-- Posted 7 July, 2008 | | Source: SilverSeek.com

The Metals:

Gold fell $17 from Thursday’s pre-holiday close to as low as $914.60 by midmorning in New York on Monday, but it then stormed back higher in the last hour and a half of trade and ended near its high of $928 with a loss of just 0.53%.  Silver traded about 2% lower in Asia and London before it fell even further to as low as $17.54 by a little after noon EST in New York trade, but it also rallied back higher into the close and ended $0.275 of its low with a loss of 2%.

Euro gold fell to about €588, platinum lost $49.50 to $1972, and copper lost nearly ten cents from Thursday’s close to about $3.86.

Gold and silver equities fell roughly 2% at the open and remained at about that level for the rest of the day.

The Economy:

There were no major economic reports today.  Tomorrow at 10AM EST brings the Pending Home Sales report for May expected at -2.8% and the Wholesale Inventories report for May expected at 0.6%.  At 3PM is Consumer Credit for May expected at $7.0 billion.

The Markets:

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

Oil fell on profit taking as geopolitical fears eased following the long weekend that saw no new action with Iran, but nearly $6 losses did pare by the close as the U.S. dollar index came off its earlier highs and treasuries rose after Federal Reserve Bank of San Francisco President Yellen commented that housing and banking problems would likely get worse before they get better.

The Dow, Nasdaq, and S&P opened higher on markedly lower oil prices, but all three indices fell off by early afternoon on worries over the credit market that sent the financials lower.  Fannie Mae and Freddie Mac were especially hurt by rumors that they need to raise large amounts of capital.

Among the big names making news in the market today were Microsoft and Yahoo, Fresnius and APP, and InBev and Anheuser-Busch.

The Commentary:

“August Gold finished down 4.8 at 928.8, 0.2 off the high and 12.2 up from the low.

September Silver closed down 0.45 at 17.92. This was 0.25 up from the low and 0.19 off the high.

A recovery bounce in the Euro clearly prompted a bounce in the gold market just ahead of mid session. With the US Fed seemingly fomenting concern for the US economy and suggesting that the ECB was in a mode to hike interest rates while the US was apparently closer to cutting rates, it certainly seemed like the strength in the Dollar was yanked out of the marketplace. While the gold market saw early selling off talk that Iranian geopolitical tensions were moderating, it is possible that the Yellen comments about the US economy being closer to a disaster than the Euro zone, seemed to foment a fresh flight to quality mentality.

Like the gold market, the silver market was under early liquidation pressure but managed to throw off some of that pressure in the wake of a reversal in the US Dollar. In the end, seeing sharply falling oil prices, falling equity prices, weak grain prices and weakness in a host of other physical commodity markets seemed to leave the silver market in a mostly deflationary environment. As in gold, the silver market clearly discounted potentially supportive demand side stories and instead focused intently on currency market action.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

TIPS flunk inflation test as fuel, food overtake CPI

AP notes currency intervention option and monetization of oil

Jason Hommel: Without gold and silver, you're already confiscated

Fed official admits inflation figures are phony

The Statistics:

As of close of business: 7/03/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.19 tonnes and the LSE added 0.66 tonnes.

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:

Buenaventura's (BVN) resumed operations, Paramount’s (PZG) assay results, Taseko’s (TGB) Environmental Assessment Review, Banro’s (BAA) pre-feasibility study, Randgold’s (GOLD) Long-term commitment to development, Mega Silver’s (MSR.V) drill results, Aquiline’s (AQI.TO) comments from the Chubut Government, Oro Silver’s (OSR.V) drilling, and Scorpio’s (SPM.TO) 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:

Peru mining strike is over - "Peru's largest federation of mining workers decided on Sunday to end its nationwide strike after nearly one week, union leaders and the country's vice minister for labor said." More
- July 07, 2008 | Item | E-mail

Longview Capital Partners Acquires Additional Position in Buffalo Gold Ltd. - More
- July 07, 2008 | Item | E-mail

Mega Silver Inc.: High Grade Silver-Gold Intercepts From Promontorio Drilling - "Mega Silver Inc. ("Mega Silver") (CDNX:MSR.V - News) is pleased to announce analytical results from the first five drill holes completed on the Promontorio silver-gold property located in the El Oro municipality in north central Durango State, Mexico. The Promontorio property is under option from Silverstone Resource Corp. ("Silverstone") (CDNX:SST.V - News)." More
- July 07, 2008 | Item | E-mail

Trend Mining Reports Further Drill Results from Diabase Peninsula Uranium Project - More
- July 07, 2008 | Item | E-mail

Sabina Silver Announces Results of Winter Drill Program in Red Lake, Ontario - More
- July 07, 2008 | Item | E-mail

Buenaventura says Peru strike will not hurt results - "Peruvian miner Buenaventura (BUEv.LM: Quote, Profile, Research, Stock Buzz) (BVN.N: Quote, Profile, Research, Stock Buzz) said Monday it lost 250,000 ounces of silver output at its Uchucchacua mine because of a strike last week, but the loss would not negatively affect its financial results." More
- July 07, 2008 | Item | E-mail

Petaquilla soars on Inmet bid; reviewing offer - "Shares of Petaquilla Copper (PTC.TO: Quote, Profile, Research, Stock Buzz) more than doubled on Monday, after joint venture partner Inmet Mining (IMN.TO: Quote, Profile, Research, Stock Buzz) said it would make an all-cash offer worth C$345 million ($338 million) for the company.

Petaquilla said it was reviewing the C$2-a-share offer, which would allow Inmet to take control of the C$3.5 billion Petaquilla copper project in Panama. If successful, the bid would also clear up an ownership dispute between Petaquilla and other project partner Teck Cominco (TCKb.TO: Quote, Profile, Research, Stock Buzz)." More
- July 07, 2008 | Item | E-mail

Nord Resources Amends Credit Agreement - More
- July 07, 2008 | Item | E-mail

Beaufield Resources Inc.: Airborne Survey on the Raglan Property - More
- July 07, 2008 | Item | E-mail

North American Palladium Settles Crusher Litigation Collects Additional $14.5 Million - More
- July 07, 2008 | Item | E-mail

Simberi Announces Results From Their Annual General and Special Meeting & Appoints New Chairman of the Corporation - More
- July 07, 2008 | Item | E-mail

Gulfside Minerals Ltd.: Erdenetsogt Acquistion Update - More
- July 07, 2008 | Item | E-mail

Matamec Elects New Director and Grants Stock Options - More
- July 07, 2008 | Item | E-mail

Lyle Davis Appointed Chairman of Hard Creek Nickel - More
- July 07, 2008 | Item | E-mail

Talon Metals reports final results from Phase II drill program at Agua Branca Gold Project - More
- July 07, 2008 | Item | E-mail

Aquiline Resources Inc.: Chubut Government in Favour of Re-Introduction of Responsible Mining - "Aquiline Resources Inc. (Toronto:AQI.TO - News) ("Aquiline" or "the Company") is pleased to provide its shareholders and other interested parties, excerpted transcripts of a speech given on June 25 at the Canadian Embassy in Buenos Aires, by Mr. Mario Das Neves, Governor of Chubut Province, Argentina." More
- July 07, 2008 | Item | E-mail

Lithic Intersects 5.4 Metres of 10.02% Zinc and 10.13 Metres of 0.46% MoS2 at Crypto - More
- July 07, 2008 | Item | E-mail

Goldcorp Declares Seventh Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its seventh monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Thursday, July 17, 2008 will be entitled to receive payment of this dividend on Friday July 25, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- July 07, 2008 | Item | E-mail

Slam Discovers More Gold - More
- July 07, 2008 | Item | E-mail

Strongbow Resources, Inc. Enters Pact With Holloman Minerals, Ltd. - More
- July 07, 2008 | Item | E-mail

Renforth Announces Results From Their Annual General and Special Meeting of Shareholders - More
- July 07, 2008 | Item | E-mail

Mega Uranium Ltd.: Update on Georgetown Uranium Project, Queensland, Australia - More
- July 07, 2008 | Item | E-mail

Lakota Resources Inc. - Terms for a Private Placement of Units - More
- July 07, 2008 | Item | E-mail

Strathmore Completes LOI Granting Great Bear Option to Acquire Chord, Uranium Property - More
- July 07, 2008 | Item | E-mail

Benton mobilizes crew to evaluate anomalies on the Rim Property airborne survey - More
- July 07, 2008 | Item | E-mail

La Quinta announces proposed financing - More
- July 07, 2008 | Item | E-mail

Stellar Resources Ltd. signs Letter of Intent for mineral exploration in Tanzania - More
- July 07, 2008 | Item | E-mail

Great Bear Uranium Executes Letter of Intent to Acquire Chord Property From Strathmore Minerals Corp. - More
- July 07, 2008 | Item | E-mail

Positive Independent Feasibility Study for Platinum Group Metals' Project 1 Platinum Mine - More
- July 07, 2008 | Item | E-mail

Dr. Anthony Patriarco joins the Board of EurOmax - More
- July 07, 2008 | Item | E-mail

Marathon Drilling Expands W Horizon, 4.08g/t PGM and Au over 4 m - More
- July 07, 2008 | Item | E-mail

19.96 million pounds U3O8 NI 43-101 compliant inferred resource at surface in Quebec; Remains open along strike and at depth - More
- July 07, 2008 | Item | E-mail

Cadillac Mining Corp. obtains permit for drilling program on Tuzo Creek, BC Moly prospect - More
- July 07, 2008 | Item | E-mail

Yukon-Nevada Gold Corp. intersects 3.8 m of 20.6 g/t gold at the Ketza River project - More
- July 07, 2008 | Item | E-mail

Mosquito Reports Surface Sample Results on Trikay, Australia - More
- July 07, 2008 | Item | E-mail

Platina Resources Announces Private Placement Investment by Panther Palladium LLC - More
- July 07, 2008 | Item | E-mail

Full Metal Intersects 68.2 Meters True Width Averaging 6.56% Zn, 2.47% Pb and 42.7 g/t Ag at Fortymile Property, Alaska - More
- July 07, 2008 | Item | E-mail

Pacific Coast Nickel Mobilizes at Burwash, Yukon / Updates Big Nic Drilling - More
- July 07, 2008 | Item | E-mail

Azimut and NWT Uranium Agree to Terminate Option Agreements on the North Rae and Daniel Lake Properties - More
- July 07, 2008 | Item | E-mail

Crescent Resources Hires Geological Consultant For Project Generation and Review - More
- July 07, 2008 | Item | E-mail

Andean Expands Eureka West Resource and Discovers a New Vein - More
- July 07, 2008 | Item | E-mail

Uranium Energy Corp Added to the Russell Microcap Index - More
- July 07, 2008 | Item | E-mail

Oriental Minerals Appoints Chief Executive Officer - More
- July 07, 2008 | Item | E-mail

Skybridge Drilling Hits at Blue Caribou; Horizon Grades 2.42% Copper Over 13.0m (41.6ft) - More
- July 07, 2008 | Item | E-mail

USCorp Reports Gold Properties Accomplishments through June 2008 - More
- July 07, 2008 | Item | E-mail

Adex Drill Results Include High-Grade Indium-Zinc-Copper Intersection at Mount Pleasant - More
- July 07, 2008 | Item | E-mail

Wesdome Gold Mines Ltd. - 1987 - 2008: 1 Million Ounces - More
- July 07, 2008 | Item | E-mail

Augen Gold Adds to Land Holdings in Jerome Property Area - More
- July 07, 2008 | Item | E-mail

Luna Gold announces results of the Feasibility Study for its Aurizona gold project, Brazil - More
- July 07, 2008 | Item | E-mail

AuEx to Commence Trading on the Toronto Stock Exchange - More
- July 07, 2008 | Item | E-mail

Denison Closes US$125,000,000 Revolving Term Credit Facility - More
- July 07, 2008 | Item | E-mail

GobiMin Provides Update on Yakesi's IPO - More
- July 07, 2008 | Item | E-mail

CPN Drilling at the New Ciresata Porphyry Discovery Increases the Size of the Mineralized Zone and Intersects High Grade Au+Cu: 457.65 m at 1.20 g/t Au eq. - More
- July 07, 2008 | Item | E-mail

Sacre-Coeur Minerals Adds Seven New Target Zones at Million Mountain -- Drilling Underway on the New Targets - More
- July 07, 2008 | Item | E-mail

Miner Inmet to make all-cash offer for Petaquilla - "Inmet Mining Corp said on Sunday it would make an all-cash offer to acquire Petaquilla Copper Ltd (PTC.TO: Quote, Profile, Research, Stock Buzz), its partner in the Petaquilla copper project in Panama, for $2 per share." More
- July 07, 2008 | Item | E-mail

Inmet Mining Announces Offer for Petaquilla Copper Ltd. - More
- July 07, 2008 | Item | E-mail

Baja Mining Releases Video Presentation on Financing Completion - More
- July 07, 2008 | Item | E-mail

Pelangio Congratulates the Detour Gold Team on its Updated Resource Estimate on the Detour Lake Project - More
- July 07, 2008 | Item | E-mail

Cogitore Resources Inc. announces grant of options - More
- July 07, 2008 | Item | E-mail

Mindoro Issues Incentive Stock Options - More
- July 07, 2008 | Item | E-mail

Canadian Mining Completes Bullard Pass NI 43-101 & Plans Fall Drill Program - More
- July 07, 2008 | Item | E-mail

Sweden's Deputy Prime Minister Visits Northland's Iron Projects - More
- July 07, 2008 | Item | E-mail

Another Windfall for Noront With High Grade on Initial Resource Estimates at Eagle One Deposit - More
- July 07, 2008 | Item | E-mail

Wildcat Silver Appoints Two New Board Members - More
- July 07, 2008 | Item | E-mail

Anaconda Updates Progress at the Pine Cove Gold Mine and Announces Loan Facility - More
- July 07, 2008 | Item | E-mail

Network Exploration private placement - More
- July 07, 2008 | Item | E-mail

Yukon Gold Corporation, Inc. - Marg Drilling starts - More
- July 07, 2008 | Item | E-mail

Threegold Resources Organizes $150,000 Private Placement - More
- July 07, 2008 | Item | E-mail

B2Gold Corp. Announces Commencement of Diamond Drill Program at the Mocoa Copper-Molybdenum Project, Colombia - More
- July 07, 2008 | Item | E-mail

Operations Resumed at Buenaventura's Uchucchacua Mine - "Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced today that operations at its Uchucchacua operating unit resumed at 12:00 am on July 7, 2008 after the conclusion of a 7 day strike promoted by the National Federation of Mining Unions, which began on June 30, 2008." More
- July 07, 2008 | Item | E-mail

Oro Silver Initiates Drilling at Vetagrande - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has commenced a 5,000-metre surface diamond drilling program at the company's flagship Vetagrande property, located 7 kilometres north of the city of Zacatecas, Zacatecas State, Mexico. The drilling program will test targets identified by surface & underground sampling and geological mapping completed by Oro Silver in 2008." More
- July 07, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Extends Clavo 99 at its San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces assay results from diamond drill holes SM-45, 46 and 47 were drilled to intercept the vein below the excellent holes SM-13, 15 and 24, near the northwestern margin of 'Clavo 99'. SM-45 and 46 cut the vein 50 meters down dip, and SM-47 cut the vein 100 meters down dip from holes SM-45 and 46. Hole SM-47 indicates that 'Clavo 99' extends to a depth of nearly 300 meters in the northwestern portion and remains open at depth, and to the northwest." More
- July 07, 2008 | Item | E-mail

Taseko Enters Environmental Assessment Review On Its Prosperity Project - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) ("Taseko" or the "Company") announces that it has been notified by the Ministry of Environment of the Province of British Columbia that the province will be moving forward under provisions of the Environmental Assessment Act with an Environmental Assessment Review of Taseko's proposed $800 million Prosperity Gold-Copper Mine development near Williams Lake, BC." More
- July 07, 2008 | Item | E-mail

Scorpio's Drilling of the Santa Teresa Zone reports 1.60 metres grading 1,640 g/t Silver, 9.73% Zinc, 0.74% Copper, 3.54% Lead and 0.351 g/t Gold - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to announce additional underground drill results from the 6th, 8th and 9th Levels of the Santa Teresa Zone, which includes a wide 12.0-metre zone of mineralization, at the 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- July 07, 2008 | Item | E-mail

Banro's pre-feasibility study of its Twangiza gold project indicates gold production of 2.3 million ounces at average operating cash costs of US$345/OZ during 1 - "The Twangiza production profile is skewed with significantly higher rates of gold output in the earlier years resulting from the near surface, wide oxide zone, and together with lower mining and processing costs of this material, results in strong cash-flows, supporting a quick pay-back of total capex. This is an ideal scenario for this region and should support the decision to apply a lower discount rate on these future cash-flows in securing financing for the project." More
- July 07, 2008 | Item | E-mail

Randgold - Long-term commitment to development - "The current boom in commodity prices presents African countries with a unique opportunity to build their economies and create lasting value for their people, Randgold Resources chief executive Mark Bristow told the Society of Economic Geologists' conference here today." More
- July 07, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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