-- Posted 6 August, 2008 | | Source: SilverSeek.com

The Metals:

Gold rose over 1% to $886.45 by midday in London before it dropped at the New York open to a thirty cent loss at $877.20 and then rebounded back to about a 0.5% gain at $882.35, but it then fell back off again into the close and ended slightly off its session low of $872.60 with a loss of 0.35%.  Silver rose twenty cents to $16.75 and fell to $16.487 before it rebounded back to about a 0.5% gain at $16.634, but it also fell back off again and ended near its afternoon low of $16.40 with a loss of 0.57%.

Euro gold remained at about €567, platinum gained $23.50 to $1599.50, and copper remained at about $3.46.

Gold and silver equities rose over 3% in the first half hour of trade before they moderated a bit, but they still ended with roughly 2% gains.

The Economy:

There were no major economic reports today.  Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/02 expected at 420,000.  At 10AM is the Pending Home Sales report for June expected at -1.0% and at 3PM is Consumer Credit for June expected at $6.4 billion.

The Markets:

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

Oil fell after crude inventories built a larger than expected 1.7 million barrels, gasoline inventories fell a larger than expected 4.4 million barrels, and distillate inventories built a larger than expected 2.8 million barrels.

The U.S. dollar index rose and treasuries fell again on lower oil prices and evidence that poor economic data in Asia and Europe will prevent other central banks from raising rates and instead remain unchanged along with the fed.

The Dow, Nasdaq, and S&P fell at the open on disappointing results from Freddie Mac, but they then rebounded back near unchanged after oil fell back off again and all three indices ended with slight gains.

Among the big names making news in the market today were Blackstone, Xstrata and Lonmin, Freddie Mac, Time Warner, Ambac, American Air, Qwest, and Transocean.

The Commentary:

“August Gold finished down 3 at 875.6, equal to the high and equal to the low.

September Silver closed down 0.067 at 16.505. This was 0.065 up from the low and 0.175 off the high.

The gold market seemed to lose its flight to safety edge seen early in the session and prices slid back as bearish outside market influences appeared to renew the selling bias that has taken hold in gold since the market topped in mid-July. Initially, gold prices seemed to be supported by renewed concern for the financial sector in the wake of early news from Freddie Mac. But with the Dollar rallying and oil falling back, gold seemed to lose its inflation hedge appeal as the session wore on. In fact, with general commodity prices under pressure, it appeared gold couldn't escape the pressure from another liquidation wave that looked to be taking place in several physical commodities. A report that the largest gold ETF saw a 2.2% decline in investment this week may have also dampened sentiment. But with the gold market appearing to find some support near yesterday's low, it does give the bulls some hope.

Silver prices chopped around both sides of unchanged on Wednesday. At times silver was pressured by the gold market which slid back from early gains. But silver weakness also seemed to be limited by strength in the platinum and copper markets. Although the slide in oil prices could have been seen to improve the industrial demand outlook for silver, the market seemed to be mostly weighed down by the strength in the Dollar and a general physical commodity market liquidation wave that still seems to be taking place across several markets. It appears the flight to quality longs are still exiting, but they may be close to complete.”- The Hightower Report, Futures Analysis and Forecasting

The Statistics:

As of close of business: 8/05/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 15.32 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:

Note: Change in Total Tonnes from yesterday’s data: 2.65 tonnes were removed from the trust.

The Stocks:

A strike in South Africa, Apollo’s (AGT) private placement, Timberline’s (TLR) shareholder meeting, US Gold’s (UXG) exploration program and drill results, Xstrata’s (XTA.L) bid for Lonmin (LMI.L), Excellon’s (EXN.TO) assay results, Endeavour’s (EXK) assay results, SNS Silver’s (SNS.V) drill results, and Aquiline’s (AQI.TO) drilling update 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:

Apollo Gold Announces Bought Deal Private Placement Financing of CDN$7,000,000 - "Apollo Gold Corporation (“Apollo” or the “Company”) (AMEX: AGT - News) (TSX: APG - News) announces that it has entered into an agreement for a private placement financing pursuant to which Apollo proposes to sell 14,000,000 flow-through shares for purposes of the Income Tax Act (Canada) (“Flow Through Shares”) on a bought deal basis at CDN$0.50 per Flow Through Share to raise gross proceeds of CDN$7,000,000." More
- August 06, 2008 | Item | E-mail

Timberline Announces Shareholder Meeting Date to Consider the SMD Acquisition and Other Items - "Timberline Resources Corporation (AMEX:TLR - News) today invited its shareholders to its 2008 Annual Meeting of Stockholders at the Hampton Inn & Suites, 1500 West Riverstone Drive, Coeur d'Alene, Idaho, on August 22, 2008 at 2:00pm (Pacific Daylight Time)." More
- August 06, 2008 | Item | E-mail

Arehada Mining Receives Second Bank Loan and Announces Shut Down During Olympic Games - More
- August 06, 2008 | Item | E-mail

Drilling Underway on Mt. Logano Property in Timmins, Ontario - More
- August 06, 2008 | Item | E-mail

Hard Creek Adds Dr. Dominique Francois-Bongarcon to Advisory Board - More
- August 06, 2008 | Item | E-mail

Skyline Announces Private Placement - More
- August 06, 2008 | Item | E-mail

Barrick Consolidates Sturgeon Lake Oil Assets - "Barrick Gold Corporation (NYSE:ABX - News)(Toronto:ABX.TO - News) announced today that it has entered into a definitive agreement to purchase oil and gas assets representing production of approximately 900 barrels of oil equivalent (BOE) per day at Sturgeon Lake, Alberta, from Daylight Resources Trust for $87.5 million in cash. This transaction follows Barrick's recent $410 million cash offer for Cadence Energy Inc. and complements the Company's long term strategy to economically hedge its oil exposure." More
- August 06, 2008 | Item | E-mail

African Copper Plc: Disclosure of Shareholding - More
- August 06, 2008 | Item | E-mail

Glass Earth Gold Limited reports interim financial statements and Management Discussion & Analysis for the six months ended 30 June, 2008 - More
- August 06, 2008 | Item | E-mail

Coniagas announces appointment of Chief Financial Officer - More
- August 06, 2008 | Item | E-mail

Forsys Confirms Deeper Uranium Mineralization at Valencia - More
- August 06, 2008 | Item | E-mail

Excellon Continues to Drill High Grade Sulphides at Platosa - "Excellon Resources Inc. (Toronto:EXN.TO - News) announces assay results for massive, semi-massive sulphide, and sulphide breccia intercepts from 28 recent holes in the Platosa Test-mine area. Twelve of these holes have cut significant new mineralization in the South Central Guadalupe Manto that is easily accessible from existing underground development. The best of these is Hole LP542, which cut 6.41 metres (m) of massive sulphides grading 1,192 g/t (35 oz/T) silver, 13.7% lead and 23.8% zinc. Hole LP565, 15 m away, cut 5.55 m of massive sulphides grading 856 g/t (25.0 oz/T) silver, 9.8% lead, 14.8% zinc." More
- August 06, 2008 | Item | E-mail

Pershimco: Private Placement - More
- August 06, 2008 | Item | E-mail

Canarc Resource Corp.: Shareholder Update-Second Quarter Review 2008 - More
- August 06, 2008 | Item | E-mail

Los Andes Copper Intersects 26 Metres Grading 0.95% Cu and 0.02% Mo (1.08% Cu eq.(i)) Within 209.2 Metres Grading 0.68% Cu and 0.014% Mo (0.77% Cu eq.(i)) - More
- August 06, 2008 | Item | E-mail

Royal Roads expands Lundberg mineralization with intersection of 34.82 metres of 5.75% combined base metals: 4.06% zinc, 1.42% lead, 0.28% copper... - More
- August 06, 2008 | Item | E-mail

Pure Nickel Inc.: Manicouagan Intercepts 2.34% Nickel and 0.97% Copper Over 5.47 Metres in First Hole Drilled on HPM/Forgues Property - More
- August 06, 2008 | Item | E-mail

Flow-Through Audit and Management Changes - More
- August 06, 2008 | Item | E-mail

Xstrata Copper Announces C$121 Million Investment to Extend Kidd Mine - More
- August 06, 2008 | Item | E-mail

CZM Intersects 2.32 g/t Gold and 9.12 g/t Silver Over 13.6m at Tag Project in Northern B.C. - More
- August 06, 2008 | Item | E-mail

GobiMin increases In-Situ Nickel & Copper by Almost 100% for Yellow Mountain Nickel-Copper Deposit - More
- August 06, 2008 | Item | E-mail

Initial 25 m lb U3O8 Uranium Resource for Ida Dome - More
- August 06, 2008 | Item | E-mail

Manicouagan Intercepts 2.34% Nickel and 0.97% Copper Over 5.47 Metres in First Hole Drilled on HPM/Forgues Property - More
- August 06, 2008 | Item | E-mail

Golden Band Resources Arranges Non-Dilutive $3 Million Exploration Funding - More
- August 06, 2008 | Item | E-mail

Pacific Cascade mobilizes crack moly program - More
- August 06, 2008 | Item | E-mail

Strongbow Resources, Inc. Receives Exploration Work Approval to Drill 20 Holes On Cameron's Corner Exploration License - More
- August 06, 2008 | Item | E-mail

Campbell Resources announces second quarter 2008 financial results - More
- August 06, 2008 | Item | E-mail

Tao Minerals Receives Additional $150,000 to Continue Funding Upgrade of El Colmillo Gold Mine - More
- August 06, 2008 | Item | E-mail

AXMIN Inc.: Holes 160 & 161 Return 7.2 g/t Au Over 10.5 m and 3.9 g/t Au Over 46.7 m High Grade Mineralisation Continues at Depth at Komahun Project - More
- August 06, 2008 | Item | E-mail

ATAC Resources Ltd. Announces Major Gold Discovery - More
- August 06, 2008 | Item | E-mail

Bruce Dumville Appointed New President and CEO of Aurora, Mark O'Dea Assumes Role of Deputy Chairman - More
- August 06, 2008 | Item | E-mail

NQ Exploration Inc.: Start of an InfiniTEM Survey on Carheil - More
- August 06, 2008 | Item | E-mail

International Beryllium Signs Collaborative Research Agreement with Purdue University to Develop Safer and More Efficient Uranium Oxide Beryllium Oxide Nuclear - More
- August 06, 2008 | Item | E-mail

Underworld Expands Yukon Gold Discovery: 5.7 g/t Au Over 21.6 Meters - More
- August 06, 2008 | Item | E-mail

Oromin Expands Gold Mineralization at Established Deposits and Upgrades Multiple Exploration Targets at Sabodala - More
- August 06, 2008 | Item | E-mail

ATW Closes Purchase of the Gullewa Mine Project - More
- August 06, 2008 | Item | E-mail

Strike shuts South African mines, factories - "Striking South African workers forced mines and factories to shut on Wednesday in a protest against rising power, food and fuel prices that brought key sectors of the continent's biggest economy to a standstill.

The one-day strike helped push global platinum prices up 3 percent and added to investor worries over South Africa." More
- August 06, 2008 | Item | E-mail

Multiple High Grade Gold Zones Drilled at Rice Lake 30 Level - More
- August 06, 2008 | Item | E-mail

Powertech Uranium Corp.: Dewey-Burdock Project Mine Permit Application Status - More
- August 06, 2008 | Item | E-mail

Quaterra extends area of primary copper mineralization in the Gallagher area west of MacArthur pit - More
- August 06, 2008 | Item | E-mail

Timmins Gold Corp.: Trench Sampling Yields 2.4 g/t Gold Across 136 Meters - More
- August 06, 2008 | Item | E-mail

Yankee Hat Signs Joint Exploration Agreement With a Major Japanese Government Agency - More
- August 06, 2008 | Item | E-mail

Anaconda Announces Initial Drill Results from the Inca de Oro Sur Joint Venture - More
- August 06, 2008 | Item | E-mail

St Andrew Reports 2008 Q2 Financial Results - More
- August 06, 2008 | Item | E-mail

Luna Gold intercepts 30.00 m of 3.52 g/t Au and 40.00 m of 2.01 g/t Au at Aurizona demonstrating vertical continuity of high-grade gold mineralization - More
- August 06, 2008 | Item | E-mail

Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario (1.83 g/t Over 64.0 Metres and 1.33 g/t Over 78.9 Metres in Gap - More
- August 06, 2008 | Item | E-mail

Drilling Begins at Miranda Gold Corp.'s Coal Canyon Project - More
- August 06, 2008 | Item | E-mail

Scorpio Gold Corporation signs letter of intent with Cincoro Capital Corp. for qualifying transaction - More
- August 06, 2008 | Item | E-mail

Detour Gold Reports Additional Mineralization West of Calcite Zone and Wide Gold Intersections in the Gap Zone of its Detour Lake Project in Northern Ontario - More
- August 06, 2008 | Item | E-mail

Endeavour Silver Drilling Extends "3785" Silver-Gold Zone at Cebada Mine, Outlines New Gold-Silver Mineralization at Golondrinas Mine, Guanajuato - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(EXK - News)(DBFrankfurt:EJD) announces that it has received new high grade silver and gold drill core assays from its ongoing 2008 drill programs at the Company's two operating silver mines in Mexico, Guanacevi in Durango State and Guanajuato in Guanajuato State." More
- August 06, 2008 | Item | E-mail

Drilling Continues to Expand Anna Lake Uranium Deposit, Central Mineral Belt Uranium Project, Labrador - More
- August 06, 2008 | Item | E-mail

Eastern Goldfields Inc. retains Renmark Financial Communications Inc. - More
- August 06, 2008 | Item | E-mail

Miner Xstrata launches $10 bln cash bid for Lonmin - "Acquisitive miner Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) unveiled a $10 billion takeover bid for the world's third-biggest platinum producer Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz), aiming to diversify its business from industrial metals such as copper." More
- August 06, 2008 | Item | E-mail

SNS Silver Announces Drill Results That Significantly Increase the Vertical Extent of the South Vein Mineralization - "Overall, the South Vein mineralization has now been demonstrated to extend at least 1,200 ft vertically and approximately 600 ft horizontally, and it is still open to the west as well as up and down dip. In fact, the South Vein structure is known to extend downward at least 3,400 ft below the H-304 intercept to where it was drifted on the 3100 level of the historic Crescent Mine. Mineralized shoots of significant dip length are prevalent in the Silver Belt of the Coeur D'Alene Mining District" according to SNS Senior Geologist Brian White, Ph.D." More
- August 06, 2008 | Item | E-mail

Aquiline Drilling at Navidad Continues Infill Program at Loma de La Plata and Extends Valle Esperanza Zone - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to provide a drilling update on its Navidad silver project in Chubut, Argentina, where four rigs are currently on site. Since the last update in May 2008, a further 36 diamond drill holes have been assayed, with another 59 holes pending. Drilling was performed to continue the mix of infill and exploration drilling that has been ongoing since the last NI 43-101 compliant independent resource estimate published in December 2007." More
- August 06, 2008 | Item | E-mail

US Gold Outlines Nevada Exploration Program - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) announces that drilling has resumed on its Cortez Trend properties. The Company's primary objective in Nevada is to discover the next Cortez Hills deposit. Cortez Hills, owned by the world's largest gold producer, is Nevada's largest gold discovery of the past decade and located just 10 miles (16 km) north of US Gold." More
- August 06, 2008 | Item | E-mail

US Gold Corporation: Drill Results Continue to Shine in Mexico's Magistral District - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) announces that exploration results in the Magistral District, located in Sinaloa State, Mexico, continue to show that the mineralization has excellent growth potential. Drilling at the Palmarito Project intersected 10.2 ounces per ton (opt) silver equivalent (eq.)(i) over 70 feet (ft.) (349.2 gpt (grams per tonne) silver eq. over 21.3 meters), including 15.7 opt silver eq. over 30 ft. (538.6 gpt silver eq. over 9.1 meters)." More
- August 06, 2008 | Item | E-mail

Gold Fields says strike hits SAfrica mine output - "Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz), the world's number four gold producer, said a one-day workers strike in South Africa had dented output at three of its four mines in the country, but could not yet quantify the loss in output." More
- August 06, 2008 | Item | E-mail

- Chris Mullen, Gold Seeker Report

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2008

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

Latest Articles Gold Seeker Closing Report: Gold and Silver Fall Over 2% More 13 December, 2011 Gold Seeker Closing Report: Gold and Silver Fall Almost 3% 12 December, 2011 Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week 9 December, 2011 Gold Seeker Closing Report - Article Archive List