Gold Seeker Closing Report: Gold and Silver Fall Before Fed and Gain After

	Close	Gain/Loss
Gold	$880.00	-$9.00
Silver	$16.53	-$0.13
XAU	180.19	+0.32%
HUI	413.52	+0.02%
GDM	1211.24	-0.14%
JSE Gold	2146.17	+21.71
USD	72.85	-0.40
Euro	156.73	+1.06
Yen	92.77	+0.02
Oil	$134.55	-$2.45
10-Year	4.115%	+0.010
T-Bond	119.96875	-0.15625
Dow	11811.83	+0.04%
Nasdaq	2401.26	+1.39%
S&P	1321.97	+0.58%

Gold rose to $890.60 in Asia and fell to $873.50 by late morning in New York, but it then rallied back higher in the last couple of hours of trade and ended $6.50 off its low with a loss of just 1.01%. Silver fell to $16.52 in Asia and rose to $16.82 in early New York trade, but it then fell back off for most of the rest of trade and ended near its low of $16.477 with a loss of 0.78%. At the time of writing (4PM EST), gold is trading over $5 higher and silver is trading over 20 cents higher in after hours trade in reaction to the fed’s statement.

Euro gold fell to about €565, platinum lost $10 to $2008.50, and copper fell slightly to about $3.78.

Gold and silver equities fell over 2% by a couple of hours into trade, but they then rallied back higher for most of the rest of trade and ended near unchanged.

Report	For	Reading	Expected	Previous
Durable Orders	May	0.0%	0.0%	-1.0%
New Home Sales	May	512K	510K	525K

The fed kept the fed funds rates unchanged at 2% and the discount rate unchanged at 2.25% as most expected, but Richard Fisher did dissent with the rest of the committee and wanted an increase in rates. They expect inflation to moderate later this year and next year, but state uncertainty remains high. The overall message from the fed was that downside risks to economic growth have diminished while upside risks to inflation have increased. The fed appears to at least to be talking a hawkish tone, but many still doubt whether any real action comes from them anytime soon as the fed also noted that financial markets are still under considerable stress and they remain data dependent.

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/21 expected at 375,000, first quarter GDP expected at 1.0%, and the Chain Deflator expected at 2.6%. At 10AM is the Existing Home Sales report for May expected at 4,950,000.

Oil fell sharply after crude inventories built 800,000 barrels rather than an expected draw of nearly 1 million barrels, but it did cut its nearly $5 loss roughly in half by the close as the dollar started to fall after the fed’s statement. Gasoline inventories fell 100,000 barrels, distillates built 2.8 million barrels, and refinery utilization fell 0.7% to 88.6%.

The U.S. dollar index fell and treasuries erased most of their early losses after the fed’s statement made most believe that the fed is not in any real hurry to actually raise interest rates regardless of any concerns they may voice.

The Dow, Nasdaq, and S&P traded modestly higher for most of the day on lower oil prices and a fed statement that did not deliver any big surprises, but gains in the Dow and S&P were cut to minimal by the close while the Nasdaq ended with an over 1% gain.

Among the big names making news in the market today were Boeing, Barclays, Monsanto, General Mills, XM-Sirius, Merck, and MasterCard and American Express.

This is the Jim Puplava's webcast presentation titled “The Crime of the Century.” Please click the link below to download the presentation in MP3 format.

You know that I do not read other blog sites so if I go off the mark you will have only one person to blame - me. Here is an exception, thanks to the CIGAs that demanded I listen. It was good advice.

Chart painting is a major tool being used now against you. I am not suggesting TA be ignored. I am, as always, suggesting that if you know the plot, you will know when you have to weigh in on the fundamentals to balance your thinking.

Many juniors are worth more dead than alive. That means you could market the pieces for more than the cap value.

The shorts seem to now be driven more by ego and power trips than brains. Brains would give them the ability to know when enough is enough, if only from a functional profit standpoint.

If a junior is shorted in a situation where it would take 3 months to cover at 50% of the legal short on an average daily volume and that company could be sold in pieces for more than the quoted value, TA might be rendered less important in the equation with fundamentals becoming more significant.”- Jim Sinclair, JSMineset.com

“August Gold finished down 9.3 at 882.3, 7.2 off the high and 6.3 up from the low.

July Silver closed down 0.13 at 16.503. This was 0.023 up from the low and 0.237 off the high.

After a morning follow through washout the gold market managed to recover just ahead of mid session and surprisingly the market extended the recovery into and through the FOMC meeting results. However, the Dollar was weaker in the wake of the FOMC statement and that seemed to give the gold market the lift many traders were expecting early in the trading session in the wake of the scheduled US economic data. With the Dollar weakening and oil prices recovering slightly the outside environment for gold was gradually improved from the morning trade. However, with the US stock market remaining strong it is possible that some potential gold buyers decided to move toward the equity market instead.

Like the gold market, silver managed a mid morning bounce and then managed to hold the morning gains through the early afternoon FOMC meeting results. However, some silver bulls might have been disappointed with the silver markets failure to actually gain some additional ground in the afternoon action in the wake of weakening in the US Dollar that was supposedly brought on by the FOMC statement. On the other hand, for silver to have forged a partially supportive afternoon trade in the face of ongoing weakness in gold, platinum and copper had to please the bull camp.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The LSE added 1.08 tonnes.

Gold Fields’ (GFI) production and one million fatality-free shifts at Kloof, Allied Nevada’s (ANV) drill results, Rubicon’s (RBY) decision to dewater underground workings, Paramount’s (PZG) resource increase, Anglo American’s (AAUK) social project in Peru, Northgate’s (NXG) Preliminary Assessment Report, Excellon’s (EXN.TO) resumed delivery of ore, Fortuna’s (FVI.V) warrant extension, and Silver Eagle’s (SEG.TO) pre-feasibility results were among the big stories in the gold and silver mining industry making headlines today.

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

Allied Nevada Drills 640 Feet of 0.026 Ounce per Ton Gold Equivalent at Hycroft - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (Toronto:ANV.TO - News)(AMEX:ANV - News) is pleased to announce complete gold and silver assay results for twenty-one exploration holes and eight condemnation holes drilled at the Company's Hycroft Heap Leach Mine ("Hycroft") located near Winnemucca, Nevada. All sixteen drill holes listed in the table below were drilled in the Fire and Brimstone Zones(1)." More
- June 25, 2008 | Item | E-mail

Iberian Amends Credit Agreement with Trafigura - More
- June 25, 2008 | Item | E-mail

Richview Resources Inc. Announces Results From Their Annual and Special Meeting of Shareholders - More
- June 25, 2008 | Item | E-mail

Avalon Ventures Ltd.: Further Encouraging Rare Earth Element Assays From Lake Zone Phase 2 Drilling Program, Thor Lake, NWT-Summer Drilling Program Underway - More
- June 25, 2008 | Item | E-mail

Tombstone Exploration Reports Encouraging Initial Findings From Drill Program - More
- June 25, 2008 | Item | E-mail

Amera Options Cercana Porphyry Copper Property, Peru - More
- June 25, 2008 | Item | E-mail

Excellon Resumes Delivery of Ore - "Excellon Resources Inc. (Toronto:EXN.TO - News) is pleased to announce that it has resumed delivery of ore to the Penoles' Naica mill. The Company had to temporarily suspend operations at its Platosa Test-mine located in Durango State, Mexico after an unexpected water inflow on May 20th. Shipments to Naica were continued into the first week of June from stockpile inventories and normal operations at the Platosa mine were resumed June 19th, following the dewatering of the mine below the active mining areas." More
- June 25, 2008 | Item | E-mail

Gold Resource Corporation Continues High-Grade Gold Intercepts at El Rey - More
- June 25, 2008 | Item | E-mail

Simberi Mining Corporation: Updated Kakanda Project Technical Report - More
- June 25, 2008 | Item | E-mail

Benton Hits Wide Zones of Platinum Group Metals and Copper at Area 41 - More
- June 25, 2008 | Item | E-mail

Macusani Yellowcake Inc.: Best Hole to Date-31.34 Metres of 0.2356% (4.71 Lb/T) U3o8-From Surface - More
- June 25, 2008 | Item | E-mail

Baja Mining Provides Financing Update - More
- June 25, 2008 | Item | E-mail

Guyana Goldfields: Exploration Update - More
- June 25, 2008 | Item | E-mail

Coronation Announces the Grant of Stock Options - More
- June 25, 2008 | Item | E-mail

Tribute Minerals and Goldeye Explorations Form McFaulds Resources Inc. for Exploration in the 'Ring and Fire' - More
- June 25, 2008 | Item | E-mail

Fortuna Provides Corporate Update - "Fortuna Silver Mines Inc. (CDNX:FVI.V - News) announces that it proposes to amend its private placement warrants previously issued on January 11, 2007 to extend the expiry date by one year to July 11, 2009. The amendment is subject to TSX Venture Exchange approval." More
- June 25, 2008 | Item | E-mail

First Narrows Provides Latest Analytical Data From Falls Creek Project; Significant Bismuth Accompanies Molybdenum and Tungsten - More
- June 25, 2008 | Item | E-mail

Strait Gold Starts IP Survey at Pallcamachay Copper Project in Peru - More
- June 25, 2008 | Item | E-mail

Typhoon Confirms New Discovery at More Than 450 Meters of the Fayolle Deposit - More
- June 25, 2008 | Item | E-mail

Uranium Bay 2008 Annual General Meeting Overview - More
- June 25, 2008 | Item | E-mail

Geovic Mining Corp.: Progress Update on Mada Drilling Program in Cameroon - More
- June 25, 2008 | Item | E-mail

First Metals Completes Magusi Drilling, Initiates Exploration Programs - More
- June 25, 2008 | Item | E-mail

Black Pearl Minerals Acquires Nevada Lithium Brine Prospect - More
- June 25, 2008 | Item | E-mail

Intrepid Mines Limited: Laurence Curtis Steps Down as President - More
- June 25, 2008 | Item | E-mail

U3O8 Corp. Reports Significant Uranium Mineralization from a Further 16 Of 56 Bore Holes Completed at Aricheng South - More
- June 25, 2008 | Item | E-mail

Mansfield Minerals Inc.: Gold Resource at Lindero Increases - More
- June 25, 2008 | Item | E-mail

Alberta Star Appoints Michael Bersch B.Sc., M.Sc., Ph.D., as Chief Geologist - More
- June 25, 2008 | Item | E-mail

CanAlaska Uranium mobilizes summer 2008 exploration - More
- June 25, 2008 | Item | E-mail

General Metals 2008 Drill Program Continues to Find High Grade and Wide Mineralized Intercepts, Expanding Bulk Mining Material Suitable for Leaching - More
- June 25, 2008 | Item | E-mail

Crowflight Provides Update on Underground Drilling at Bucko - More
- June 25, 2008 | Item | E-mail

Clifton Star Resources Announces Duquesne Drilling Results - More
- June 25, 2008 | Item | E-mail

Nilam Resources Inc. Is Pleased to Announce Gold Production Schedule on Its Llipa Property - More
- June 25, 2008 | Item | E-mail

Kloof Gold Mine Achieves a Million Fatality-Free Shifts - "The one million fatality-free shifts at Kloof demonstrates that safe working can be achieved at deep-level gold mines. It has also given a significant boost to our safety efforts throughout all our operations following the very unfortunate accidents we had earlier this year. Safety remains the number one priority within Gold Fields and we are currently conducting a comprehensive audit of our safety practices and safety performance at our mines in South Africa. If we can go for more than 50 days at a deep-level mine such as Kloof without one fatal injury, then I firmly believe that our goal of having zero fatalities on all Gold Fields mines can be realised." More
- June 25, 2008 | Item | E-mail

Rubicon Board Approves Decision to Dewater Underground Workings at Phoenix Project, Red Lake Ontario - "Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce that its Board of Directors has given approval for the Company to carry out an up to $1.25 million Phase One program part of a two phase underground exploration program at its 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario." More
- June 25, 2008 | Item | E-mail

International PBX Ventures Ltd.: Tabaco Project Update - More
- June 25, 2008 | Item | E-mail

Silver Eagle Reports Pre-Feasibility Results for Miguel Auza Mine - "Silver Eagle Mines Inc. (TSX:SEG - News) is pleased to report on the results of a pre-feasibility study prepared by Silver Eagle and reviewed by Scott Wilson Roscoe Postle Associates Inc., for Silver Eagle's wholly-owned Miguel Auza Mine in Zacatecas, Mexico. The study includes geological, mining, metallurgical, mineral process and economic analyses of the Calvario and Milagro Veins at the Miguel Auza Mine, which has been the focus of underground test mining during the past year." More
- June 25, 2008 | Item | E-mail

Paramount Gold & Silver Corp. Reports Substantial Resource Increase at its San Miguel Project in Mexico - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) has completed an updated National Instrument 43-101 compliant mineral resource estimate for its San Miguel Project, located in the Guazapares mining district Chihuahua, Mexico, within the Sierra Madre Occidental gold/silver belt." More
- June 25, 2008 | Item | E-mail

Gold Fields' Operational Results for Q4 F2008 Will be Better Than Expected - "South African production for Q4 F2008 is expected to be up by approximately 6.6% against the production achieved for Q3 F2008, which is better than the previous guidance of an improvement of between 2% and 4%, due mainly to improved quality mining at Beatrix." More
- June 25, 2008 | Item | E-mail

Gold Fields Q4 production to beat own forecast - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research, Stock Buzz), the world's fourth biggest gold producer, said on Wednesday fourth-quarter production would beat previous forecasts and increase 4.5 percent from the previous quarter.

Like its South African peers, which have seen production plunge owing to a power crisis, Gold Fields' output in the third quarter to end-March fell by 14 percent to 827,000 ounces." More
- June 25, 2008 | Item | E-mail

Anglo American to fund social project in Peru - "Mining group Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz) will spend $201 million on social projects near its Peruvian copper project in Michiquillay after reaching an agreement to start explorations, the government said Tuesday." More
- June 25, 2008 | Item | E-mail

Northgate Files Preliminary Assessment Report for the Young-Davidson Project - "Northgate Minerals Corporation (TSX: NGX, AMEX: NXG) is pleased to report the completion of a NI 43-101 Preliminary Assessment Report (the "Preliminary Assessment") on the Young-Davidson Project in Matachewan, Ontario. The Preliminary Assessment indicates that the gold resources are sufficient to produce a positive cumulative undiscounted cash flow. AMEC Americas Limited has been commissioned to complete the Feasibility Study." More
- June 25, 2008 | Item | E-mail

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