-- Posted 24 July, 2008 | | Source: SilverSeek.com

Please Note: There will not be a Gold Seeker Report tomorrow.

The Metals:

Gold rose to $931.20 in early London trade before it fell to $916.00 by late morning in New York, but it then rallied back higher into the close and ended with a loss of just 0.13%.  Silver climbed to $17.61 and dropped to $17.075 before it also rallied back higher into the close and ended with a loss of 1.38%.  At the time of writing, both metals have risen further in after hours access trade to roughly erase those losses.

Euro gold rose to about €589, platinum lost $45.50 $1712, and copper fell 4 cents to about $3.67.

Gold and silver equities fell about 2% by late morning before they rallied back near unchanged in early afternoon action, but they then fell back off a bit into the close and ended over 1% lower.

The Economy:

Securities and Exchange Commission Chairman Christopher Cox today asked the House Financial Services Committee for “authority to regulate investment bank holding companies and to provide explicit instructions on how to handle - and fund - financial difficulties at Wall Street firms.”  Also speaking today was Federal Reserve Bank of New York President Timothy Geithner who said that the fed “should play an important role in the consolidated supervision of those institutions that have access to central- bank liquidity and play a critical role in market functioning.”

Tomorrow at 8:30AM EST brings the Durable Goods Orders report for June expected at -0.3% and at 10AM are New Home Sales for June expected at 505,000 and Michigan Sentiment for July expected at 56.4.

The Markets:

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

Oil traded mostly slightly higher on fears of further disruption in Nigeria after “Nigeria's main militant group -- the Movement for the Emancipation of the Niger Delta, or MEND, -- has threatened to destroy the African nation's major oil pipelines within 30 days to counter claims that it had struck a $12 million deal with the government to protect them.”

The U.S. dollar index found a slight gain as troubling euro-zone data dragged the euro lower and a surprise rate cut by the Reserve Bank of New Zealand gave the dollar nice gains versus the kiwi.

Treasuries rose as the Dow, Nasdaq, and S&P fell for most of trade and ended roughly 2% lower on mostly poor earnings reports, the worse than expected Existing Home Sales report, and comments from Cox and Geithner that were all fresh reminders of the dire economic and financial condition the country is in.

Among the big names making news in the market today were Ford, Occidental Petroleum, Starwood, Kimberly-Clark, United Airlines, Continental, Dow Chemical, 3M, Lilly, Level 3, MBIA, and Ambac.

The Commentary:

“Do not jump to the Pollyanna approach that compares the financial if, ands or maybes to the Resurrection Trust during the Savings and Loans Crisis.

The problem is that the forms of assets are not clear cut mortgages unencumbered by OTC derivatives as was the case during the S&L crisis. Freddie and Fannie assets are convoluted items that took consultants more than a year to determine anything close to worth, and even still the values were computer simulated. This type of asset just might not recover ever if the counterparty or Fannie and Freddie fail to perform on the specific performance arrangements.

Even if these assets were straight forward, the solution to them recovering still would not be. You would need a significant and intact long term housing market improvement to bring value back to the worth assumed at origination.

To allow an organization, be it a bank or Fannie and Freddie, to continue to operate via financial perceptive camouflage only makes the problems worse over time.

An inviting conclusion is all plans now in place or to be put in place are designed with a hope and prayer that they last 180 days. After that who as a planner really cares?”- Jim Sinclair, JSMineset.com

“August Gold finished down 0.5 at 922.3, 5.7 off the high and 6.3 up from the low.

September Silver closed down 0.16 at 17.298. This was 0.088 up from the low and 0.227 off the high.

Gold and silver prices were just not happy with the overall environment on Thursday. Clearly evidence of more slowing in the US was detrimental to a number of physical commodity markets but seeing the Dollar generally stand up to patently slower than expected US existing home sales figures could have been seen as a double negative for the gold bulls. On the other hand, a sharp slide in equity prices Thursday and a more serious deterioration in macro economic sentiment in the wake of new home sales readings on Friday morning could begin to rekindle flight to quality concerns in the gold market again.

The silver market clearly saw more pressure from the developments Thursday than did the gold market. Apparently the silver market was overtly concerned about slowing and the silver trader seemed to be tracking closely with moderately weak action in the copper and platinum markets. However, concerns of slowing in and outside of the US seemed to be applying pressure to a number of physical commodity markets like silver, which in turn seemed to be settling into a tight correlation with the US equity market.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

You want gold with that?

Ron Paul discloses housing bailout bill's money and power grab

More than G7, G20 now may be needed for dollar propping

Rescue for Fannie, Freddie may cost trillion, senator says

The Statistics:

As of close of business: 7/23/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 16.86 tonnes and the JSE added 0.24 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:

Kinross Gold’s (KGC) combination with Aurelian (ARU.TO), Buenaventura’s (BVN) stock split, Solitario’s (XPL) drilling, NovaGold’s (NG) conference call, Apollo Gold’s (AGT) closed offering, IAMGOLD’s (IAG) resources update, New Gold’s (NGD) Q2 production, cash cost, and project update, Yamana’s (AUY) resource updates, Newmont’s (NEM) and Agnico’s (EM) second quarter results, Tumi’s (TUMIF.OB) completed drill program, and U.S. Silver’s (USA.V) repair activity 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:

NQ Exploration: Closing of Financing and Appointment of New CFO - More
- July 24, 2008 | Item | E-mail

Ventana Gold Appoints New CEO and CFO - More
- July 24, 2008 | Item | E-mail

Romarco Announces Clarification - More
- July 24, 2008 | Item | E-mail

Tumi Completes Phase 1 Drill Program at Sala, Sweden - "Tumi Resources Limited ("Tumi" and/or "the Company") (CDNX:TM.V - News)(OTC BB:TUMIF.OB - News)(Frankfurt:TUY.F - News). David Henstridge, President of Tumi, announces the completion of the Phase 1 core drill program at its 100% owned Sala silver-zinc-lead project in Sweden. Ten drill holes were completed totalling 2,282.3 meters." More
- July 24, 2008 | Item | E-mail

Mr. Richard Graff named to Anatolia Board - More
- July 24, 2008 | Item | E-mail

Kinross to buy Aurelian in friendly C$1.2 bln deal - "Kinross Gold Corp (K.TO: Quote, Profile, Research, Stock Buzz) said on Thursday it plans to buy Aurelian Resources Inc (ARU.TO: Quote, Profile, Research, Stock Buzz) in a friendly deal valued at C$1.2 billion ($1.19 billion) that gives the Canadian mid-tier gold miner ownership of the big Fruta del Norte gold discovery in Ecuador." More
- July 24, 2008 | Item | E-mail

I-Star Announces Results From Recent Exploration Activities - More
- July 24, 2008 | Item | E-mail

Bayswater's Gold Joint Venture Approved - More
- July 24, 2008 | Item | E-mail

Temoris Resources Inc.: BEVERDELL - More
- July 24, 2008 | Item | E-mail

Stratabound Continues to Hit Impressive Copper-Cobalt Intercepts in Captain Drilling - More
- July 24, 2008 | Item | E-mail

Buchans River receives NI 43-101 resource estimate report on Tulks Hill T3 Lens - Nova Scotia Supreme Court approves arrangement with Royal Roads - More
- July 24, 2008 | Item | E-mail

IMA's Island Copper Project Moving Forward - More
- July 24, 2008 | Item | E-mail

Tombstone Exploration Corp. Completes First Drill Hole -- Has Begun Drilling Target Area of Historic High Grade Production - More
- July 24, 2008 | Item | E-mail

GA Capital Corp. Update to Proposed Qualifying Transaction With Kimpar Resources Inc. - More
- July 24, 2008 | Item | E-mail

Typhoon Adopts a Shareholder Rights Plan - More
- July 24, 2008 | Item | E-mail

Zedex to Increase Its Shareholding in Olympus to 31% - More
- July 24, 2008 | Item | E-mail

Ur-Energy's Common Shares Begin Trading on AMEX - More
- July 24, 2008 | Item | E-mail

Buenaventura Stock-Split Now Effective - "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 that the two-for-one stock split took place the morning of July 23, 2008. As a result, the number of Buenaventura's outstanding shares is now 254,442,328." More
- July 24, 2008 | Item | E-mail

Lake Victoria Mining to Commence Gold Exploration at Kalemela Gold Project in Tanzania - More
- July 24, 2008 | Item | E-mail

U.S. Silver Begins Repair Activity in the Caladay Mine - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to announce the beginning of repair activities associated with bringing the Caladay mine into production. The Caladay Shaft lies approximately 1.3 miles southeast of the Galena Mine No.3 Shaft in Wallace, Idaho. The two mines are already interconnected on the 4900 foot level of the Galena Mine." More
- July 24, 2008 | Item | E-mail

Five Drills Now Operating on Solitario Projects - "Solitario Exploration and Royalty Corp. ("Solitario") announces that there are five drill rigs currently operating on three of its exploration properties as part of the most aggressive drilling campaign in its corporate history. Solitario anticipates a total of 30,000 meters of drilling will be completed on six separate projects located in Mexico, Brazil and Peru during 2008." More
- July 24, 2008 | Item | E-mail

Uranium 308 Corp.: Company Updates on Progress of Drilling Program at Janchivlan, Mongolia - More
- July 24, 2008 | Item | E-mail

Yukon Gold Announces First Tranche of Private Placement of up to $1,000,000 - More
- July 24, 2008 | Item | E-mail

Yukon Gold Drills Into Possible Extensions Of Higher Grade Mineralization - More
- July 24, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Update on Aguila Drilling Progress - More
- July 24, 2008 | Item | E-mail

Rochester Provides Corporate Update - More
- July 24, 2008 | Item | E-mail

Oromin Explorations Ltd.: Initial Open Pit Resource Estimate for the First Three Deposits at Sabodala Totals 1.40 Million Ounces Gold - More
- July 24, 2008 | Item | E-mail

Adex Mining Engages Leading Engineering Firm to Complete NI 43-101-Compliant Technical Reports on Mount Pleasant - More
- July 24, 2008 | Item | E-mail

Alexis Receives $8.9M Tax Rebate and Retires Loan Facility - More
- July 24, 2008 | Item | E-mail

EurOmax commences Ilovitza geophysical survey - More
- July 24, 2008 | Item | E-mail

International Minerals Announces Production Results From Pallancata Mine, Peru; Pallancata Continues to Produce Well Ahead of Schedule - More
- July 24, 2008 | Item | E-mail

Canasia to Drill Additional Gold Prospect - More
- July 24, 2008 | Item | E-mail

Doe Run Peru Announces Environmental Improvements in La Oroya - More
- July 24, 2008 | Item | E-mail

First Uranium provides production and project development update for the first fiscal quarter ended June 30, 2008 - More
- July 24, 2008 | Item | E-mail

NovaGold Hosts Quarterly Call and Webcast Today - "NovaGold Resources Inc. (Toronto:NG.TO - News)(NG - News) will host a conference call and webcast today at 11 am PST (2 pm EST) to discuss its quarterly results and provide an update on its portfolio of projects, along with a Q&A for analysts and fund managers." More
- July 24, 2008 | Item | E-mail

Apollo Gold announces closing of Unit offering - "Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG, AMEX:AGT) today announced that it has closed the previously announced offering of units ("Units"). A total of 40,806,500 Units were subscribed for at a price of Cdn$0.50 per Unit (US$0.495 per Unit for purchasers residing in the United States), for total gross proceeds of $20,215,750 and US$185,625." More
- July 24, 2008 | Item | E-mail

IAMGOLD Corporation: Buckreef, Tanzania Resource Update - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce an increase in the mineral resources at the Company's Buckreef Project, located in the Lake Victoria Goldfields of northern Tanzania. Buckreef is an advanced exploration gold project containing 1 million ounces of gold in 16 million tonnes of measured and indicated resources at an average grade of 2.0 grams per tonne gold (g/t Au)." More
- July 24, 2008 | Item | E-mail

New Gold Announces Q2 Production, Cash Cost and New Afton Project Update - "New Gold Inc. ("New Gold") (TSX and AMEX - NGD) is pleased to announce the second quarter production and cash cost, an update on the New Afton project, and a revised forecast for 2008. The production and cash cost information provided below are approximate figures and might differ slightly from the second quarter earnings and includes results for the period prior to the close of the business combination between New Gold, Peak Gold Ltd. and Metallica Resources Inc. on June 30, 2008." More
- July 24, 2008 | Item | E-mail

Yamana Resource Updates for La Pepa, Jeronimo and Amancaya - "The La Pepa project is located in Chile's prolific Maricunga gold belt. The project is comprised of several deposits and areas. Although drilling and evaluation of the entire project continues, the Company has now completed its first resource estimate of the Cavancha area of the project. This resource estimate was prepared based on reverse circulation and diamond drilling, with a total of 107 drill holes (92 reverse circulation and 15 diamond drills) having been completed. In addition, 10 surface trenches have been completed utilizing an ordinary kriging method." More
- July 24, 2008 | Item | E-mail

Kinross Announces Friendly Combination With Aurelian - "Kinross Gold Corporation (Toronto:K.TO - News)(KGC - News) and Aurelian Resources Inc. (Toronto:ARU.TO - News) announced today that their respective Boards of Directors have approved a business combination by way of a friendly offer by Kinross to acquire 100% of the outstanding common shares of Aurelian, and that they have signed a Support Agreement pursuant to which Aurelian's Board of Directors has unanimously agreed to support the Kinross offer. The total value of the offer is approximately $1.2 billion." More
- July 24, 2008 | Item | E-mail

Newmont's Second Quarter Adjusted Net Income(1) Rises to $230 Million ($0.51 per Share); Nevada Power Plant and Yanacocha Gold Mill in Commercial Production - "Newmont Mining Corporation (NYSE: NEM - News) today announced second quarter results, with gold sales of 1.27 million equity ounces at an average realized gold price of $900 per ounce and costs applicable to sales of $440 per ounce, resulting in Adjusted net income(1) of $230 million ($0.51 per share), compared to Adjusted net income(1) of $103 million ($0.23 per share) in the year ago quarter. Net income on a GAAP basis was $277 million ($0.61 per share) during the second quarter, compared with a net loss of $2.1 billion (-$4.57 per share) in the year ago quarter." More
- July 24, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

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