-- Posted 22 July, 2008 | | Source: SilverSeek.com

The Metals:

Gold climbed as much as $12.90 to $976.20 by midday in London, but it then collapsed in New York and ended near its low of $943.65 with a loss of 1.58%.  Silver rose 33 cents to $18.68 before it dropped to as low as $17.837 and closed with a loss of 2.13%.

Euro gold fell to about €601, platinum lost $35 to $1803, and copper gained a couple of cents to about $3.73.

Gold and silver equities steadily fell for most of trade and ended over 3% lower.

The Economy:

There were no major economic reports today.  Tomorrow at 2PM EST is the release of the fed’s Beige Book.

The Markets:

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

Oil fell after it became pretty clear that Tropical Storm Dolly will not severely impact supply operations in the Gulf of Mexico.

The U.S. dollar index rose and treasuries fell after the fed’s Plosser came out with some hawkish commentary calling for higher interest rates “sooner rather than later.”

The Dow, Nasdaq, and S&P fell markedly at the open on poor earnings reports, but they soon rebounded and ended with over 1% gains after oil prices fell again.

Among the big names making news in the market today were Wachovia, Caterpillar, UAL, KeyCorp, DuPont, and Thornburg.

The Commentary:

1. “As gold rose and the dollar slipped once again into the .7200 area a poor picture was being painted as legislative action neared for Fanny and Freddie.
2. It seems that the key panic point is .7200 on the USDX.
3. The Fed's perma-hawk spoke loudly about what will not happen - Fed increases of the discount rate.
4. Crude came down today, blamed on the apparent hurricane fear fading. Major support starts at $125, and if that is not the bottom it will not be far below.
5. All the dollar bulls and energy bears were pulled out of the closet as talking heads.
6. Fancy accounting footwork is the entire reason why some bank earnings look better. They are not. In fact many of the best looking ones are the worst off.
7. $25 billion for Fanny and Freddie will not cover a $5 trillion problem. It isn't even worth being called a bandage.

After all the substance-less noise used to paint the day better passes, we return to face the 3rd attempt at $1000 and the euro moving past $1.60.

Gold is headed to $1650 and the euro to $2. That is only for starters.”- Jim Sinclair, JSMineset.com

“August Gold finished down 15.2 at 948.5, 24.5 off the high and 4 up from the low.

September Silver closed down 0.42 at 18.005. This was 0.075 up from the low and 0.665 off the high.

With the gold bugs recently getting a definitive flow of flight to quality anxiety from the July 9th low to the July 15th high it was not surprising to see the market come under pressure in the wake of a sharp downside extension in energy prices. In fact, a number of markets saw the sharp downside extension in oil prices as a factor that could alleviate the drag on the US economy and that in turn could actually serve to temper some of the financial sector concerns in the marketplace. With a number of physical commodity markets under what seemed to be a liquidation wave it wasn't surprising to see the gold market fall back to the lowest level since July 10th. Even with the Fed's Plosser suggesting that uncertainty on the US economy has increased over the last 2-3 weeks, the gold market wasn't interested in bidding up prices off the anxiety angle and that highlights the dominating status of the oil market.

The silver market forged a big range down washout type move on the coattails of the slide in gold and energy prices. However, the silver market might have seen some indirect support from generally stabile copper prices and perhaps derived some support off hopes that sharply lower oil prices might serve to save the US economy and in turn shore up industrial and physical demand for silver. However, with the silver and gold markets recently garnering significant support from flight to quality themes, it could be difficult rekindling safe haven buying without a recovery in oil prices.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Internet currency firm E-Gold pleads guilty to money laundering

John Rubino: Time to start honing the message

The Statistics:

As of close of business: 7/21/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.06 tonnes and the LSE added 0.47 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:

Freeport’s (FCX) second-quarter profit, Paramount’s (PZG) assay results, Kirkland’s (KGI.TO) year end results, Silverstone’s (SST.V) initial current mineral resource estimates, Orko’s (OK.V) assay results, and Apogee’s (APE.V) assay 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:

Gryphon Gold Appoints Mining Engineer John Key as CEO & Director - More
- July 22, 2008 | Item | E-mail

Ontex Resources Limited to Refile Certain Financial Statements - More
- July 22, 2008 | Item | E-mail

GoldSpring Releases Assay Results Which Demonstrate Continuation of Favorable Indications From Drill Program - More
- July 22, 2008 | Item | E-mail

Mountain States Legal Foundation Files Petition With US Supreme Court for Atna Resources in The McDonald Takings Case - More
- July 22, 2008 | Item | E-mail

Maestro Signs Lease Agreement on the Star Point Project Western Nevada - More
- July 22, 2008 | Item | E-mail

Drilling begins at Howell Gold project in British Columbia - More
- July 22, 2008 | Item | E-mail

NFX Gold Inc. Advised That Newstrike Resources Ltd. Terminates Option to Acquire Additional 25% Interest in Swansea Property Along Larder Lake Break - More
- July 22, 2008 | Item | E-mail

Century Mining Provides Update On Financing Activities - More
- July 22, 2008 | Item | E-mail

New discovery of high grade gold 2305 g/t (67.22 oz/t) on Northern Gold Mining's Kirana property - More
- July 22, 2008 | Item | E-mail

Mantis Mineral Corp. completes private placement - More
- July 22, 2008 | Item | E-mail

Benton Continues to Intercept PGM's and Copper at Area 41 - More
- July 22, 2008 | Item | E-mail

Paramount Announces Intersection of High Grade Mineralization at the Cieneguita Project, Mexico Under the Strategic Alliance With Mexoro Minerals - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces assay results from six additional drill holes at its Cieneguita Project from their strategic alliance with Mexoro Minerals (Other OTC:MXOM.OB - News). It is in the same mineralized trend and only 20 km away from Goldcorp's El Sauzal mine, Mexico's largest producing gold mine and adjacent to Paramount's Andrea project. Cieneguita was last in production by Glamis Gold Ltd. between 1995 and 1998 prior to its acquisition by Goldcorp Inc." More
- July 22, 2008 | Item | E-mail

First Metals Inc.: Magusi Exploration Ramps Up - More
- July 22, 2008 | Item | E-mail

Cadillac Mining Corporation agrees to a Flow-Through Placement with MineralFields Group - More
- July 22, 2008 | Item | E-mail

Ur-Energy Inc. to List on the American Stock Exchange - More
- July 22, 2008 | Item | E-mail

Firesteel and Blacksteel engage investment bank for $30 million IPO - More
- July 22, 2008 | Item | E-mail

Golden Valley Mines: New Cobalt-Nickel-Silver Discovery, Island 27 Prospect (Kirkland Lake-Matachewan, Ontario) - More
- July 22, 2008 | Item | E-mail

GoldQuest Expands Dominican Las Animas Project - More
- July 22, 2008 | Item | E-mail

Callinan Activity Update - More
- July 22, 2008 | Item | E-mail

Happy Creek Provides a Drilling Update on the Rateria Copper Property - More
- July 22, 2008 | Item | E-mail

Dynamite Resources Adds Drill to Mike Lake Gold-Copper Project, Yukon - More
- July 22, 2008 | Item | E-mail

Linux Gold Corp. Completes $608,250 Private Placement at $0.15 Per Unit - More
- July 22, 2008 | Item | E-mail

Forsys Continues Drilling at Valencia Expanding Pit Bottom and Overall Resource - More
- July 22, 2008 | Item | E-mail

Tao Minerals to Announce New Favorable Closing Terms on Purchase of El Colmillo Gold Mine - More
- July 22, 2008 | Item | E-mail

Positive Results From the First 7 Holes of the 2008 Drill Programme at Lydian's Amulsar Gold Project, Extend the Depth Potential of the System - More
- July 22, 2008 | Item | E-mail

AMR Outlines Export Tariff Increase Impact on Ban Phuc Nickel Project - More
- July 22, 2008 | Item | E-mail

MPH Ventures Continues to Significantly Expand Molybdenum Deposit in Phase 2 Drilling, NW Ontario - More
- July 22, 2008 | Item | E-mail

SRA Announces Robust Scoping Study on Germanium and Gallium - More
- July 22, 2008 | Item | E-mail

Premier provides Red Lake update - Drilling intersects high grade gold (21.78g/t Au across 3.0 metres and prolific "Mine Horizon" corridor - More
- July 22, 2008 | Item | E-mail

Lundin Mining Corporation: Tenke Project Update - More
- July 22, 2008 | Item | E-mail

Drilling Planned on Raytec's Athabasca Uranium Projects - More
- July 22, 2008 | Item | E-mail

Selwyn Resources Confirms Management Structure and Focus - More
- July 22, 2008 | Item | E-mail

Yorbeau Drilling Intercepts Visible Gold - More
- July 22, 2008 | Item | E-mail

Normabec Cuts 2.131 kg/t Ag (62 oz/t) Over 7.62 Meters, 18.728 kg/t Ag (546 oz/t), 11.97% Pb, 11.52% Zn Over 1.70 Meters on the Real de Catorce Silver Project - More
- July 22, 2008 | Item | E-mail

Purepoint Uranium Group Inc: Summer Drilling Begins at Hook Lake Project - More
- July 22, 2008 | Item | E-mail

Quaterra Acquires Cave Peak Molybdenum Prospect in Texas - More
- July 22, 2008 | Item | E-mail

Eloro Initiates Second Drilling Campaign at the Delta Property; Targets Lateral and Depth Extensions of VMS-Style Copper-Zinc-Silver Mineralization - More
- July 22, 2008 | Item | E-mail

Jinshan Reports Positive Metallurgical Results From Its Dadiangou Gold Project, China - More
- July 22, 2008 | Item | E-mail

MPH Ventures Continues to Significantly Expand Molybdenum Deposit in Phase 2 Drilling, NW Ontario - More
- July 22, 2008 | Item | E-mail

Steady Drill Results Continue to Add Value to Houston Lake Mining's West Cedartree Gold Project - More
- July 22, 2008 | Item | E-mail

San Gold Acquires Additional Gold Properties Near Timmins - More
- July 22, 2008 | Item | E-mail

Kazakh Kazatomprom aims to top global market in 2009 - More
- July 22, 2008 | Item | E-mail

Alhambra Resources Ltd. - Second Quarter 2008 Operational Updates - More
- July 22, 2008 | Item | E-mail

Prairie Creek Permitting Update - More
- July 22, 2008 | Item | E-mail

Sherwood Copper Reports Increased Copper Production & Reduced Costs in Second Quarter 2008 - More
- July 22, 2008 | Item | E-mail

Exploration Update - 22 July 2008 - More
- July 22, 2008 | Item | E-mail

Duluth Metals Receives NI 43-101 Report on Interim Nokomis Deposit Resource Estimate Before Commencement of Pre-feasibility Study - More
- July 22, 2008 | Item | E-mail

Silverstone Releases Initial Mineral Resource Estimate for Its Copala Silver Project, Sinaloa State, Mexico - "Initial current mineral resource estimates of two well-mineralized zones on the Copala silver project have been completed by independent qualified person, as defined by NI 43-101, Robert Sim, P.Geo. Hugh Willson, P.Geo., is the company's qualified person as defined by NI 43-101. Both have reviewed the contents of this news release." More
- July 22, 2008 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2008 Results - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) reported second-quarter 2008 net income applicable to common stock of $947 million, $2.25 per share, compared with $1.1 billion, $2.62 per share, for the second quarter of 2007. For the six months ended June 30, 2008, FCX reported net income of $2.1 billion, $4.89 per share, compared with $1.6 billion, $4.80 per share, in the 2007 period. The results for the 2007 six-month period include the operations of Phelps Dodge beginning March 20, 2007." More
- July 22, 2008 | Item | E-mail

Freeport-McMoRan's profit drops 14 percent - "Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) said on Tuesday that second-quarter profit fell 14 percent, missing Wall Street estimates, as output of the two metals declined.

The company also cut its forecast for full-year copper sales by 100 million pounds to 4.1 billion because of delays at its new Safford mine and lower-than-planned output at its Morenci mine." More
- July 22, 2008 | Item | E-mail

Orko Silver Reports Multiple Hits into Martha Vein at La Preciosa - "Of particular note in this release for the Martha Vein is hole BP08-212A, which yielded a true thickness of 8.16 metres grading gold 0.184 g/t and silver 247.9 g/t for a silver-equivalent of 258.9 g/t. Also, hole BP08-192 yielded 2.98 metres grading gold 0.435 g/t and silver 556.3 g/t for a silver-equivalent of 583.4 g/t." More
- July 22, 2008 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Increase in Common Stock Dividend to $2.00 per Share and Expanded Share Purchase Program - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that its Board of Directors has authorized an increase in its annual common stock dividend from $1.75 per share to $2.00 per share. The dividend will be payable quarterly ($0.50 per share) beginning with the November 2008 dividend payment." More
- July 22, 2008 | Item | E-mail

Apogee Intersects 25 Meters Grading 1,030 g/t Silver Including 4,903 g/t Silver, 5.22% Lead, 5.20% Zinc Over 3.4 Metres at the Pulacayo Deposit, Bolivia - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) today announced it has received the assay results from an additional seven diamond drill holes completed at the Pulacayo Deposit in southern Bolivia (Figure 1 & 2)." More
- July 22, 2008 | Item | E-mail

Kirkland Lake Gold Inc.: Fourth Quarter Net Income of $905,772 and Year End Results, Fiscal 2008 - "We are very pleased with the progress which has been made during fiscal 2008. We are gaining a far better understanding of the SMC and strongly believe in the exploration potential of this new and important area. Aside from reporting the highest recorded drill hole intersection in the history of the Kirkland Lake camp during the final quarter, our financial performance continues to improve with revenues now 25% higher at $13.2 million over the prior quarter generating nearly $1 million of net income. Our goal of financing our exploration programme from ongoing production should be achievable during fiscal 2009." More
- July 22, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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