-- Posted 10 June, 2008 | | Source: SilverSeek.com

The Metals:

Gold steadily fell throughout most of world trade and ended about 0.5% off its low of $863.95 with a loss of 2.99%.  Silver dropped under $17.00 by late trade in Asia before it rose to within a penny of unchanged at $17.18 by early trade in New York, but it then fell back off for most of the rest of trade and ended about 0.5% off its low of $16.48 with a loss of 3.61%.

Euro gold fell to about €562, platinum lost $46 to $1996.50, and copper fell over 5 cents to about $3.56.

Gold and silver equities dropped for most of the session and ended with over 4% losses.

The Economy:

Tomorrow at 2PM EST brings the fed’s Beige Book and the Treasury Budget for May.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil eventually fell over 2% after Saudi Arabia announced a 500,000 a barrel a day increase in daily output to 9.45 million barrels and the IEA and EIA trimmed their demand figures.  The Nymex also announced margin requirement increases as traders prepared for tomorrow’s inventory reports.

The U.S. dollar index rose and treasuries fell again on seemingly endless jawboning from government and fed officials about inflation, yet there still have not been any real steps taken towards an actual change in policy that would do anything to actually combat inflation or help the dollar.  I continue to watch what they do and not what they say.  What they say is mostly worthless while what they did is release the highest trade deficit in 13 months today.  How that can be construed as dollar positive is beyond this observer.

The Dow, Nasdaq, and S&P traded mixed and near unchanged as optimism over lower energy prices battled expectations for high inflation and a weak economy.

Among the big names making news in the market today were XTO Energy and Hunt Petroleum.

The Commentary:

“Dear CIGAs,

The euro is down hard today on the premise that this is the start of increased interest rates in the US, a statement that is totally ludicrous.

There are two possibilities here:

Bernanke and Trichet are in the midst of a pissing contest with the US Fed not paying any attention to the financial hell they are about to release.

Saving face at the Fed is more important than the cost thereof.

There is only one result possible:

Any nitwit knows what happens if you increase the Discount Rate when business is accelerating its downturn.

Now what happens if the Fed does not increase rates?

Bernanke has painted himself into quite the corner.

There is absolutely no possibility on earth that the Fed can start a series of increases as that will end the financial world, not as we know it, but totally.

Gold is a fishing line today. Friday it was a Rhino Horn.”- Jim Sinclair, JSMineset.com

“August Gold finished down 26.9 at 871.2, 19.8 off the high and 3.7 up from the low.

July Silver closed down 0.575 at 16.635. This was 0.135 up from the low and 0.545 off the high.

The classic gold bulls had to have a sinking feeling early in the trade today as a potentially disconcerting US Trade Deficit reading and initial strength in oil prices could have prompted an extension of the recent strength in gold prices. However, with the gold market apparently focusing intensely on the surging US Dollar it was clear that a number of physical commodities that have been consistently supported by a weak Dollar were set to see some concentrated liquidation pressure. With the added trauma of a sharp slide in oil prices and general weakness in the US equity market, the gold market seemed to get something negative from a number of different outside market angles.

The silver market also saw outside market forces applying pressure to prices on Tuesday, with the trade initially falling under the weight of the Dollar rise, but eventually it appeared that both technical and fundamental forces were working on the market. With the Dollar returning to the vicinity of the last 3 1/2 month highs in the Dollar, the rest of the metals markets down hard and even oil prices under intense pressure, one almost got the impression that silver and other markets were buying into the stagflation argument. Some suggested that a sharp slide in oil prices was seen as an event that reduced flight to quality interest in all the precious metals markets.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

NY Fed tries to make sense of credit derivatives market

Bush and Paulson try talking the dollar up

Scotiabank brings Shanghai the Year of the Golden Derivatives

The Statistics:

As of close of business: 6/7/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU)

Note: No change in Total Tonnes from yesterday’s data.

Silver Trust (SLV)

Note: No change in Total Tonnes from yesterday’s data.

The Stocks:

ITH’s (THM) acquisition, Paramount’s (PZG) assay results, IAMGOLD’s (IAG) resolved work stoppage, NovaGold’s (NG) feasibility study, Great Basin’s (GBN) mine production, Equigold’s (EQI.AX) closed out hedging, First Majestic’s (FR.TO) mine expansion, SNS Silver’s (SNS.V) appointment, Coeur’s (CDE) feasibility study, U.S. Silver’s (USA.V) increased production, Aquiline’s (AQI.TO) appointment, Valencia’s (VVI.V) appointment, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

All of today's gold and silver stock news:

Golden Share Arranges a $500,000 Financing - More
- June 10, 2008 | Item | E-mail

NQ Exploration Inc.: The 2008 Exploration Program in the James Bay Territory, Quebec Begins - More
- June 10, 2008 | Item | E-mail

StrataGold updates gold resource at Tassawini, Guyana - More
- June 10, 2008 | Item | E-mail

Gold Canyon Starts Summer Program at Horseshoe Island Project - More
- June 10, 2008 | Item | E-mail

Nevoro Acquires Aurora Platinum Exploration - More
- June 10, 2008 | Item | E-mail

NovaGold says Donlin could yield 1.5 mln oz a year - "NovaGold (NG.TO: Quote, Profile, Research) said on Tuesday its Donlin Creek gold project in Alaska could yield up to 1.5 million ounces of gold a year and that a feasibility study should be ready and approved by the first quarter of 2009." More
- June 10, 2008 | Item | E-mail

ITH Acquires 100% Interest in the Terra and LMS Projects, Alaska from AngloGold Ashanti Exploration (U.S.A.) Inc. - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (CDNX:ITH.V - News)(AMEX:THM - News)(Frankfurt:IW9.F - News) is pleased to announce it has entered into an agreement to acquire all of the interest of AngloGold Ashanti Exploration (U.S.A.) Inc. ("AngloGold") in the Terra and LMS projects in Alaska, plus certain other AngloGold rights, in consideration of the issuance of 450,000 shares of ITH to AngloGold. Based on the current ITH share price, this equates to an acquisition price of approximately $6 per ounce of current inferred gold resource." More
- June 10, 2008 | Item | E-mail

SAfrica urged to open power sector to private firms - "South Africa must embrace private sector involvement in the electricity sector if it wants to solve a power crisis that threatens to derail its growing economy, a top business group said on Tuesday." More
- June 10, 2008 | Item | E-mail

Mokambo receives EIA approval to mine and process oxides - More
- June 10, 2008 | Item | E-mail

Gabriel Resources Ltd.: Jonathan Weisstub Appointed as Vice-President, Corporate Affairs - More
- June 10, 2008 | Item | E-mail

Kria Resources Reports Exploration Results From Ruttan Project, Manitoba - More
- June 10, 2008 | Item | E-mail

Verena Project Update: Scoping Study Initiated at Volta Grande, Sale of Bonfim Advances - More
- June 10, 2008 | Item | E-mail

Santa Fe Gold Exercises Option to Purchase Planet Micaceous Iron Oxide (MIO) Property and Settles Litigation - More
- June 10, 2008 | Item | E-mail

Canarc Announces Appointments of New President and COO, and New Director to the Board - More
- June 10, 2008 | Item | E-mail

Eastford Lake Gold Project Discovery Hole: Explor Drills 12.7 g/t Au Over 7.5 M on Eastford - More
- June 10, 2008 | Item | E-mail

Brazauro Intersects 234 Meters Grading 1.81 Grams/Tonne, Reports Additional Strong Results from Ongoing Drilling at Tocantinzinho - More
- June 10, 2008 | Item | E-mail

Wallbridge Mining Begins Rogers Creek Copper-Molybdenum-Gold Exploration Program in SW British Columbia - More
- June 10, 2008 | Item | E-mail

Constitution Mining Completes Phase I Exploration at Cerro Amarillo Project, Mendoza Province, Argentina - More
- June 10, 2008 | Item | E-mail

Sultan Minerals Inc. Retains Renmark Financial Communications Inc. - More
- June 10, 2008 | Item | E-mail

Golden Eagle Commences Initial Shake-Out Operations at C Zone Gold Mill - More
- June 10, 2008 | Item | E-mail

Micaceous Iron Oxide (MIO) Property and Settles Litigation - More
- June 10, 2008 | Item | E-mail

Medallion Begins Amazing Grace Gold-Exploration Field Program - More
- June 10, 2008 | Item | E-mail

Network to exhibit at World Resource Investment Conference - More
- June 10, 2008 | Item | E-mail

Bellhaven Signs Binding Letter of Intent to Option the Manganese Potential of the Viento Frio Mineral Property. - More
- June 10, 2008 | Item | E-mail

Ruby Red Resources - Encouraging assay results focus of 2008 drilling - More
- June 10, 2008 | Item | E-mail

Nilam Resources Announces Gold Deal With Caribbean Copper and Gold Corp, 2mm Ounce Resource Inferred on Columbian Property - More
- June 10, 2008 | Item | E-mail

Asian Mineral Resources: Appoints New Director - More
- June 10, 2008 | Item | E-mail

Paragon Minerals Corporation and Yamana Gold Inc. Plan 2,000 Metre Drill Program at Huxter Lane Project - More
- June 10, 2008 | Item | E-mail

Amarc Launches BC Programs to Explore Major Deposit Targets - More
- June 10, 2008 | Item | E-mail

U3O8 Corp. Defines Focused Exploration Strategy for Unconformity-Related Uranium Deposits in the Roraima Basin - More
- June 10, 2008 | Item | E-mail

SearchGold Drills 13.68 g/t Au Over 12.50 m on Zone A And 7.70 g/t Au Over 7.50 m Downdip From Zone A, on Bakoudou, Gabon - More
- June 10, 2008 | Item | E-mail

Golden Harp's MC Zone demonstrates near surface bulk tonnage potential; Hole GH-025 returns 43.75 metres of 1.02 g/t gold (including 10 metres of 2.25 g/t gold) - More
- June 10, 2008 | Item | E-mail

Laurion Recovers Judgment in Norcott Action - More
- June 10, 2008 | Item | E-mail

Hinge #4 Zone Continues to Grow With Additional High Grade Gold at Depth - More
- June 10, 2008 | Item | E-mail

Rockgate Intersects 2.03% Uranium Over 0.5 Metres in Phase 1 Program at Bodi Zone, Falea U-Ag-Cu Project, Mali, West Africa - More
- June 10, 2008 | Item | E-mail

Farallon Announces Additional G-9 Drill Results: 32.9 Metres Grading 11.55% Zinc, 1.71% Copper and 2.95 g/t Gold in Abajo Zone - More
- June 10, 2008 | Item | E-mail

Alexis Drilling Approaches Deep Target Near Louvicourt Mine and Tests Wolverine Extension, Val d'Or, Quebec - More
- June 10, 2008 | Item | E-mail

Noront Adds to Management Team - More
- June 10, 2008 | Item | E-mail

Rochester Discovers Richest Vein to Date at Florida NW, Mina Real Project - More
- June 10, 2008 | Item | E-mail

Nevoro to Acquire Sheffield Resources Ltd. - More
- June 10, 2008 | Item | E-mail

Mengold's Burchell Lake Property in Shebandowan Delivers Copper and Moly Over Significant Widths - More
- June 10, 2008 | Item | E-mail

Mazorro and Oro Gold Commence 5,000m Drill Program at Cimarron, Mexico - More
- June 10, 2008 | Item | E-mail

Murgor Resources appoints Mark Eaton to its Board of Directors - More
- June 10, 2008 | Item | E-mail

Marathon infill drilling hits multiple high-grade W horizon intersections, 10m grading 8.09g/t PGM and gold and 0.09% copper - More
- June 10, 2008 | Item | E-mail

Abitex Signs Letter of Agreement to Acquire an Interest in a Uranium Deposit in Quebec - More
- June 10, 2008 | Item | E-mail

General Metals 2008 Drilling Intersects 100 Feet of 0.045 opt Au Equivalent at Independence Mine and Continues to Expand Mineralization - More
- June 10, 2008 | Item | E-mail

Augyva Signs 30,000 Meter Drilling Contract for Duncan Iron Project - More
- June 10, 2008 | Item | E-mail

Zazu Starts First Hole of the Summer Program at the Lik Zinc-Lead-Silver Deposit - More
- June 10, 2008 | Item | E-mail

Silver Dragon Announces Signing of Letter of Intent with Exploration Unit of North China Nonferrous Geological Exploration Bureau - More
- June 10, 2008 | Item | E-mail

Colorado Goldfields Inc. Announces Purchase of Surface Drill - More
- June 10, 2008 | Item | E-mail

Mediterranean Appoints Manager, Investor Relations - More
- June 10, 2008 | Item | E-mail

Extract Resources announces chemical assay results confirm high grade uranium mineralisation at Rossing South - More
- June 10, 2008 | Item | E-mail

Atomic proposes to reprice warrants; grants 650,000 stock options - More
- June 10, 2008 | Item | E-mail

Regional scale gold anomalies outlined by Etruscan in Ghana - More
- June 10, 2008 | Item | E-mail

Goldex Resources Completes Mapping Project with Eagle Mapping - More
- June 10, 2008 | Item | E-mail  

Rusoro Mining Raises US$80 Million Via Exchangeable Loan - More
- June 10, 2008 | Item | E-mail

Iamgold resolves 21-hour work stoppage at Rosebel - "Iamgold (IMG.TO: Quote, Profile, Research) said on Tuesday that there had been a 21-hour work stoppage at its Rosebel gold mine in Suriname, but that production had returned to normal." More
- June 10, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Extends San Miguel Clavo 99 to a 400m Depth and 550m Width, and it Remains Open - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(A0HGKQ:WKN) reports assay results from three drill holes in the southeastern part of the San Miguel Vein. Several high grade veins were cut in SM-39 with gold values of 11.75g/t Au, 19.5g/t Au and 20.0 g/t Au and up to 1,360 g/t of silver." More
- June 10, 2008 | Item | E-mail

First Majestic Silver Corp.: Major Expansion Launched at La Encantada Silver Mine - "First Majestic Silver Corp. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that ground breaking and construction of a new 3,500 tpd cyanidation circuit at the La Encantada Silver Mine, located in Coahuila Mexico will commence next week. The final permit from the Mexican authorities was received last week allowing for this expansion to begin immediately." More
- June 10, 2008 | Item | E-mail

Ecuador Mining: More Positive by the Day - "A very interesting press conference was given by Ecuador's Mining and Energy Minister, Galo Chiriboga, yesterday. The conference (patchily covered in this Reuters Español note) was called to announce the reversal of a large amount of concessions, but then in the Q+A afterwards he gave some idea of the new mining law and how it's coming together." More
- June 10, 2008 | Item | E-mail

IAMGOLD Resolves Work Stoppage at Rosebel - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today that employees at its Rosebel Gold Mine (RGM) in Suriname returned to work yesterday after a 21 hour work stoppage. Management worked proactively with the Union to end the stoppage. Production resumed without incident and it is anticipated that gold output and costs will not be materially affected." More
- June 10, 2008 | Item | E-mail

SNS Silver Corporation: Lisa Hardy Appointed Chief Geologist at Crescent Mine - "Ms. Lisa Hardy has been a staff and consulting geologist for metals and mining companies for over twenty years. Ms. Hardy has extensive experience in exploration, development and production phases of underground metal mines, with an emphasis on sampling procedures, metals accounting, and resource evaluation of precious metals deposits." More
- June 10, 2008 | Item | E-mail

NovaGold Announces Feasibility Study in Q1-2009 for Donlin Creek Project - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today provided an update on the Donlin Creek gold project, including initial assay results from 2008 drilling, a resource estimate incorporating the remainder of 2007 drilling, and the decision that a feasibility study will be completed and approved by Q1-2009." More
- June 10, 2008 | Item | E-mail

Bayswater Joint Ventures Gold Properties - More
- June 10, 2008 | Item | E-mail

Great Basin Gold's Hollister Mine Initiates Production - "Processing of the ore was completed in May 2008 at Newmont's Midas mill, located 20 miles from Hollister. Approximately 5,000 tons of ore with a gold head grade of 1.2 ounces per ton and a silver head grade of 9.5 ounces per ton realized net revenue of $3.9 million after toll treatment costs of $45 per dry ton and a recoupment of capital amortization cost by Newmont. The Midas mill uses direct cyanidation, counter-current decantation and a Merrill Crowe recovery system." More
- June 10, 2008 | Item | E-mail

Coeur Reports Results from Recently Completed Feasibility Study for Its Palmarejo Silver/Gold Project - "This study reflects results from geologic, engineering and economic analyses for only the Palmarejo deposit, which is one of three large silver and gold deposits identified to-date in the district. The Company plans to update this study later this year, which it expects will further increase mineral reserves, mineral resources, production levels, mine life and cash flow." More
- June 10, 2008 | Item | E-mail

U.S. Silver Reports May Silver Production Up 24% Over 1st Quarter 2008, Provides Operational Update for the Galena Mining Complex - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to announce that silver production for the month of May was 145,000 ounces which is 24% higher than average production in the 1st quarter 2008 and 46 % higher than the average monthly production in 2007. This is an annualized rate of approximately 1.8 million ounces. The Company is also pleased to provide an update of operations for the Galena Mining Complex located in North Idaho." More
- June 10, 2008 | Item | E-mail

Aquiline Strengthens Board of Directors with Appointment of Ken Thomas - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to report the appointment of Ken Thomas to its Board of Directors effective immediately. Dr. Thomas is currently Global Managing Director at Hatch, a leading international engineering and construction firm headquartered in Mississauga, Ontario with over 8,000 employees worldwide." More
- June 10, 2008 | Item | E-mail

Equigold Closes Out Gold Hedging - "Equigold NL ("Equigold") (ASX:EQI.AX - News) and Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL") are pleased to announce the closure by Equigold of a significant portion of its gold hedge book. The closure covered 151,980 ounces of sold call options with strike prices of A$700 per ounce and expiries between December 2010 and December 2012, together with lease rate swap contracts." More
- June 10, 2008 | Item | E-mail

Valencia Appoints John Begeman as President and Chief Executive Officer - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) is pleased to announce Mr. John Begeman has been appointed President, Chief Executive Officer and a Director effective immediately. Mr. Begeman replaces Doug Bache who had been in the role since 2006. Mr. Bache will actively remain with the company as a Director but has resigned as President and Chief Executive Officer to pursue other opportunities." More
- June 10, 2008 | Item | E-mail

Apogee Intersects High Grade Silver, Up to 1,046 g/t Silver, at Pulacayo Deposit, Bolivia - "The drilling at Pulacayo continues to expand the mineralized zone and we continue to see good grades. An important characteristic of this deposit is that along with the high silver grades the mineralization contains a significant component of lead and zinc, which should provide an important contribution to the potential value of this deposit." More
- June 10, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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