Gold Seeker Closing Report: Gold and Silver Gain About 1% While Stocks Surge Over 2%

	Close	Gain/Loss
Gold	$921.40	+$8.80
Silver	$12.78	+$0.15
XAU	132.25	+1.74%
HUI	320.42	+2.08%
GDM	988.39	+2.02%
JSE Gold	2193.69	-59.39
USD	80.05	-0.19
Euro	139.94	+0.61
Yen	107.75	-0.47
Oil	$59.69	-$0.20
10-Year	3.346%	+0.051
T-Bond	120.046875	-0.671875
Dow	8331.68	+2.27%
Nasdaq	1793.21	+2.12%
S&P	901.05	+2.49%

Gold fell slightly in Asia and rose to see a $1.80 gain at $914.40 in London before it fell back off in midmorning New York trade to see a $5.15 loss at $907.45 by about 10AM EST, but it then stormed back higher into the close and ended near its high of $923 with a gain of 0.96%. Silver fell almost 20 cents to $12.432 by about 10AM EST before it also rallied back higher into the close and ended near its high of $12.82 with a gain of 1.19%.

Euro gold climbed to about €659, platinum gained $11 to $1112, and copper rose slightly to about $2.21.

Gold and silver equities fell over 3% in the first half hour of trade, but they then rallied back higher for the rest of the day and ended with about 2% gains.

Tirex Intersects 46m (151 ft) of Copper, Zinc, Gold and Silver Mineralization at Letitna
By: Tirex Resources Ltd.
46m (151 ft) of 0.70% Cu, 2.68% Zn, 20.8 g/t Ag and 1.6 g/t Au - Including 11.1m (36.4 ft) of 2.18% Cu, 3.80% Zn, 38.0 g/t Ag and 4.0 g/t Au - Including 8.1m (26.5 ft) of 2.59% Cu, 4.70% Zn, 39.7 g/t Ag, 5.1 g/t Au - Including 2.0m (6.6 ft) of 2.54% Cu, 6.74% Zn, 18.3 g/t Ag and 14.1 g/t Au - Zone remains open for expansion in all directions, further assays pending

Report	For	Reading	Expected	Previous
Treasury Budget	June	-$94.3B	-$97.0B	$33.5B

“The U.S. budget deficit topped $1 trillion for the first nine months of the fiscal year and broke a monthly record for June as the recession subtracted from revenue and the government spent to rejuvenate the economy.”

Tomorrow at 8:30AM EST brings PPI for June expected at 1.0%, Core PPI expected at 0.1%, and Retail Sales for June expected at 0.4%. Excluding autos, sales are expected at 0.5%. At 10AM is the Business Inventories report for May expected -0.8%.

Oil reversed early losses to end just slightly lower on continued worries over demand.

The U.S. dollar index and treasuries fell after the Dow, Nasdaq, and S&P erased early losses and ended with over 2% gains on Meredith Whitney inspired hopes that earnings reports from the financials will show some improvement from earlier in the year.

Among the big names making news in the market today were CIT Group, BusinessWeek, and Phillips.

So you think the dollar can remain in this range as the momentum of usage drops?

Do you really think foreign buying of US Treasury instruments is going to rise to meet the increasing offerings?

You are kidding yourself when even a state of the USA, Japan, wants diversification.

Have you asked yourself why so many want diversification? That cannot be because these nations feel the dollar is going to increase in value.

What does China, Indian, Russia and Japan know that the US sheeple do not? They know that hyperinflation is a currency event, not an economic event. They know that MOPE does not have legs when the matter is a reserve currency.

MOPE does not have legs when the matter is a reserve currency because the decision makers at their level understand economics even if they have not practiced it according to their understanding of it.

They know that when the currency to be at cause to hyperinflation is a reserve currency the world is in deep trouble.”- Jim Sinclair, JSMineset.com

It is amazing what one little ol’ analyst can create with a “buy” recommendation on Goldman Sachs. That is exactly what happened this morning to lift the US equity markets higher after they were down sharply overnight in the futures markets on the news concerning CITI. That was all promptly forgotten after the analyst comments hit the wire as equity perma bulls went absolutely giddy with delight.

That then caused a rush back into “risk” and down went the Dollar after it had been moving higher, up went crude oil as it was being knocked $1.60 lower and of course, up went gold.

I am not really sure what to make of all this except for the fact that the “green shoots” were revived once again and all the hedgie algorithms went beserk on the buy side. Heaven help us for what these fund idiots have done to our markets. I am glad to see that more and more writers are echoing my sentiments in regards to these damnable funds and the destructive effects of their algorithms on the price discovery mechanism.

What is noteworthy, at least in my view, is that the long bond barely moved lower even as the S&P futures shot sharply higher. Someone appears to not believe the hoopla and the day’s euphoria. Wait until tomorrow – the stock market will probably sell off and the Dollar will shoot higher and take the Yen with it after the Yen was once again ignominiously dumped with the rush back into risk.

Crude oil and the Dollar are the two markets that gold is keying off of right now so its fortunes are linked directly to both. Crude oil moving higher causes the hedge fund algorithms to shoot buy orders to the gold pit as the inflation play then comes back into existence with commodities across the board generally moving higher.

Strangely enough, the mining shares were not particularly impressive even though they moved up but they did seem to be reluctant to follow gold higher for a while this morning. Again, I am not sure what to make of this one day price action because it is just more of the same choppiness and inability to sustain any trends in one direction or the other.

Technically, the move above $920 in gold is friendly as it serves to reinforce the support level that has been emerging just above the $900 level. Gold will still need to clear $950 to generate any real upside excitement. Before it can do that it will first need a close above $940. Downside support remains intact near today’s low followed by strong support near the $880 level.

The major moving averages in gold are all above today’s session high so gold has some definite work to do before one can get all that excited about today’s gains however the RSI’s sideways trend is still intact meaning that the consolidation pattern continues with its slight upward bias.

I have not been sending a daily chart recently because there really is not that much to look at on the charts other than what I am describing. If something changes I will make a point to get that illustrated. Open interest is basically going nowhere in gold as players exit out of boredom.

For now, more of the same sideways action, back and forth, up and down, etc, etc, etc….”- Dan Norcini, More at JSMineset.com

“August Gold closed up 10 at 922.5. This was 15.1 up from the low and 0.9 off the high.

September Silver finished up 0.14 at 12.785, 0.03 off the high and 0.35 up from the low.

The gold market was initially lower in what appeared to be an extension of last week's slowing fears. With the US stock market surprising the trade and lighting up for a very impressive run up, it wasn't surprising to see the Dollar fall back and for gold and a host of other physical commodities to mount a recovery attempt. While the rally in the stock market seemed to be based on a favorable outlook for a narrow sector of the US economy, the fact that the markets had something to distract them from the fear of too much slowing was apparently enough to alter the mood.

The silver market begrudgingly recovered in the wake of a bounce in gold prices. While a weaker Dollar might have provided the silver market with some lift, the sharp recovery in the stock market was probably the feature of the day. However, copper prices didn't seem to be that impressed with the stock market action and with the oil market preferring negative territory, the silver bounce seemed to be mostly short covering instead of fresh outright buying. Some shorts were probably moving to the sidelines rather than face the widely anticipated earnings flow from a number of US financial firms in the coming trading sessions, especially after a noted financial sector analyst turned up beat toward Goldman shares.”- The Hightower Report, Futures Analysis and Forecasting

Nevsun’s (NSU) project finance approvals, Rubicon’s (RBY) new board member, IAMGOLD’s (IAG) base shelf prospectus, Jaguar’s (JAG) operations update, the National Union of Mineworkers rejected pay offer to AngloGold (AU) and Gold Fields (GFI), Exeter’s (XRA) drill results, Barrick’s (ABX) management changes, Goldcorp’s (GG) mechanical completion, Freeport’s (FCX) ambushes in Indonesia, Excellon’s (EXN.TO) drilling, Mines Management’s (MGN) permitting activities, and ECU’s ECU.TO) production from June 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.

Nevsun Resources Ltd.: Bisha Project Finance Approvals-US$235 Million - "Nevsun Resources Ltd. (TSX:NSU - News)(AMEX:NSU - News) is very pleased to announce that its Bisha Project in Eritrea has received all required credit approvals from the project finance lenders for debt facilities totaling $235 million. Documentation of the facilities has been progressing in parallel and financial close is expected shortly. All amounts are expressed in United States dollars." More
- July 13, 2009 | Item | E-mail

Lounor acquires a gold and base metals exploration property - More
- July 13, 2009 | Item | E-mail

Kaska and Hard Creek Sign Traditional Knowledge Protocol - More
- July 13, 2009 | Item | E-mail

Excellon Announces Resumption of Exploration Drilling - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that exploration diamond drilling has resumed at the Platosa Property. Two rigs are in operation, both of which are initially located in the NE-1 Manto area where hole EX08LP-614, one of the last drilled before the suspension of drilling in late October 2008 intersected 1,065 g/t silver, 14.6% lead and 6.2% zinc over an estimated true thickness of 7.6 meters." More
- July 13, 2009 | Item | E-mail

Rob McEwen Nominates New Rubicon Board Appointee - "Rubicon Minerals Corporation (RMX.TSX: RBY.NYSE-AMEX) is pleased to announce that Bruce A. Thomas has been appointed, effective July 13th to the Board of Rubicon Minerals Corporation. Mr. Thomas is the nominee of Robert McEwen who was granted, pursuant to one of the conditions in the May, 2007 Rubicon financing, the right to nominate one member to the Rubicon Board of Directors." More
- July 13, 2009 | Item | E-mail

Molycorp Minerals and Arnold Magnetic Technologies Announce JV to Manufacture Rare Earth Magnets in the U.S. - More
- July 13, 2009 | Item | E-mail

Network announces closing of acquisition - More
- July 13, 2009 | Item | E-mail

Pacific Booker Minerals Inc. Announces Stock Options Granted - More
- July 13, 2009 | Item | E-mail

Globex: Shareholders' Update - More
- July 13, 2009 | Item | E-mail

Luna Gold provides development update - More
- July 13, 2009 | Item | E-mail

Eagle Plains/Prize Mining Receive Small Mines Permit for Yellowjacket Gold Project, Atlin, B.C. - More
- July 13, 2009 | Item | E-mail

Sego receives final interpretation report from Quantec Geoscience - More
- July 13, 2009 | Item | E-mail

IAMGOLD Files Preliminary Base Shelf Prospectus - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced it has filed a preliminary short form base shelf prospectus with the securities regulators in each province and territory of Canada except for Quebec and a corresponding registration statement with the United States Securities and Exchange Commission." More
- July 13, 2009 | Item | E-mail

Stingray Files Environmental Impact Study for El Pilar Copper Property, Sonora, Mexico - More
- July 13, 2009 | Item | E-mail

Jaguar Mining Provides Q2 2009 Update of Operations - "Jaguar's operating teams continued to execute on plan during the second quarter. We maintain our 2009 production target of between 165,000 and 175,000 ounces, which was provided last November. The Turmalina Phase I Expansion is expected to be completed in Q3 and the construction of our new Caeté Project is on-schedule, both of which should further boost our output next year." More
- July 13, 2009 | Item | E-mail

AngloGold, Gold Fields Pay Offer Rejected by Union - "South Africa’s National Union of Mineworkers rejected an increased pay offer by AngloGold Ashanti Ltd. and Gold Fields Ltd. of 8 percent to 9.5 percent as “totally unacceptable” and will continue with negotiations." More
- July 13, 2009 | Item | E-mail

Tirex Intersects 46m (151 ft) of Copper, Zinc, Gold and Silver Mineralization at Letitna - "46m (151 ft) of 0.70% Cu, 2.68% Zn, 20.8 g/t Ag and 1.6 g/t Au - Including 11.1m (36.4 ft) of 2.18% Cu, 3.80% Zn, 38.0 g/t Ag and 4.0 g/t Au - Including 8.1m (26.5 ft) of 2.59% Cu, 4.70% Zn, 39.7 g/t Ag, 5.1 g/t Au - Including 2.0m (6.6 ft) of 2.54% Cu, 6.74% Zn, 18.3 g/t Ag and 14.1 g/t Au - Zone remains open for expansion in all directions, further assays pending." More
- July 13, 2009 | Item | E-mail

Romarco returns 34 meters of 5.3 g/t Au expands mineralization to the East - More
- July 13, 2009 | Item | E-mail

Tirex Intersects 46m (151 ft) of Copper, Zinc, Gold and Silver Mineralization at Letitna - More
- July 13, 2009 | Item | E-mail

Waseco Initiates Uranium Drill Program - More
- July 13, 2009 | Item | E-mail

Helio Reports First 2009 Drill Results from the Porcupine Target, SMP Gold Project, Tanzania - More
- July 13, 2009 | Item | E-mail

Yale and Candev Formalize Purchase/Option of Dos Naciones - More
- July 13, 2009 | Item | E-mail

Morgan Hill project produces excellent targets - More
- July 13, 2009 | Item | E-mail

Trilliant Exploration Acquires Minority Stake in Global Diamond Resources, Plc - More
- July 13, 2009 | Item | E-mail

Orvana Extends Its Offer to Acquire Kinbauri Gold Corp. to July 24, 2009 - More
- July 13, 2009 | Item | E-mail

Mercator Minerals Ltd. Obtains Consent of Noteholders for Early Repayment - More
- July 13, 2009 | Item | E-mail

Crowflight Intersects High Grade Nickel Off Surface Ramp at the Bucko Mine - More
- July 13, 2009 | Item | E-mail

Silver Dragon Discovers 663 g/t Silver and Updates Progress At Liangdi Silver-Lead-Zinc Polymetallic Project in Northern China - More
- July 13, 2009 | Item | E-mail

GeoAid International Announces the Appointment of Cecilia Enohmbi Saleh as Cameroon Country Director - More
- July 13, 2009 | Item | E-mail

North American Palladium Announces New CFO - More
- July 13, 2009 | Item | E-mail

Abacus Signs Option Agreements With Teck to Purchase 6,000 Acres of Land at Ajax - More
- July 13, 2009 | Item | E-mail

Western Copper Closes C$4 Million Flow-Through Financing and Commences Exploration Activities - More
- July 13, 2009 | Item | E-mail

USA Uranium Joint Ventures Gold Property with Mariposa Resources - More
- July 13, 2009 | Item | E-mail

Wits Basin Announces Progress of Strategic Plans for Colorado Gold Property - More
- July 13, 2009 | Item | E-mail

African Queen Signs Earn-in and Joint Venture Agreement with Optimetal Trading Covering Key Zone at Fingoe Regional Gold Project in Mozambique - More
- July 13, 2009 | Item | E-mail

Canadian Shield Closes Private Placement Financing - More
- July 13, 2009 | Item | E-mail

First Metals Inc. Obtains TSX Exemption for Share Issuance - More
- July 13, 2009 | Item | E-mail

Platinex Issues Shares for Services - More
- July 13, 2009 | Item | E-mail

Pele Mountain Announces Closing of Financing With MineralFields Group - More
- July 13, 2009 | Item | E-mail

Exeter Reports Final Caspiche Drilling Results for the 2008/2009 Season - "Exeter Resource Corporation (TSX-V:XRC - News)(AMEX:XRA - News)(Frankfurt:EXB - News) ("Exeter" or the "Company") is pleased to report the final results from the 2008/2009 drill season at its Caspiche gold-copper property in Chile. CSD036a, the final deep diamond hole from the Caspiche central zone, returned an intercept of 783 metres (2,567 feet) at 0.65 grams per tonne (0.019 ounces per ton) gold and 0.21% copper from a down hole depth of 161 metres (528 feet)." More
- July 13, 2009 | Item | E-mail

Barrick Announces Management Changes - "As part of the Company's efforts to streamline its organization, the various functions under Organizational Effectiveness are being assigned to other existing departments. As a result, Gordon Fife, Executive Vice President of Organizational Effectiveness, will be leaving Barrick effective July 31, 2009. Mr. Fife has been with the Company since 2002 and has made a valuable contribution to its evolution as a global enterprise. Information Technology will be the responsibility of Executive Vice President and Chief Financial Officer Jamie Sokalsky, and Supply Chain Management will be the responsibility of Peter Kinver, Executive Vice President and Chief Operating Officer. The Human Resources and Continuous Improvement functions will now be led by Don Ritz, who will be appointed Senior Vice President, Safety and Leadership Development." More
- July 13, 2009 | Item | E-mail

Goldcorp Achieves Mechanical Completion at Penasquito Project - "Goldcorp Inc. (TSX:G - News)(NYSE:GG - News) is pleased to announce that construction of the first sulphide process line (Line 1) at its Penasquito project in Zacatecas, Mexico is complete and commissioning work is advancing on schedule." More
- July 13, 2009 | Item | E-mail

Mines Management Updates Permitting Activities at the Montanore Project - "Mines Management, Inc. (NYSE Amex:MGN)(TSX:MGT - News) is pleased to report that the public comment period for the re-permitting process for the Company’s Montanore Silver-Copper Project concluded on June 29, 2009. The 120-day period began upon completion of the Draft Environmental Impact Statement (“EIS”), and allowed the public to review the Draft EIS and provide comments to the governmental agencies overseeing the re-permitting process." More
- July 13, 2009 | Item | E-mail

Jakarta sends anti-terror police to Papua mine - "Indonesia deployed scores of anti-terror police on Sunday to its eastern Papua province after two fatal shootings in as many days, and reported gun battles between security forces and unknown gunmen near the Grasberg mine owned by a subsidiary of the US’s Freeport McMoRan." More
- July 13, 2009 | Item | E-mail

Death toll at 3 in ambushes near mine in Indonesia - "A policeman's body was found at the bottom of a ravine near the Indonesian operations of U.S. mining conglomerate Freeport on Monday, raising the death toll from a series of weekend ambushes in restive Papua province to three." More
- July 13, 2009 | Item | E-mail

ECU Silver Reports on Gold Dore for June - "In the month of June, our operations treating the oxide resource generated 32 dore bars with a total weight of 685 kilograms (kg). Our assays of the dore bars indicated that they contained a total of approximately 542 ounces of gold and 14,406 ounces of silver. To date we have generated 150 bars with a total weight of 3,071 kg containing 1,704 ounces of gold and 61,248 ounces of silver." More
- July 13, 2009 | Item | E-mail

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