar remaining strong for most of the session it was not surprising to see gold trade most of the session in negative territory. With Iran seemingly accepting some of the incentives offer up by the EU we suspect that gold was seeing some liquidation off a tempering of geopolitical concerns. It is also possible that hints from the US Fed that more US interest rate hikes are potentially necessary served to undermine gold. With higher US interest rates thought to be capable of limiting growth and in turn supporting the US Dollar the gold market was basically hit with a double negative. While the Press also carried some rather bullish long term price projections for gold, the trade simply wasn't in a mood to bid up prices on Monday.

While the July contract initially slid below psychological support on the charts of $11.00, it does seem like the market eventually found some sort of buying support around that level. We suspect that talk of rising US interest rates in the US and Canada limited the silver market and with the general weakness in the US equity market on Monday, it is clear that many physical demand driven commodity markets are set to remain under pressure. In fact, weakness in copper, platinum, energies and equities certainly makes it seem like the negative commodity market bias from last week has mostly remained in place. Apparently the trade still isn't overly concerned about the narrowing of exchange stocks and that is probably because the macro economic outlook reduces the importance of the physical supply.”

Oil started off with slight gains, but it soon fell off to find notable losses by late morning as tensions with Iran eased and tropical storm Alberto was seen as missing key oil structures.

The U.S. dollar index found minor gains and treasuries fell on the outlook for further interest rate hikes by the fed.

The Dow, Nasdaq, and S&P traded mostly lower on inflation fears and ended near their lows with notable losses.

Among the big names making news in the market today were Carnival, Jana and Houston exploration, Plains All American and Pacific Energy Partners, Mirant and NRG Energy, Monster, Broadcom, Equinox, Lehman Brothers, Comverse Technology, Goldman Sachs, BASF and Engelhard, and Arcelor and Mittal.

GATA Posts:

GATA chairman's address in Vancouver and interview with Resource Investor

Just how real is the gold behind those exchange-traded funds?

John Crudele: Paulson's new job -- as plunge protector

Gold & Silver Stock News Update from GoldReview.com:

Crystallex’s (KRY) and Gold Reserve’s (GRZ) possible problems in Venezuela, Metallica’s (MRB) exploration with Full Metal Minerals (FMM.V) in Southwest Alaska, Pacific Rim’s (PMU) drill permit, Goldcorp’s (GG) early warrant exercises and dividend, Great Panther’s (GPR.V) drilling at Guanajuato, Apex Silver’s (SIL) CFO appointment, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.

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All of today's gold and silver stock news:

Continental Minerals Corporation: Definitive Agreement to Unify Xietongmen Property Executed, Conditional Stock Exchange Acceptance Received - More
- June 12, 2006 | Item | E-mail

White Knight Drilling Underway at Gold Bar Horst - More
- June 12, 2006 | Item | E-mail

Great Western Minerals Group Ltd. retains Renmark Financial Communications Inc. - More
- June 12, 2006 | Item | E-mail

Azimut: Debenture Conversions - More
- June 12, 2006 | Item | E-mail

90% Buy Back of Pearl Asian Mining Industries' Common Shares Will Be Automatic With The Exchange Date Effective June 15, 2006 - More
- June 12, 2006 | Item | E-mail

Enterayon Forms New Subsidiary - More
- June 12, 2006 | Item | E-mail

Corriente Resources Inc.: Feasibility Drilling to Start at the Combined Panantza and San Carlos Copper Project - More
- June 12, 2006 | Item | E-mail

Venezuela to Seek Majority Stake in Mine Ventures - "Venezuela may seek a majority control in mining ventures under proposed changes to the country's law regulating the extraction of gold and other minerals, National Assemblyman Jose Ramon Rivero said. Shares of Crystallex International Corp., which is developing the country's biggest gold deposit, fell 42 percent." More
- June 12, 2006 | Item | E-mail

Goldcorp Declares Sixth Monthly Dividend Payment for 2006 - "GOLDCORP INC. is pleased to declare its sixth monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, June 23, 2006 will be entitled to receive payment of this dividend on Friday, June 30, 2006." More
- June 12, 2006 | Item | E-mail

Fury Acquires Mexican Projects - More
- June 12, 2006 | Item | E-mail

Canadian Shield Expands Humajala Gold Zone - More
- June 12, 2006 | Item | E-mail

Uranium One Appoints New Head of Investor Relations - More
- June 12, 2006 | Item | E-mail

Phoenix Matachewan Mines Inc.: More Ground Acquired at Bottle Creek, Nevada Property - More
- June 12, 2006 | Item | E-mail

AXMIN Inc.: Feasibility Study Update-Passendro Gold Project, Central African Republic - More
- June 12, 2006 | Item | E-mail

Sparrowtech Purchases Mining Claims - More
- June 12, 2006 | Item | E-mail

HuntMountain Resources Provides 2006 Exploration Program Update - More
- June 12, 2006 | Item | E-mail

Bullion River Gold Corp. Test Mining Shows Great Promise with the First Recovery of Gold at its French Gulch Mine - More
- June 12, 2006 | Item | E-mail

Copper Fox Metals Inc. starts its 2006 field season at Schaft Creek - More
- June 12, 2006 | Item | E-mail

Dumont completes Utah drill programs - More
- June 12, 2006 | Item