Gold Seeker Closing Report: Gold and Silver Fall Nearly 3%

	Close	Gain/Loss
Gold	$922.80	-$25.25
Silver	$17.44	-$0.52
XAU	175.33	-5.25%
HUI	408.98	-5.44%
GDM	1230.75	-4.89%
JSE Gold	2173.11	-120.65
USD	72.79	+0.29
Euro	156.91	-0.89
Yen	92.70	-0.54
Oil	$124.44	-$3.98
10-Year	4.148%	+0.051
T-Bond	113.609375	-0.546875
Dow	11632.38	+0.26%
Nasdaq	2325.88	+0.95%
S&P	1282.19	+0.41%

Gold and silver fell over 1% by midday in London before they rebounded some in early New York trade, but they then dropped to new lows of $921.85 and $17.25 by late morning and ended near those levels with losses of 2.66% and 2.9%.

Euro gold fell to about €588, platinum lost $45.50 to $1757.50, and copper fell a couple of cents to about $3.71.

Gold and silver equities steadily fell for most of trade and ended about 5% lower.

The Beige Book reiterated concerns over a slowing economy and rising inflation. Commercial real estate was described as “decidedly morose” by the Boston fed bank.

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/19 expected at 380,000. At 10AM is the Existing Home Sales report for June expected at 4.95 million.

Oil fell once again as worries continued to ease over Tropical Storm Dolly and gasoline inventories built more than expected and evidenced the demand destruction taking place in the market. Oil inventories fell 1.5 million barrels, gasoline inventories built 2.8 million barrels, and distillate inventories built 2.4 million barrels.

The U.S. dollar index rose and treasuries fell while the Dow, Nasdaq, and S&P traded mostly slightly higher on relief over the continued drop in oil prices.

Among the big names making news in the market today were Costco, Freddie Mac, Fannie Mae, Boeing, McDonald’s, Wachovia, GM, and Northwest.

We are all crude oil traders now or so it would seem. The entirety of the financial market system is now basically following the minute by minute gyrations in the crude oil market. As it moves lower, stocks move higher and so does the dollar. As it moves higher, stocks move lower and so does the dollar. Commodities in general then take their cue from that which as you no doubt observed today, were being spit out by the hedge funds like some foul tasting broth.

Today started off with Wall Street absolutely giddy over the GSE reform package that is now expected to become law. A bit into the session, the EIA data was released which showed a sizeable build in distillates confirming the slowdown in the gasoline demand. That knocked the stool out from under crude oil allowing the equity indices to hit their highs of the day. As crude began recovering, stocks began fading with the bond market once again reduced to a following role was it moved up and down depending on the well-being or lack thereof in the equity world.

Gold, of course, obligingly followed suit and was discarded like a bad habit causing it to crash through several important support levels on the chart. The mining shares did not fare any better as some of them gave up the ghost and decided to go bobbing for earthworms.”- Dan Norcini, More free commentary at JSMineset.com

“August Gold finished down 25.7 at 922.8, 21.2 off the high and 0.8 up from the low.

September Silver closed down 0.547 at 17.458. This was 0.068 up from the low and 0.452 off the high.

Gold came under severe selling pressure this session losing its flight to safety appeal as more strength in the dollar, a further break in oil prices and gains in equity markets seemed to ease both economic and inflation jitters. With crude oil prices breaking over 15% from all time highs, ideas that the drop in fuel prices will help to temper inflation and stimulate consumer demand has certainly undermined sentiment in gold. The gold market also appeared to be pressured by broad based physical commodity selling this session as the recovery in the Dollar has made commodities less appealing to some traders. News that the amount of gold to back the largest gold ETF fell 2% yesterday added to the bearish tone. In fact, the liquidation selling in gold tied to bearish outside market influences more than offset supportive supply side industry news. News that a strike at a major South African mine had begun to affect production seemed to have little market impact although a Russian metals producer said gold output rose sharply in the 2nd quarter.

Silver prices tumbled along with gold as economic and inflation anxieties were apparently tempered by the gains in the Dollar and break in oil prices. In fact, the sell off in silver seemed to be part of a broad based liquidation wave across several physical commodity markets. The aggressive liquidation seen in the metals markets overshadowed any support silver may have garnered by the outlook for improved economic conditions as a result of the break in oil prices. With the market falling below some key levels, chart based selling also seemed to add to the downward price momentum.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The SPDR subtracted 15.33 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 46.14 tonnes were added to the trust.

Polymetal’s (PMTLq.L) revenue boost, IAMGOLD’s (IAG) royalty acquisition, ITH’s (THM) drill results, a one-day mine strike in South Africa impacting output for Gold Fields (GFI), Harmony (HMY), and AngloGold (AU), and a proposed business transaction between Sterling Mining (SRLM.OB) and Minco Silver (MSV.TO) 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.

ICS Copper Drills 40.9 meters of 1.10% Cu and 16.0 meters of 1.56% Cu at the Mokambo Property - More
- July 23, 2008 | Item | E-mail

International Barytex Resources Ltd. Retains CoMo Investment Solutions Inc. - More
- July 23, 2008 | Item | E-mail

Gold Discovered at I-Zone on Mengold's Goldcreek Property - More
- July 23, 2008 | Item | E-mail

Thunder Mountain Gold Announces Completion of Private Placement - More
- July 23, 2008 | Item | E-mail

Russian miner Polymetal boosts H1 revenue 88 pct - "Russian miner Polymetal (PMTLq.L: Quote, Profile, Research, Stock Buzz) said on Wednesday first-half revenue rose 88 percent to $258 million on higher precious metal prices and the elimination of its hedge position on silver sales. Polymetal, Russia's top silver and third-largest gold miner, said in a statement gold production rose 20 percent year-on-year to 136,000 ounces in the first six months of 2008. Silver sales rose 11 percent to 8.8 million ounces." More
- July 23, 2008 | Item | E-mail

El Creston Molybdenum Deposit Update: Final Results Received From Infill Program-Drilling at Red Hill Zone Encounters Mineralized Porphyries - More
- July 23, 2008 | Item | E-mail

Amarc Announces Change to Executive Team - More
- July 23, 2008 | Item | E-mail

Acero-Martin Announces Update on Pinaya Drilling Program - More
- July 23, 2008 | Item | E-mail

Ramp Starting at Globex's Magusi Royalty Property - More
- July 23, 2008 | Item | E-mail

AXMIN Reports High Grade Intersections at Kofi Project, Mali - More
- July 23, 2008 | Item | E-mail

East West Joint Ventures "Feeder" Nickel-Copper Property From Its Norton-McFaulds Project - More
- July 23, 2008 | Item | E-mail

Experienced Mining Engineer Joins Inter-Citic Team to Assist with Dachang Development Plans - More
- July 23, 2008 | Item | E-mail

BacTech Announces Note Financing - More
- July 23, 2008 | Item | E-mail

New Discovery of High Grade Gold 2305 g/t (67.22 oz/t) on Northern Gold Mining's Kirana Property (Revised) - More
- July 23, 2008 | Item | E-mail

KWG retains Middleton, Lavigne & Co and options "Feeder" claims in Ring of Fire - More
- July 23, 2008 | Item | E-mail

Buchans River shareholders approve plan of arrangement with Royal Roads - More
- July 23, 2008 | Item | E-mail

Century Mining hires advisors to evaluate strategic options - More
- July 23, 2008 | Item | E-mail

Yukon Gold Reports Increased Size of Marg Mineral Resource - More
- July 23, 2008 | Item | E-mail

Trevali Continues to Intersect Broad Mineralized Intervals at Magistral South Zone on Santander Silver-Lead-Zinc Mine, Peru - More
- July 23, 2008 | Item | E-mail

Zinccorp Resources Inc.: Phase Two Drilling Scheduled to Begin on Recent Silver-Lead-Zinc Discovery Intersecting 40% Pb-Zn & 510.7 g/t Ag Over 7.94m - More
- July 23, 2008 | Item | E-mail

Khan Resources Extends Offer for Western Prospector; Comments on Tinpo Announcement - More
- July 23, 2008 | Item | E-mail

Definitive Feasibility Study Demonstrates Certej Project Viability - More
- July 23, 2008 | Item | E-mail

Anaconda Announces First Gold Pour at Pine Cove - More
- July 23, 2008 | Item | E-mail

Constantine Receives Assay Results From Second Massive Sulphide Zone in First 2008 Drill Hole - More
- July 23, 2008 | Item | E-mail

Stroud Intersects Wide Mineralized Zone at Santo Domingo - More
- July 23, 2008 | Item | E-mail

South African workers protest, mines halted - "Thousands of striking South African workers brought mines and businesses to a halt on Wednesday across four provinces to protest against a jump in electricity, food and fuel prices." More
- July 23, 2008 | Item | E-mail

Grande Portage Resources Ltd. Announces Updates - More
- July 23, 2008 | Item | E-mail

Moss definition brightens picture - More
- July 23, 2008 | Item | E-mail

Ontex Resources Limited Announces Phase 1 Drill Results at 100% Owned Brookbank Gold Property - More
- July 23, 2008 | Item | E-mail

Wallbridge Mining Begins Exploration on Copper-Zinc and Nickel Targets in North-eastern Ontario - More
- July 23, 2008 | Item | E-mail

Castillian Announces Drill Results From the Las Aguilas East and West Deposits, Argentina Including 5.64 Meters Grading 1.05% Ni, 0.62% Cu and 0.8 g/t Pt - More
- July 23, 2008 | Item | E-mail

El Capitan Precious Metals, Inc. Reports on Gold and Minerals Merger Status - More
- July 23, 2008 | Item | E-mail

CPN In-Fill & Delineation Drilling on the Rovina Porphyry, Romania, Intersects 513 m at 1.19 g/t Au eq. - More
- July 23, 2008 | Item | E-mail

Underworld Makes New Yukon Gold Discovery: 9.4 g/t Au Over 5.7 Meters and 4.6 g/t Au Over 16.6 Meters - More
- July 23, 2008 | Item | E-mail

Globex Mining Enterprises Inc.: Gold Intersection Extends Ironwood Zone Closer to Surface - More
- July 23, 2008 | Item | E-mail

IAMGOLD Announces Acquisition of Doyon Royalty - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today that the Company has acquired the participation royalty on the Doyon/Westwood property, located in the Abitibi region in Northern Quebec, from Barrick Gold Corporation for US$13MM in cash." More
- July 23, 2008 | Item | E-mail

Sterling Mining and Minco Silver Announce Proposed Business Combination - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) and Minco Silver Corporation ("Minco Silver") (Toronto:MSV.TO - News) are pleased to announce that they have signed a letter of agreement whereby Minco Silver will acquire 100% of the issued and outstanding shares of Sterling (the "Transaction"). The transaction will result in Minco Silver controlling two world class silver deposits including the Fuwan Silver property in China and the Sunshine Mine in Idaho, USA." More
- July 23, 2008 | Item | E-mail

ITH Intersects Additional Bulk-Tonnage-Grade Gold Intercepts at Livengood Deposit, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (CDNX:ITH.V - News)(THM - News)(Frankfurt:IW9.F - News) is pleased to announce the latest drill results from the ongoing 2008 resource expansion program at its Livengood gold project in Alaska. The Company has received results from two trenches and an additional 14 holes of the 48 holes drilled to date - part of this year's 150-hole, 45,000-metre program (Figure 1)." More
- July 23, 2008 | Item | E-mail

Gold Fields says Kloof mine shut by one-day strike - "South Africa's Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) said on Wednesday that its Kloof mine had been shut due to the one-day labour strike in South Africa, and that the mine would resume normal operations on Wednesday evening." More
- July 23, 2008 | Item | E-mail

Harmony says SAfrica strike to hit output - "Harmony Gold (HARJ.J: Quote, Profile, Research, Stock Buzz) said on Wednesday that it expects to lose between 30 kg (1,059 ounces) to 32 kg of gold output after some of its South African mines were hit by a one-day strike." More
- July 23, 2008 | Item | E-mail

AngloGold says four SAfrican mines hit by strike - "AngloGold Ashanti (ANGJ.J: Quote, Profile, Research, Stock Buzz), the world's third largest gold producer, said on Wednesday that four of its South African mines had been affected by a one-day strike against a jump in electricity prices." More
- July 23, 2008 | Item | E-mail

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