Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil While Dollar Rebounds

	Close	Gain/Loss
Gold	$926.50	-$14.25
Silver	$13.56	-$0.39
XAU	139.02	-3.21%
HUI	339.73	-3.71%
GDM	1041.02	-3.41%
JSE Gold	2311.56	-92.75
USD	80.17	+0.30
Euro	140.32	-0.47
Yen	103.86	-0.25
Oil	$69.89	-$1.60
10-Year	3.523%	+0.031
T-Bond	118.359375	-0.203125
Dow	8447.00	-0.97%
Nasdaq	1835.04	-0.49%
S&P	919.33	-0.85%

Gold saw slight gains in Asia and traded near unchanged in London before it fell in early New York trade to as low as $923.45 by about 11AM EST, but it then bounced back higher into the close and ended with a loss of just 1.51%. Silver saw over 1% gains in Asia before it also fell back near unchanged in London and dropped in early New York trade to as low as $13.458 by late morning, but it also rallied back higher in the last couple of hours of trade and ended nearly 1% off that low with a loss of 2.8%.

Euro gold fell to about €662, platinum lost $12 to $1170.50, and copper fell over 5 cents to about $2.26.

Gold and silver equities fell over 3% by late morning and remained near their lows into the close.

Report	For	Reading	Expected	Previous
S&P/C-S Home Price Index	Apr	-18.12%	-18.63%	-18.72%
Chicago PMI	June	39.9	39.0	34.9
Consumer Confidence	June	49.3	55.3	54.8

Tomorrow at 8:15AM EST brings ADP Employment for June expected at -394,000 and at 10AM are Pending Home Sales for May expected at 0.0%, the ISM Index for June expected at 44.6, and Construction Spending for May expected at -0.6%.

Oil erased overnight gains and ended back below $70 on worries over demand after poor economic data in the US.

The U.S. dollar index rose slightly on cash raising while treasuries failed to benefit from safe haven buying after a poor Consumer Confidence reading raised economic worries and sent the Dow, Nasdaq, and S&P almost 1% lower.

Among the big names making news in the market today were Xstrata and Anglo American, the automakers, JPMorgan, BP and CNPC, and AIG.

I am not sure what to make of today’s price action across a wide variety of commodity markets as it was one of the more bizarre sessions I have seen in some time. Considering the price action the last few months, that is saying something.

Last evening crude oil put on some sort of inexplicable price movement driving all the way to $73.38 in Asian trading on EXTREMELY HEAVY volume. Traders all across the globe were at a complete loss trying to figure out what was going on. Then as trading moved into the West, price began to retreat until it hit New York where it promptly collapsed over $2.00 a barrel all the way back down to $69.00.

Gold too was whipped around violently and as can be expected, was knocked flat on its rear in New York trading once again.

Some of what was occurring was probably related to end of month and end of quarter book squaring by various hedge funds but even at that, I am still at a loss to explain what happened in crude oil or why. It seemed that when crude got the rug pulled out from under it, buying gold evaporated and the usual suspects were able to pound it down once again.

I am going to therefore refrain from drawing any inferences from today’s price action in gold because there are simply too many weird price movements today across so many markets that I run the risk of looking like a complete fool in trying to come up with some sort of intelligent comment on its behavior today.

I will say that technically gold is still mired in a sideways chop with yesterday’s stochastic buy signal being negated by today’s poor price action. Sometimes I swear that someone with lots of money to spit away reads this site just to have some “fun” with us.

It did not help gold any today also for the grain market to get a very surprising bearish acreage report for corn. That took it limit down and pulled down wheat and even the beans along with it. With the grains moving sharply lower and the energy sector getting pulverized, gold had little chance of moving higher especially with the dollar once again miraculously managing to move higher (must be that cap and trade bill which will be so helpful to the average American consumer).

Let’s see what happens tomorrow and go from there. Having to sit here day after day and watching this utterly useless and meaningless price action in the screwed up markets that now exist, is becoming more and more a complete waste of time. Bonds are up; bonds are down; then they are up again. Stocks are up; stocks are down; then they go back up again. The Dollar is up; the Dollar is down; then it goes up again… this is what happens when monetary officials decide to play games in the markets and “stabilize” them.”- Dan Norcini, More at JSMineset.com

“August Gold closed down 13.3 at 927.4. This was 4.7 up from the low and 15.2 off the high.

September Silver finished down 0.375 at 13.6, 0.44 off the high and 0.145 up from the low.

The gold market appeared to be initially capable of deflecting some selling pressure in the early action Tuesday but once the Dollar managed to right its ship and the

economic data was found to be disappointing, the bear camp in gold really seemed to gain the upper hand. It is also likely that broad based selling pressure in a number of physical commodity markets contributed to the slide in gold prices Tuesday, especially since the hard down action in the stock market seemed to make the US data flow on Tuesday morning seem even more disappointing. With oil, grain and industrial metals prices also under noted pressure, some of the bull camp in gold were probably concerned about even more spillover selling action ahead.

With most physical commodity markets under noted pressure, the Dollar at least partially coming back into favor and the macro economic outlook being called into question again, the bear camp in silver seemed to have a long list of arguments. Noted weakness in copper prices and a sharp dive in energy prices also seemed to turn up the pressure on quasi industrial markets like silver. In the end, the scheduled US numbers were disappointing but the stocks market’s hard down reaction to the data flows just seemed to make the whole situation feel even weaker.”- The Hightower Report, Futures Analysis and Forecasting

Klondex’s (KDX.TO) rejected Silvercorp (SVM.TO) bid, ITH’s (THM) retention of Renmark Financial Communications, Entree’s (EGI) exploration review, and Hecla’s (HL) reduced debt and amended credit facility 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.

Drilling Underway at Almaden's Tuligtic Copper Project, Mexico - More
- June 30, 2009 | Item | E-mail

Sunridge Gold Files Preliminary Economic Assessment for the Emba Derho Deposit, Asmara Project, Eritrea - More
- June 30, 2009 | Item | E-mail

Norsemont Mining Completes Constancia Acquisition Payments - More
- June 30, 2009 | Item | E-mail

Duran Ventures Corporate Update - More
- June 30, 2009 | Item | E-mail

To All Minority Shareholders of High River Gold Mines Ltd. - More
- June 30, 2009 | Item | E-mail

Hecla Reduces Debt and Amends Credit Facility - "Hecla Mining Company (NYSE:HL) is pleased to announce that it has made a prepayment of $18.2 million to its term loan. The prepayment, made under the fifth amendment to the credit facility, reduces the lending syndicate to two institutions, reduces borrowing costs and provides Hecla with flexibility to control its capital program. The lenders have also shown their support by waiving some fees which will reduce our costs. At June 30, 2009, Hecla has now repaid approximately $341.7 million of the $380 million drawn on the facilities." More
- June 30, 2009 | Item | E-mail

Sego Resources Inc. - Third and Final Closing - Short Form Offering of Units - More
- June 30, 2009 | Item | E-mail

Taseko Reduces Long-term Debt & Extends Copper Hedge - More
- June 30, 2009 | Item | E-mail

Ivernia Announces Changes To Board Of Directors - More
- June 30, 2009 | Item | E-mail

Augen Gold announces appointment of independent director - More
- June 30, 2009 | Item | E-mail

Glen Eagle Prevails in Court - More
- June 30, 2009 | Item | E-mail

Wits Gold granted a new order prospecting right for uranium in the Potchefstroom Goldfield - More
- June 30, 2009 | Item | E-mail

SEMAFO: update report on Wona extension deep drilling program - WDC 92: large zone 5.4 g/t / 20 m, including 7.34 g/t / 11 m - More
- June 30, 2009 | Item | E-mail

Labrador Iron Mines 2009 field work program underway - More
- June 30, 2009 | Item | E-mail

Matamec Announced Results on Channel Sampling on the Kipawa Rare Earth Elements-Yttrium-Zirconium Deposit on its Zeus property - More
- June 30, 2009 | Item | E-mail

Can-Cal Resources Ltd. Announces Second Tranche Closing of Financing - More
- June 30, 2009 | Item | E-mail

Mountain Lake Adds Mining Engineer to Board of Directors - More
- June 30, 2009 | Item | E-mail

Mining Companies' Revenues Rose 23% in 2008, According to PricewaterhouseCoopers - "Despite the economic downturn in the fourth quarter of 2008, mining companies capitalized on early-year strong demand and record prices to increase revenue 23 percent in 2008 over 2007, according to "Mine -- When the going gets tough," a new report by PricewaterhouseCoopers LLP (PwC). The sixth annual report analyzes the financial performance of the global mining industry and examines current trends in the industry, looking at the top 40 global mining companies, as measured by market capitalization. While financial results were strong, 2008 was a year of two parts with the good times quickly turning bad as the global economic crisis took hold in the last quarter and commodity prices went into freefall." More
- June 30, 2009 | Item | E-mail

Macusani Yellowcake Completes Purchase of Additional Uranium Concessions on Macusani Plateau, Peru - More
- June 30, 2009 | Item | E-mail

Paladin Energy Ltd: Langer Heinrich Uranium Project, Namibia - More
- June 30, 2009 | Item | E-mail

Gladstone Pacific Nickel Limited (ACN 104 261 887) - ("GPNL" or the "Company") - Lapse of Memorandum of Understanding with MCC - More
- June 30, 2009 | Item | E-mail

Canadian Royalties: Taking Action to Acquire 100% of the Expo-Ungava Property - More
- June 30, 2009 | Item | E-mail

Sunergy Announces the Appointment of P.K. Rana Medhi to Chairman of the Board of Directors - More
- June 30, 2009 | Item | E-mail

Uranium Energy Corp Added to Russell 2000 Index and Russell 3000 Index - More
- June 30, 2009 | Item | E-mail

Anglo Swiss Resources Assays With 10 of 32 Samples above 100 g/t Gold over 178 Meter Strike - More
- June 30, 2009 | Item | E-mail

Minatura Gold (MGOL) Announces Change in Officers and Directors Consistent with MGOL's Gold Mining Acquisition Strategy - More
- June 30, 2009 | Item | E-mail

Denison Mines Corp.: Drilling at Wheeler River Intersects 55% eU3O8 Over 6.0 Metres and Extends High Grade Uranium Mineralization - More
- June 30, 2009 | Item | E-mail

Directors Elected to Zincore Board - More
- June 30, 2009 | Item | E-mail

BonTerra Initiates Willoughby Drill Program - More
- June 30, 2009 | Item | E-mail

EurOmax and Silk Road announce completion of business combination; Update on sale of Bulagou property - More
- June 30, 2009 | Item | E-mail

International Tower Hill Mines Retains Renmark Financial Communications Inc. - "International Tower Hill Mines Ltd. ("ITH" or the "Company") (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce that it has retained the services of Renmark Financial Communications Inc. of Montreal, Quebec ("Renmark") to handle its North American investor relations activities." More
- June 30, 2009 | Item | E-mail

Klondex Rejects Silvercorp's Hostile Takeover Bid - "Klondex Mines Ltd. (TSX: KDX - News) announced today that its Board of Directors is recommending that shareholders of Klondex Mines REJECT the unsolicited takeover bid from Silvercorp Metals Inc. (TSX: SVM; NYSE Amex: SVM) and NOT tender their shares to the Silvercorp Offer. Klondex shareholders need to “DO NOTHING” in order to reject the Silvercorp bid." More
- June 30, 2009 | Item | E-mail

Entree Gold Exploration Review - "Entree Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entree" or the "Company") has been active in the advancement of its properties in Mongolia, the United States and China. Exploration programs are still underway and further results will be reported after a complete tabulation of the data." More
- June 30, 2009 | Item | E-mail

Rare Element Graduated to Tier One - More
- June 30, 2009 | Item | E-mail

Noront Resources provides exploration update - More
- June 30, 2009 | Item | E-mail

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