Gold Seeker Closing Report: Gold and Silver Fall Over 1% More

	Close	Gain/Loss
Gold	$808.40	-$14.05
Silver	$14.445	-$0.185
XAU	140.84	+3.10%
HUI	324.45	+3.33%
GDM	979.45	+2.93%
JSE Gold	1725.84	-66.67
USD	75.85	-0.40
Euro	149.20	+0.21
Yen	91.45	+0.63
Oil	$113.01	-$1.44
10-Year	3.918%	-0.084
T-Bond	116.50	+0.9375
Dow	11642.47	-1.19%
Nasdaq	2430.61	-0.38%
S&P	1289.59	-1.30%

Gold dropped from yesterday’s close of $822.45 to as low as $801.65 by early trade in Asia before it rose to find a decent gain at $827.00 by early trade in New York, but it then fell back off into the close and ended with a loss of 1.71%. Silver dropped from yesterday’s close of $14.63 to as low as $13.99 by early trade in Asia before it rose to find an over 1% gain at $14.82 by about 9AM EST, but it also fell back off into the close and ended with a loss of 1.26%.

Euro gold fell to about €542, platinum dropped to $1471.50, and copper lost over 12 cents to about $3.23.

Gold and silver equities rose a little over 2% at the open before they fell back off by late morning to see only about 1% gains, but they then rose to new highs in afternoon trade and ended with about 3% gains.

Report	For	Reading	Expected	Previous
Trade Balance	June	-$56.8B	-$61.9B	-$59.2B
Treasury Budget	July	-$102.8B	-$86.8B	-$36.4B

Tomorrow at 8:30AM EST brings Import and Export Prices for July and Retail Sales for July expected at -0.1%. At 10AM is the Business Inventories report for June expected at 0.6%.

Oil rose after BP shutdown several pipelines in Georgia as a precaution, but prices fell back off and ended lower after “Russian President Dmitry Medvedev ordered a halt to military operations” in Georgia and “the International Energy Agency lowered its forecast on Tuesday for oil product demand from 30 developed countries, located mostly in Europe and North America, to 48.6 million barrels a day, down 1.3 percent from last year.”

The U.S. dollar index fell as the lower than expected trade deficit was overcome by the higher than expected budget deficit and inspired traders to take profits from recent gains in the index.

Treasuries rose as the Dow, Nasdaq, and S&P fell on worries over the health of the financial sector after JPMorgan announced another big write down due to credit market related losses.

Among the big names making news in the market today were Thomson Reuters, JPMorgan, and Morgan Stanley.

“The dollar bull's rational (an oxymoron if there ever was one) is as follows:

2. At the same time, the economy of the USA will improve, the OTC derivative markdowns are behind us and the credit lock-up will ease.

3. Because of this, the EU cannot raise interest rates but rather has to cut rates.

4. Because of this, the USA - with its improving economy and credit markets - will be forced to increase interest rates.

How about a race between the EU and USA to see whose economy craps out the most? My money is on the major manufacturer of OTC Derivatives being the first and fastest into the tank. That is to say the

USA

wins the race to the bottom of the ash can and just hangs out there.

The dollar falls after this major operation and trades to .72, thence to .62 and thence to .52. Gold trades to $1,200 and $1,650.”- Jim Sinclair, JSMineset.com

“August Gold finished down 13.3 at 808.2, equal to the high and equal to the low.

September Silver closed down 0.135 at 14.485. This was 0.055 up from the low and 0.265 off the high.

The gold market once again took out a series of apparently critical technical support zones on the charts and in the process the market fell to the lowest level since October 25th of 2007. While the market could have been undermined by news of rising Peru gold production, more strength in the Dollar, declining oil prices and lingering liquidation psychology in a number of physical commodity markets provided the market with a number of bearish themes. In fact, seeing a slight narrowing of the US Trade Deficit might have deflated the flight to quality argument again, but when one considers the renewed US financial sector concerns that were present on Tuesday morning one could have come to the conclusion that flight to quality issues were unimportant.

After showing some positive divergence against weakness in the rest of the metals complex the silver market weakened up in the late afternoon trade. Clearly aggressive liquidation pressure in the industrial metals markets undermined the silver market during the session Tuesday and perhaps weakness in the US equity market added to the woes in a host of physical commodity markets. During the session Tuesday the silver market reached down to the lowest price level since October of 2007!”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from Friday’s data: 30.76 tonnes were removed from the trust.

Paramount’s (PZG) assay results, Tanzanian Royalty’s (TRE) private placement, Kimber’s (KBX) drill results, ECU’s (ECU.TO) exploration results, and Apex Silver’s (SIL) second quarter results 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.

Minera Andes reports San Jose production cash costs at $322/oz gold and $6.16/oz silver - More
- August 12, 2008 | Item | E-mail

Klondike Star Revises Corporate Plans - More
- August 12, 2008 | Item | E-mail

Guyana Goldfields: Preliminary Assessment Report Positive for Aurora Project - More
- August 12, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Expands Clavo 99 to a 600 Meter Width at a Depth of 400 Meters at its San Miguel Project With Gold Grades Increasing With Depth - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(PZG - News))(Frankfurt:P6G.F - News)(WKN: A0HGKQ) is pleased to announce assay results from six additional drill holes in the San Miguel Vein. Diamond drill holes SM-48 through SM-54 were drilled to intercept the vein below and to the northwest of the recently reported excellent intercepts in holes SM-45, 46 and 47, below the northwestern margin of Clavo 99. Intercepts below the surface ranged from 200 meters (SM-48 and 49) to 350 meters (SM-53) depth." More
- August 12, 2008 | Item | E-mail

Northern Gold Completes VTEM Airborne Survey and Adds Second Diamond Drill at Kirana - More
- August 12, 2008 | Item | E-mail

Pebble Creek announces mineral resource estimate - More
- August 12, 2008 | Item | E-mail

Cadillac Mining Corp. commences drilling on Tuzo Creek, BC moly prospect - More
- August 12, 2008 | Item | E-mail

Tanzanian Royalty Chairman Completes $375,000 6th Tranche of $3 Million Private Placement - "Tanzanian Royalty Exploration Corporation (TRE - News) announces that the 6th tranche of the $3,000,000 private placement with Mr. James E. Sinclair announced August 1, 2008 has closed. Mr. Sinclair purchased 73,242 common shares at a purchase price of $5.12 per share." More
- August 12, 2008 | Item | E-mail

Carpathian Gold Announces Joint Venture of Hungarian Properties - More
- August 12, 2008 | Item | E-mail

Soho Resources Corp. Reports Additional Drill Results From Several Zones at Tahuehueto - More
- August 12, 2008 | Item | E-mail

Ditem Explorations/Beartooth Property: 2008 Winter Program Results - More
- August 12, 2008 | Item | E-mail

Verena Commences Drill Program at Conceicao - More
- August 12, 2008 | Item | E-mail

Mega Uranium Ltd. Releases Unaudited Results for the Three and Nine Months Ended June 30, 2008 - More
- August 12, 2008 | Item | E-mail

Freegold Vests 100% Interest at Rob - Drilling Continues to Extend Pogo-Style Veins - More
- August 12, 2008 | Item | E-mail

High Grade Gold Values up to 81.57 g/tonne Gold Intersected on the Silver Coin Project with DDH-2008-232 and 233 Extending the Potential Resource Area - More
- August 12, 2008 | Item | E-mail

Trade Winds Preparing to Drill in China - More
- August 12, 2008 | Item | E-mail

Skyline Gold Completes Hydroelectric Water Licence Applications - More
- August 12, 2008 | Item | E-mail

Ruby Red Resources engages investor relations consultant - More
- August 12, 2008 | Item | E-mail

Minnesota DNR Updates PolyMet EIS Progress - More
- August 12, 2008 | Item | E-mail

Polar Star Acquires Additional 5% Equity Interest in Chepica Mine - More
- August 12, 2008 | Item | E-mail

Ilovitza inferred resource estimate 43-101 report filed on SEDAR - More
- August 12, 2008 | Item | E-mail

Updated Resource estimate released for Agata North Nickel Laterite Project - More
- August 12, 2008 | Item | E-mail

U3O8 Corp. Cuts 17 Metres at 0.116% (2.3 Pounds Per Short Ton) U3O8 at Aricheng South - More
- August 12, 2008 | Item | E-mail

Redcorp Ventures Ltd.: Financial and Operating Highlights for the Second Quarter Ended June 30, 2008 - More
- August 12, 2008 | Item | E-mail

Karmin Exploration: Monthly Report for Aripuana Zinc/Lead Project Received From Project Partners-Feasibility Study Advancing Well - More
- August 12, 2008 | Item | E-mail

High Grade Gold Values up to 81.57 g/tonne Gold Intersected on the Silver Coin Project - More
- August 12, 2008 | Item | E-mail

1,500-metre drill program underway to test gold-bearing green carbonates at Golden Harp's MC Zone - More
- August 12, 2008 | Item | E-mail

Colorado Goldfields Commences Drilling at Gold King - More
- August 12, 2008 | Item | E-mail

Uranium Hunter Corp. Announces Helicopter Survey Identifying Multiple Uranium Targets at Ruhuhu Project - More
- August 12, 2008 | Item | E-mail

Klondex President Exercises Options - More
- August 12, 2008 | Item | E-mail

MDN Inc./Results for the Second Quarter Ended June 30, 2008: Net Earnings of $6.6 Million or $0.073 Per Share - More
- August 12, 2008 | Item | E-mail

Significant grades and widths continue to be intersected at the Bruce Channel Discovery - More
- August 12, 2008 | Item | E-mail

Marathon Definitive Feasibility Study Update - More
- August 12, 2008 | Item | E-mail

Powertech Uranium Corp.: Mine Permit Application Status-Centennial Project - More
- August 12, 2008 | Item | E-mail

Romarco Obtains Drill Rig for Pinos Gold District, Mexico - More
- August 12, 2008 | Item | E-mail

Mineral Park Construction Update - More
- August 12, 2008 | Item | E-mail

Centenario Reports Second Quarter 2008 Results - More
- August 12, 2008 | Item | E-mail

Petaquilla Copper Ltd. Issues Directors' Circular in Response to Inmet Offer - More
- August 12, 2008 | Item | E-mail

Solex Resources Corp. announces drilling on Macusani South Project underway - More
- August 12, 2008 | Item | E-mail

Beartooth Platinum Corporation Announces Start Up of 2008 Drilling Program at Stillwater, Montana, USA - More
- August 12, 2008 | Item | E-mail

Lake Shore Gold on Track to Achieve 2008 Targets - More
- August 12, 2008 | Item | E-mail

Katanga Project Update and 2Q 2008 Financials - More
- August 12, 2008 | Item | E-mail

International Nickel Ventures Corporation Reports Q2/2008 Results and Provides Exploration Update - More
- August 12, 2008 | Item | E-mail

Anvil Mining Reports for the Second Quarter Net Income of $8.5 Million or $0.12 per share and Operating Profit of $16.0 Million - More
- August 12, 2008 | Item | E-mail

Nirek's Completion of a 43-101 Bolsters Exploration of Sarah Lake Property - More
- August 12, 2008 | Item | E-mail

ECU Silver Continues Exploration Success at Terneras East - "ECU Silver Mining (TSX:ECU - News; "ECU Silver" or "the Company") is pleased to announce further exploration results from the Terneras Vein within the main Velardena Property. The Company's exploration activities in this particular area of Velardena, have continued to demonstrate extensive continuity on the eastern extension of the main Terneras Vein ("Terneras East")." More
- August 12, 2008 | Item | E-mail

Kimber intersects additional high grade gold mineralization at depth below Carmen resource at Monterde - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) is pleased to report further drill results from diamond drilling at its Monterde property in the prolific Sierra Madre gold-silver belt of Mexico, where several holes intersected significant gold-silver mineralization at depth, below the Carmen resource." More
- August 12, 2008 | Item | E-mail

Apex Silver Reports Second Quarter 2008 Results - "Due primarily to lower production during the first six months of 2008, the company now projects full year 2008 production of approximately 15 million ounces of payable silver, 190,000 tonnes of payable zinc and 60,000 tonnes of payable lead." More
- August 12, 2008 | Item | E-mail

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