Gold Seeker Closing Report: Gold and Silver Fall Again

	Close	Gain/Loss
Gold	$870.70	-$3.75
Silver	$16.225	-$0.23
XAU	151.14	-0.97%
HUI	356.72	-1.29%
GDM	1073.90	-1.21%
JSE Gold	1916.02	-6.65
USD	74.54	+0.29
Euro	153.13	-0.95
Yen	91.35	+0.25
Oil	$120.02	+$1.44
10-Year	3.935%	-0.113
T-Bond	116.25	+1.59375
Dow	11431.43	-1.93%
Nasdaq	2355.73	-0.95%
S&P	1266.06	-1.79%

Gold rose over $10 to $884.95 in Asia, but it then fell back off in early New York trade and closed near its low of $869.30 with a loss of 0.43%. Silver climbed over 20 cents higher to $16.673 by midday in London before it also fell back off in New York and closed near its low of $16.15 with a loss of 1.4%.

Euro gold rose to about €568, platinum lost $21 to $1578.50, and copper remained at about $3.46.

Gold and silver equities fell about 1% by early afternoon and remained near their lows into the close.

Report	For	Reading	Expected	Previous
Initial Claims	8/02	455K	420K	448K
Pending Home Sales	June	5.3%	-1.0%	-4.9%
Consumer Credit	June	$14.3B	$6.4B	$8.1B

Tomorrow at 8:30AM EST is second quarter Productivity expected at 2.5% and at 10AM is the Wholesale Inventories report for June expected at 0.6%.

Oil rose on supply disruption concerns as a one million barrel per day pipeline was attacked in Turkey and could remain closed for up to two weeks.

The U.S. dollar index rose as the euro fell after Trichet cited risks to growth in his comments following the ECB’s decision to hold rates at 4.25%. A more inflationary tone was expected from the European Central Bank President and dollar bulls were cheered by his dovishness as it implies that the ECB will join the fed in its stance towards not raising interest rates anytime soon. The Bank of England held rates at 5.0%.

Treasuries rose as the Dow, Nasdaq, and S&P fell nearly 2% on disappointing retail sales reports and the larger than expected jobless claims reading that was the highest level since March 2002.

Among the big names making news in the market today were Freddie Mac, Toyota, Wal-mart, Costco, AIG, Nestle, and Sara Lee.

“August Gold finished down 4.9 at 870.7, equal to the high and equal to the low.

September Silver closed down 0.248 at 16.257. This was 0.092 up from the low and 0.378 off the high.

The gold bulls seemed to have a full head of flight to quality steam in the headlines from the overnight action but the strength in gold prices reversed quickly in the face of a persistent rise in the Dollar. In fact, the gold market actually managed a fresh new low for the move during the trade which saw crude oil gains that were at times $3.00 per barrel. Furthermore, given all the financial sector concerns generated by a fresh round of write-downs, the bull camp might have expected to get a wave of flight to quality of safe haven buying. Even in the face of slack US data, falling equity prices and supportive supply side information from South Africa, the gold market simply favored the downside.

The silver market forged a big range down move Thursday in the face of overt weakness in the gold market. Clearly an upside breakout in the US Dollar masked over the prospect of flight to quality buying in silver, which in turn was probably undermined by sagging physical demand expectations. With the Dollar rising and the economy slowing it is also possible that some silver traders are concerned that investment interest in silver will continue to soften.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 76.88 tonnes were removed from the trust.

Tanzanian Royalty’s (TRE) completed private placement, Newmont’s (NEM) fire, Paramount’s (PZG) completed private placement, and Western Goldfields (WGW) production 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.

Mexivada discovers 30 metre wide disseminated gold zone at Ngouaka, Roc Congo; begins Placer Gold mining test program - More
- August 07, 2008 | Item | E-mail

Searchlight Minerals Corp. provides update on Searchlight Gold Project - More
- August 07, 2008 | Item | E-mail

Dutton Associates Announces Investment Opinion: Midway Gold Upgraded To Strong Speculative Buy Rating In Update Coverage By Dutton Associates - More
- August 07, 2008 | Item | E-mail

Taranis Intersects 29% Combined Cu-Pb-Zn, 3.51 g/t Au and 697 g/t Ag Over 2.43 m True Thickness in Deeper Drilling of the Great Northern Zone at Thor Project - More
- August 07, 2008 | Item | E-mail

BacTech Closes First Tranche of Note Financing - More
- August 07, 2008 | Item | E-mail

Lysander Minerals Corporation: Board Changes - More
- August 07, 2008 | Item | E-mail

Goldeye Completes Option Requirements to Acquire Balance of Sonia-Puma Property in Chile With TSX Venture Approval - More
- August 07, 2008 | Item | E-mail

Radius Announces Initial Results From Trebol Drilling - More
- August 07, 2008 | Item | E-mail

Expo Ungava Property Development Update - More
- August 07, 2008 | Item | E-mail

Merrex Resignation of Director - More
- August 07, 2008 | Item | E-mail

Tanzanian Royalty Chairman Completes One Million Dollar Private Placement - "Tanzanian Royalty Exploration Corporation (Toronto:TNX.TO - News) (TRE - News) announces that the $1,000,000 private placement with Mr. James E. Sinclair announced July 15, 2008 has closed. Mr. Sinclair purchased 184,843 common shares at a purchase price of $5.41 per share." More
- August 07, 2008 | Item | E-mail

Gold World Resources' due diligence visit by SRK Consulting China to Kun Peng Mining Company and Jiguanshan Mining Company, Inner Mongolia, China, update - More
- August 07, 2008 | Item | E-mail

Semafo: At-depth High-grade Extension Results at Mana - More
- August 07, 2008 | Item | E-mail

Asia Now Announces Private Placement - More
- August 07, 2008 | Item | E-mail

No injuries from fire at Newmont - "The Carlin Volunteer Fire Department and the Nevada Division of Forestry responded to a shovel fire at the bottom of Newmont's Gold Quarry Mine at about 10:30 p.m. Tuesday.

According to Mary Korpi, external relations manager for Newmont, there were no injuries." More
- August 07, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Completes Private Placement Financing - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) has completed a private placement financing of 1,071,429 million units priced at $1.40 per unit (all funds in CDN dollars) for proceeds of $1.5 million. Each unit consists of one common share and 1/2 of one common share purchase warrant with a strike price of $2.10 and an expiry of one year or at a strike price of $2.50 and an expiry of two years." More
- August 07, 2008 | Item | E-mail

Strateco/Matoush: A 300% Increase of the Mineral Resources in 10 Months - More
- August 07, 2008 | Item | E-mail

Rocmec Cuts 20.3 g/t Au Over 1.8 Metres at Rocmec 1 - More
- August 07, 2008 | Item | E-mail

Polar Star Appoints David G. Speck Vice-President, Corporate Development - More
- August 07, 2008 | Item | E-mail

Osisko Releases Second Quarter Financial Results - More
- August 07, 2008 | Item | E-mail

Antioquia Gold Inc. Announces Exploration Update on Colombian Gold Project - More
- August 07, 2008 | Item | E-mail

Lundin Mining Releases Second Quarter Results for 2008 - More
- August 07, 2008 | Item | E-mail

Crosshair Delivers Significant Growth to Upper C Zone Uranium Resource and Defines New Resources - More
- August 07, 2008 | Item | E-mail

Aurora's Infill Drill Results Reinforce Jacques Lake Resource, Labrador - More
- August 07, 2008 | Item | E-mail

Mindoro reports further drill results from Nickel Laterite Project - More
- August 07, 2008 | Item | E-mail

Uranium Hunter Provides Positive Exploration Update and an Updated Corporate Website With Video Interviews for Investors - More
- August 07, 2008 | Item | E-mail

PBX Makes Final Option Payment on Its Copaquire Copper Moly Property, Chile - More
- August 07, 2008 | Item | E-mail

Euromax appoints Greg Hall as member of advisory board - More
- August 07, 2008 | Item | E-mail

Inter-Citic Reports Results From 26 Drill Holes at Dachang Gold Project. Results Include 12 Metres Averaging 10.09 GPT Gold - More
- August 07, 2008 | Item | E-mail

Timmins Gold Corp. Receives Full Permitting for Its San Francisco Mine - More
- August 07, 2008 | Item | E-mail

Frontera Copper Reports on Financial Results and Operational Performance for the Second Quarter of 2008 - More
- August 07, 2008 | Item | E-mail

North American Palladium Announces Second Quarter 2008 Financial Results; Revenue Increases 17% - More
- August 07, 2008 | Item | E-mail

Rusoro Mining Ltd.: 43-101 Report Filed for Isidora and Twin Shear Projects Acquired From Hecla Mining - More
- August 07, 2008 | Item | E-mail

Houston Lake Updates Exploration on West Cedartree - More
- August 07, 2008 | Item | E-mail

Western Goldfields Inc. - Mesquite Mine Ramps Up Gold Production; Second Quarter Production at High End of Target; Record Output in July - "For the second quarter, Western Goldfields recorded a gross profit of $5.6 million compared to a gross loss of $2.4 million for the second quarter of 2007. For the three- and six-month periods ended June 30, 2008, the Company incurred a net loss to common shareholders of $4.1 million and $23.7 million, or $0.03 and $0.17 per share, respectively. This compares to a loss of $4.0 million and $6.6 million, or $0.04 and $0.06 per share for the three and six-month periods ended June 30, 2007, respectively." More
- August 07, 2008 | Item | E-mail

Duluth Metals appoints Thomas F. Pugsley to Board - More
- August 07, 2008 | Item | E-mail

Bayswater's Drilling Further Expands Elkhorn Uranium Project, Wyoming - More
- August 07, 2008 | Item | E-mail

FNX Reports Second Quarter 2008 Results - More
- August 07, 2008 | Item | E-mail

Independent Nickel Identifies New Geophysical Targets in Proximity to Disco Zone at Lynn Lake - More
- August 07, 2008 | Item | E-mail

Gabriel Resources Ltd.: 2008 Second Quarter Report - More
- August 07, 2008 | Item | E-mail

Canadian Zinc Reports Second Quarter 2008 Results - More
- August 07, 2008 | Item | E-mail

Golden Phoenix Invites Its Shareholders to Tour Mineral Ridge Gold Mine Prior to Annual Meeting - More
- August 07, 2008 | Item | E-mail

Global gold hedgebook cut by 16 pct in Q2-Fortis - "Gold miners cut their hedging positions by 16 percent in the second quarter of 2008, but the dehedging rate is expected to slow significantly in the remainder of the year, a report said on Thursday." More
- August 07, 2008 | Item | E-mail

S.Africa gold output falls 12.3 pct yr/yr in June - "South African gold output fell 12.3 percent in volume terms, while overall mineral production fell 6.3 percent in June compared to the same month in the previous year, official data showed on Thursday." More
- August 07, 2008 | Item | E-mail

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