Gold Seeker Closing Report: Gold and Silver Gain Over 1% with Oil and Stocks

	Close	Gain/Loss
Gold	$948.60	+$10.75
Silver	$13.62	+$0.24
XAU	149.31	+3.43%
HUI	362.60	+4.20%
GDM	1107.71	+3.89%
JSE Gold	2399.58	+71.12
USD	78.87	-0.64
Euro	142.33	+1.37
Yen	106.10	-0.02
Oil	$63.98	+$0.42
10-Year	3.585%	-0.066
T-Bond	117.1875	+0.921875
Dow	8848.15	+1.19%
Nasdaq	1909.29	+1.20%
S&P	951.13	+1.14%

Gold and silver steadily rose in Asia and London to as high as $955.00 and $13.75 in early New York trade before they both pared their gains a bit into the close, but gold still ended with a healthy gain of 1.15% while silver added 1.79%.

Euro gold rose to about €668, platinum gained $12.50 to $1181, and copper gained nearly 5 cents to about $2.46.

Gold and silver equities rose over 3% at the open and remained near their highs for most of the rest of trade.

Report	For	Reading	Expected	Previous
Leading Indicators	June	0.7%	0.5%	1.3%

There are no major economic reports due out tomorrow, but Bernanke will start his biannual testimony before Congress.

Oil found slight gains and the U.S. dollar index and treasuries fell while the Dow, Nasdaq, and S&P climbed higher on decent earning reports and news that CIT will likely be rescued by non-government entities.

Among the big names making news in the market today were Halliburton, CIT, Johnson Controls, Morgan Stanley, Entergy, Valero, and Fortress.

MOPE (management of perspective economics - the new economics) worked overtime to seek new lows in gold but their accomplishment has been minimal at best.

1. The price of gold is all in the dollar and has been since we met. It will continue to be.

2. China is quite upset with the disrespect received and what is perceived by them to be the Western element in the recent disturbances in remote provinces and an NGO believed to be financed by the West.

I suspect we are at a turning point in the affairs of MOPE as the front page of the Economist says by illustration. The meltdown in new economics can only be the inability to maintain confidence as management of perspective economics folds into the effects of the CIT walk away bankruptcy, the hubris of the mega-profit investment banks and the people that are being thrown out of their homes in groves.

We are nearing a breakdown in the US dollar with a target towards and under .7200. That means we are nearing the visible result of a currency event in terms of prices in general commodities.

The CIT failure means without any doubt upwards pressure on short term interest rates. The Fed will cave into Administration pressure, increasing Quantitative Easing to a level best described as infinite.

Gold will take out $1000 on this try with a very temporary retreat before it moves fully through. Gold will move to and through $1224 with a temporary battle. Gold will move toward $1650 but meet serious temporary opposition in the $1400 area.

All of this will occur starting quite soon. Hold on tight to all that is precious metals.

“August Gold closed up 11.3 at 948.8. This was 2.3 up from the low and 6.6 off the high.

September Silver finished up 0.222 at 13.625, 0.12 off the high and 0.04 up from the low.

The gold market extended gains from last week as rising macro economic recovery hopes seemed to stir up inflation based buying demand for the metal. Gold found early price support from another monthly rise in leading US economic indicators which helped to reaffirm positive market sentiment. Bullish outside market action also seemed to trigger strong buying interest in gold. Gains in equity markets raised speculation that economic conditions were improving while the weaker Dollar and higher oil prices seemed to put an inflationary bent on investor sentiment raising speculative demand for gold. With the gold market pushing above a key level, chart based buying certainly seemed to be a factor providing a lift to the gold market.

Silver also tracked higher with gold with support stemming from a variety of bullish outside market influences. Strength in silver was certainly tied to rising macro economic recovery hopes stemming from solid gains in equity and copper prices. Also, a combination of higher oil prices and a weak Dollar seemed to fan inflation expectations stirring up hedge demand for silver. Today's positive economic news along with good corporate earnings results seemed to bring forward the bullish sentiment in silver that surfaced last week. A move above a key price level suggests part of the gains in silver were likely chart based.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.31 tonnes and the LSE subtracted 0.60 tonnes.

Paramount’s (PZG) and Klondex’s (KDX.TO) business combination, Claude’s (CGR) drill results, Banro’s (BAA) 43-101 report, ITH’s (THM) drill results, Northgate’s (NXG) discussions with Dioro, Randgold’s (GOLD) exploration, SNS Silver’s (SNS.V) discontinued involvement with the Sunshine mine, and Sabina’s (SBB.V) exploration programs 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.

Silvercorp Announces That Its Offer to Klondex Shareholders Will Expire - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News)(AMEX:SVM - News), announced today that in response to the proposed business combination announced by Klondex Mines Ltd. ("Klondex"), and a third party, Silvercorp has no intention of varying its offer to increase the consideration offered to Klondex shareholders. The expiry time for Silvercorp's offer is 5:00 p.m. (Eastern Time) on July 21, 2009." More
- July 20, 2009 | Item | E-mail

Pinnacle Closes Agreement to Acquire up to 80% of the Silver Coin Gold Deposit near Stewart, B.C. - More
- July 20, 2009 | Item | E-mail

Breakwater Resources Ltd.'s Second Quarter 2009 Financial and Operating Results Conference Call - More
- July 20, 2009 | Item | E-mail

NQ Exploration Completes Closing of Private Placements for $250,000 - More
- July 20, 2009 | Item | E-mail

International KRL announces resignation of director - More
- July 20, 2009 | Item | E-mail

Paramount Gold and Silver Corp. and Klondex Mines Ltd. Announce Business Combination - "Paramount Gold and Silver Corp. (NYSE:PZG - News)(TSX:PZG - News)(Frankfurt:P6G - News)(WKN: A0HGKQ) ("Paramount") and Klondex Mines Ltd. (TSX:KDX - News)(OTC.BB:KLNDF - News) are pleased to announce that they have entered into a binding letter agreement (the "Letter Agreement") to combine the two companies under a plan of arrangement, in a transaction valued at approximately C$80 million (the "Transaction" or the "Paramount Transaction"). The Letter Agreement has been unanimously approved by the Board of Directors of each of Paramount and Klondex, as well as by the Special Committee of the Board of Directors of Klondex." More
- July 20, 2009 | Item | E-mail

Vault Minerals and Goldcorp to commence drill program on Lebel Gold property in Kirkland Lake - More
- July 20, 2009 | Item | E-mail

HudBay to Host Conference Call for Second Quarter 2009 Results - More
- July 20, 2009 | Item | E-mail

Palladon Ventures Ltd.-Amended and Restated Financial Statements - More
- July 20, 2009 | Item | E-mail

Ventana Corrects 63X Master Fund Announcement - More
- July 20, 2009 | Item | E-mail

Corriente Resources Inc.: Environmental Permit and Water Use Permit Approved for Mirador Project, Ecuador - More
- July 20, 2009 | Item | E-mail

Tulawaka Mine Produces 24,561 Ounces of Gold During the Second Quarter of 2009 - More
- July 20, 2009 | Item | E-mail

Victoria Releases Exceptional Gold Exploration Results in Guyana - More
- July 20, 2009 | Item | E-mail

Consolidated Thompson and WISCO Announce Closing of $240 Million Strategic Investment - More
- July 20, 2009 | Item | E-mail

Blue Note Mining Has Obtained Creditor Approval on Plan of Arrangement - More
- July 20, 2009 | Item | E-mail

Metalline Receives an Extension From the NYSE Amex - More
- July 20, 2009 | Item | E-mail

Romarco returns 36.6 meters of 8.0 g/t Au expands mineralization between zones - More
- July 20, 2009 | Item | E-mail

La Mancha's Frog's Leg Mine to Boost its Average Annual Gold Production by 29% - More
- July 20, 2009 | Item | E-mail

Ressources Appalaches: Resource Calculation for the Dufferin Mine - More
- July 20, 2009 | Item | E-mail

Avalon Making Excellent Progress Toward Defining a Viable Metallurgical Process for Recovery of Rare Earth Element Mineralization from Lake Zone Deposit, Thor L - More
- July 20, 2009 | Item | E-mail

Pele Mountain and Coventry Resources Enter Into Definitive Agreement to Advance Pele's Ardeen Gold Project - More
- July 20, 2009 | Item | E-mail

Wallbridge Mining Appoints Soever CEO, Holmes Chairman - More
- July 20, 2009 | Item | E-mail

Metals Creek Resources Corp. samples 64.4g/t Gold at Porphyry Hill on its Ogden Gold Property, Timmins, Ontario - More
- July 20, 2009 | Item | E-mail

Adex Provides Progress Report on Metallurgical Programs for Optimizing Metal Production at Mount Pleasant - More
- July 20, 2009 | Item | E-mail

Bannerman Significantly Expands the Etango Project Mineral Resource Estimate - More
- July 20, 2009 | Item | E-mail

RiverRun Options Aldebaran Mining Project in Brazil - More
- July 20, 2009 | Item | E-mail

Lateegra Acquires Ranger Property Near Timmins - More
- July 20, 2009 | Item | E-mail

Weststar Acquires McKinnon Claims in Yukon - More
- July 20, 2009 | Item | E-mail

Virgin Metals Inc. - Gold Discovery at Los Verdes - More
- July 20, 2009 | Item | E-mail

Advanced Explorations Inc. Announces TSX-V Approval of Option and Royalty Agreement with Roche Bay plc - More
- July 20, 2009 | Item | E-mail

First Quantum Minerals Reports Second Quarter 2009 Copper Production of 92,600 Tonnes - More
- July 20, 2009 | Item | E-mail

Firstgold Announces Restructuring Agreement in Principle - More
- July 20, 2009 | Item | E-mail

Rusoro Mining Initiates Major Engineering Studies at Choco 10 and San Rafael/El Placer (SREP) - More
- July 20, 2009 | Item | E-mail

Signing of Mutoshi Joint Venture Amended Agreement and Update on Kinsevere Stage II - More
- July 20, 2009 | Item | E-mail

Minera IRL Limited: Additional Listing - More
- July 20, 2009 | Item | E-mail

Advanced Explorations Inc. Obtains $420,000 Financing Commitment - More
- July 20, 2009 | Item | E-mail

U.S. Canadian Minerals, Inc. Completes Share Exchange with Noble Technologies Corp - More
- July 20, 2009 | Item | E-mail

Rare Element announces $1,800,000 financing - More
- July 20, 2009 | Item | E-mail

SNS Silver Announces Major Development Re: Sunshine Mine - "I am disappointed that SNS will not have the opportunity to put the Sunshine Mine back into production and succeed with the excellent plans we had to make this mine profitable again where Sterling failed. We sincerely appreciate having the opportunity to work with SPMI and Robert Mori, and look forward to opportunities to work with them in the future. However, at this time, it is in the best interest of SNS and our shareholders to discontinue our involvement with the mine based on the Court's decision that the lease held by Sterling is still valid." More
- July 20, 2009 | Item | E-mail

Claude Resources Inc. Intercepts 14.07 grams of gold per Tonne over 3.2 Meters True Width - "These intercepts being reported today continue to better define our high grade 2c ore shoot at Seabee Deep. The close proximity of the 2c Zone is already having a positive impact to the head grade delivered to our central milling facility at the Seabee Mining Camp as lateral development within and into this higher grade ore shoot continues at an accelerated pace. The Company is also pleased with our initial exploration results in the 19v/2b structure to the east of existing development." More
- July 20, 2009 | Item | E-mail

Banro files NI 43-101 technical report on Twangiza Updated Feasibility Study - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to announce that it has filed on SEDAR (www.sedar.com) a National Instrument 43-101 technical report relating to the Updated Feasibility Study of the Company's wholly-owned Twangiza gold project in the Democratic Republic of the Congo. The report is dated July 17, 2009 and entitled "Updated Feasibility Study NI 43-101 Technical Report, Twangiza Gold Project, South Kivu Province, Democratic Republic of Congo." The results of the Updated Feasibility Study were reported in the Company's press release dated June 8, 2009." More
- July 20, 2009 | Item | E-mail

International Tower Hill Announces Results for First 16 Holes of Summer 2009 Drill Program at Livengood Gold Deposit, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX-V:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to announce assay results for the first 16 holes of the 2009 summer drilling program at Livengood gold deposit, Alaska." More
- July 20, 2009 | Item | E-mail

Sabina Silver Reports Summer Campaigns Underway at Hackett River, Back River and Wishbone - "Sabina Silver Corporation (TSX-V:SBB - News) announced today that the 2009 summer exploration programs are fully underway the Company's 100% owned Hackett River silver-zinc and Back River gold projects (including the Wishbone claims) in Nunavut, Canada." More
- July 20, 2009 | Item | E-mail

Northgate Minerals Corporation Confirms Discussions with Dioro Exploration NL - "Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) has confirmed today that it is currently engaged in advanced discussions with the Board of Directors of Dioro Exploration NL ("Dioro") regarding a potential material transaction. Northgate will provide further updates on the status of its discussions with the Dioro Board as appropriate and in accordance with applicable regulations and its internal disclosure policies." More
- July 20, 2009 | Item | E-mail

Randgold Resources says more to come from pipeline - "Randgold Resources, the company largely responsible for making Mali Africa's third largest gold miner, says its continuing exploration in the region has yielded more major discoveries with the potential of becoming world class mines." More
- July 20, 2009 | Item | E-mail

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

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.