Gold Seeker Closing Report: Gold and Silver Rebound From Early Losses and End Mixed

	Close	Gain/Loss
Gold	$902.55	-$14.75
Silver	$17.36	+$0.04
XAU	171.71	+1.11%
HUI	402.30	+0.57%
GDM	1200.82	+0.23%
JSE Gold	2072.93	-56.14
USD	73.33	+0.03
Euro	155.79	-0.10
Yen	92.53	+0.01
Oil	$126.77	+$4.58
10-Year	4.048%	+0.004
T-Bond	114.828125	-0.0625
Dow	11583.69	+1.63%
Nasdaq	2329.72	+0.44%
S&P	1284.26	+1.67%

Gold and silver remained near unchanged in Asia before they dropped over 2.5% and 3% in London and early New York trade to as low as $893.55 and $16.80 by about 10AM EST, but they then stormed back higher into the close and silver was able to end with a gain of 0.23% while gold ended with a loss of just 1.61%. Both metals have continued to gain in after hours access trade as well.

Euro gold fell to about €580, platinum fell $13 to $1726, and copper remained at about $3.68 as the July contract rolled into the August contract.

Gold and silver equities fell over 3% by midmorning, but they then rallied back higher for the rest of the day and ended with about 1% gains.

Report	For	Reading	Expected	Previous
ADP Employment	July	9K	-60K	-77K

Other economic highlights today include the President’s signing of the housing rescue plan, the fed’s extension of the Term of Emergency Lending Programs, and the 14.1% drop in mortgage applications to the lowest level since December 2002.

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/26 expected at 395,000, Q2 GDP expected at 2.3%, the Chain Deflator expected at 2.3%, and the Employment Cost Index expected at 0.7%. At 9:45 is Chicago PMI for July expected at 49.0.

Oil fell to as low as $120.75 ahead of today’s inventory report in which analysts expected to show an increase in gasoline supplies to reflect recent demand destruction, but gasoline supplies surprisingly decreased instead and prices reversed to the upside after. Crude inventories fell by 100,000 barrels, gasoline inventories fell by 3.5 million barrels, distillates rose 2.4 million barrels, and refinery utilization rose 0.1% to 87.2%.

The U.S. dollar index rose after the euro tanked again on weaker than expected euro-zone business and consumer sentiment figures and US ADP Employment data came in much better than expected, but the dollar then reversed course and ended just slightly higher after oil turned around and ended with an over $4 gain.

Treasuries mostly fell as the Dow, Nasdaq, and S&P generally rose on the better than expected private jobs data that raised some hopes over the health of the economy.

Among the big names making news in the market today were Garmin, ArcelorMittal, Corning, EADS, Comcast, Moody’s, and Office Depot.

There has never been a more revealing day as today (Tuesday) when it comes to the systemic problem which can be best described as the breakage of the financial system. The spin today (Tuesday) also reached unprecedented levels calling the Merrill deals a sign that the credit problem is mostly behind us. Please look at my report on www.JSMineset.com about the Merrill triple deals of obscuration, the revelation of the FASB news article and more. Recognize, please, that the method of computing future mortgage values spoken of today is extremely flawed, yet today the media spoke about seeing the low in the housing crisis.

Don't let the madness of the fools who have been fooled soil your thinking.”- Jim Sinclair, More at JSMineset.com

“August Gold finished down 13.6 at 902.9, 2.4 off the high and 7.7 up from the low.

September Silver closed up 0.09 at 17.465. This was 0.615 up from the low and 0.015 off the high.

Clearly the gold market was initially undermined by initial weakness in oil prices and the initial upside extension in the US equity market. Clearly the flight to quality longs remained under pressure even if the gold market managed to bounce aggressively off its lows in the wake of a strong compacted afternoon rally in oil prices. Apparently indications that the White House would veto the anti speculation bill provided the energy complex with a distinct lift and the recovery in oil prices seemingly rekindled some flight to quality concerns. While oil prices just under $127 a barrel are still markedly below the all time highs, seeing the market reject a second general attempt at the $120 level has some players thinking that oil has found some form of low on the charts. However, the gold trade was also lifted by the realization that the recovery in oil prices knocked the Dollar down and that also gave the bull camp fresh hope on Wednesday afternoon.

The silver market managed to reject an aggressive selling event from the morning trade and by mid afternoon silver prices were a very impressive 71 cents above their early lows. Clearly the reversal in oil prices gave the bull camp fresh incentive, especially since the recovery in oil prices caused the Dollar to fall back into negative territory. For silver, seeing higher energy prices, higher equity prices and sharp gains in the copper market would seem to suggest that a number of recently bearish outside market influences were indeed reversed.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 138.41 tonnes were added to the trust.

IAMGOLD’s (IAG) exploration update, Dundee’s (DPM.TO) gold mine upgrade permit, Lihir’s (LIHR) second quarter production report, Gold Fields’ (GFI) COO resignation, and Silver Wheaton’s (SLW) earnings 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.

IAMGOLD's Boto Project, Senegal Exploration Update - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the discovery of multiple zones of significant gold mineralization at its wholly-owned Boto Property in Senegal, West Africa. The Company controls an extensive land package of 630 square kilometres in southeast Senegal covering an important segment of the Birimian Kedougou-Kenieba greenstone belt." More
- July 30, 2008 | Item | E-mail

Oromin Explorations Ltd.: Shareholders Ratify Shareholder Rights Plan - More
- July 30, 2008 | Item | E-mail

Energy Fuels Seeks Special Use Permit for Its Pinon Ridge Uranium / Vanadium Mill Facility From Montrose County, Colorado - More
- July 30, 2008 | Item | E-mail

Eaglecrest Announces Update on $3.3 Million Non-Brokered Private Placement - More
- July 30, 2008 | Item | E-mail

Coronado Has 518,000 Lbs of Copper Stockpiled on Surface and More Underground - More
- July 30, 2008 | Item | E-mail

Ucore Uranium Reports 2.57 Metres Grading 0.50% U3o8 From Bokan Mountain - More
- July 30, 2008 | Item | E-mail

Noront Announces Additional Chromite Results (Blackbird One) - More
- July 30, 2008 | Item | E-mail

Victory Nickel Engages Advisor for Minago Frac Sand Resource - More
- July 30, 2008 | Item | E-mail

Velocity Minerals Ltd. Announces Commencement of Drilling on Mt. Haskin - More
- July 30, 2008 | Item | E-mail

Phase I Recon West Nile Completed - More
- July 30, 2008 | Item | E-mail

Minera Andes announces second quarter gold/silver sales at the San Jose mine reaches $63.7 million - More
- July 30, 2008 | Item | E-mail

Inter-Rock Minerals Inc.: Nevada Mineral Properties Update - More
- July 30, 2008 | Item | E-mail

Win-Eldrich updates status of disputes with Golden Phoenix - More
- July 30, 2008 | Item | E-mail

Skybridge Intersects Blue Caribou Copper Down Dip, Commences Drilling on Blue Caribou Gold - More
- July 30, 2008 | Item | E-mail

Dundee gets environmental permit for gold mine upgrade - "Bulgaria's environment ministry has granted a long-delayed permit to Canada's Dundee Precious Metals Inc (DPM.TO: Quote, Profile, Research, Stock Buzz) to expand its Chelopech gold mine, Europe's biggest, the company said on Wednesday.

"The Bulgarian minister of environment and waters signed this morning the Environmental Impact Assessment for the company's Chelopech Expansion Project," the company said in a statement." More
- July 30, 2008 | Item | E-mail

Vulcan Minerals Inc.: Tasisuak Lake Drilling Commences - More
- July 30, 2008 | Item | E-mail

Centamin Egypt Limited Reports on Activites in the Quarter Ended June 30, 2008 Including Resource Upgrade - More
- July 30, 2008 | Item | E-mail

Matamec: Beginning of In Depth Drilling on Matheson JV Gold Property - More
- July 30, 2008 | Item | E-mail

Dundee Precious Metals Inc.: Bulgarian Government Approves Permit for Chelopech Expansion Project - More
- July 30, 2008 | Item | E-mail

Significant Breakthrough on Hotish for Dios - More
- July 30, 2008 | Item | E-mail

Lounor drills 9.8 g/t au over 1.4 meter at Harker - More
- July 30, 2008 | Item | E-mail

Bellhaven Partner Announces Drilling Results at Los Hatillos. - More
- July 30, 2008 | Item | E-mail

United Reef Updates McFauld's Lake Drilling - More
- July 30, 2008 | Item | E-mail

Preliminary Drill Results at La Mancha's Hassai Mine Suggest a Conceptual VMS Deposit of 20 Million Tonnes - More
- July 30, 2008 | Item | E-mail

Acrex - Moneta JV Confirms and Expands "55 Zone" Gold Mineralization, Timmins, Ontario - More
- July 30, 2008 | Item | E-mail

Yukon-Nevada Gold Corp. intersects 14.5 meters of 8.95 g/t gold at the Ketza River project - More
- July 30, 2008 | Item | E-mail

Dorato Confirms Presence of Widespread Gold Mineralization at Its El Tambo Property, Cordillera del Condor Project, Peru - More
- July 30, 2008 | Item | E-mail

Azimut's new discovery at North Rae and AREVA's findings at CAGE confirm district-scale uranium potential of the Ungava Bay region - More
- July 30, 2008 | Item | E-mail

Lydian Intersects 77m at 2.3g/t Gold at Its Amulsar High-Sulphidation Gold Discovery in Armenia - More
- July 30, 2008 | Item | E-mail

Universal Announces Closing of Sale of Labrador Uranium Property to Crosshair - More
- July 30, 2008 | Item | E-mail

High Grade Hinge #4 Zone Extended Along Strike and to Depth - More
- July 30, 2008 | Item | E-mail

Crowflight Finalizes Metals Price Protection Requirements for Debt Facility - More
- July 30, 2008 | Item | E-mail

Ontex Resources Limited Announces Management Appointments & Investor Relations Initiatives - More
- July 30, 2008 | Item | E-mail

Geophysics Completed on Sheffield-Sops Arm Joint Venture - More
- July 30, 2008 | Item | E-mail

LGL's (Lihir Gold Ltd) Second Quarter 2008 Production Report - "Group gold production for the quarter was 177,000 oz, up 27% on the previous quarter, taking production to 316,000 oz for the half-year." More
- July 30, 2008 | Item | E-mail

Golden Peaks Resources Ltd. - La Fortuna Project Drill Results - More
- July 30, 2008 | Item | E-mail

2nd Quarter Investor Update - More
- July 30, 2008 | Item | E-mail

Nuinsco Resources Limited Completes $1.09 Million Flow-Through Financing - More
- July 30, 2008 | Item | E-mail

Victory Nickel Completes $8.1 million Flow-Through Financing - More
- July 30, 2008 | Item | E-mail

Capstone Reports Record Revenues of $35.3 Million and Record Operating Profit of $19 Million for the Second Quarter - More
- July 30, 2008 | Item | E-mail

Crosshair Completes Uranium Property Acquisition & Appoints Board Member - More
- July 30, 2008 | Item | E-mail

Goodlace to Leave Gold Fields - "My resignation was prompted entirely by very private and personal considerations. I regret that I will not be with Gold Fields to share in its recovery over the next few quarters, but I will be leaving with the knowledge that the building blocks for success are in place, and that Gold Fields has the depth in executive and operational leadership required to execute its strategy." More
- July 30, 2008 | Item | E-mail

Gold Fields Chief Operating Officer quits - "GOLDFIELDS said today Chief Operating Officer Terence Goodlace had resigned barely three months into the new position, and named two replacements.

The departure of Goodlace would take effect at the end of September, the company said." More
- July 30, 2008 | Item | E-mail

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