Gold Seeker Closing Report: Gold and Silver End Mixed While Stocks and Oil Fall

	Close	Gain/Loss
Gold	$945.65	+$0.70
Silver	$14.34	-$0.03
XAU	143.53	-1.63%
HUI	350.58	-1.85%
GDM	1060.11	-1.69%
JSE Gold	2322.59	-96.16
USD	79.14	-0.08
Euro	141.51	+0.16
Yen	104.27	+1.33
Oil	$69.45	-$1.15
10-Year	3.693%	-0.078
T-Bond	117.484375	+1.078125
Dow	9241.45	-1.03%
Nasdaq	1969.73	-1.13%
S&P	994.35	-1.27%

Gold rose to see a $4.75 gain at as high as $949.70 shortly after the open of trade in New York at about 8:30AM EST before it fell to see a $3 loss at $941.95 a little before 10AM EST, but it then rallied back higher into the close and ended with a gain of 0.074%. Silver climbed as much as $0.12 to $14.49 in London before it fell to see a $0.14 loss at $14.23 by midmorning in New York, but it also rallied back higher into the close and ended with a loss of just 0.22%.

Euro gold fell to about €668, platinum lost $5.50 to $1238, and copper fell a few cents to about $2.73.

Gold and silver equities fell about 2% in the first half hour of trade before they bounced back higher at times during the rest of trade, but they still ended with over 1.5% losses.

Report	For	Reading	Expected	Previous
Productivity	Q2	6.4%	5.5%	0.3%
Unit Labor Costs	Q2	-5.8%	-2.5%	-2.7%
Wholesale Inventories	June	-1.7%	-0.9%	-1.2%

Tomorrow at 8:30AM EST brings the Trade Balance for June expected at -$28.6 billion. At 2PM is the Treasury Budget for July expected at -$180.0 billion, and at 2:15PM is the FOMC rate decision that is expected to announce little or no change from their last statement.

Oil fell back below $70 on the Labor Department’s report of weak consumer spending that likely translates into lower energy demand.

The U.S. dollar index reversed early gains and ended lower as the yen rose “amid rising risk aversion after disappointing economic data from China.”

Treasuries rose on worries over retail sales, earnings reports, and the economy that sent the Dow, Nasdaq, and S&P over 1% lower by the end of the day as traders await the fed’s assessment of the market at 2:15PM tomorrow.

Among the big names making news in the market today were CIT, Goldman, GM, and Lehman.

All you need to do is tickle the public with figures, tip a technical point, and the algorithms fire off from the fastest first to the next fastest down to the slowest. They are all thoughtless machines at work.

The primary facts to keep in mind is there is a near planetary desire for the initiation of the SDR type Super Sovereign Currency, which means dollar diversification.

The recent China/US financial summit was not scheduled, but rather requested. I believe that China has expressed its interest for the SDR type Super Sovereign Currency before the end of 2009. It is one of the factors in the countdown of days remaining for the dollar.

When the dollar implodes it will be an event to behold. The crack will likely only last a few days but will penetrate many significant price figures.

Recall when I told you Fannie, Freddie, GM and GE were the slowest train wrecks in history and how hard it was to hold a short position? That is the US dollar. However when Fannie, Freddie, GM and GE all busted after enormous resistance, it was like a firestorm with no real recovery. That is also the dollar.

Since markets are momentum driven, the continuing decline in dollar demand is sufficient and does not require dollar instrument selling in order to significantly impair price for the long term. That is what is now behind the long dollar decline. That is what will take the dollar to USDX .7200. The SSCI will break the support levels of .6200.

“December Gold closed up 0.7 at 947.6. This was 4 up from the low and 4.3 off the high.

September Silver finished down 0.01 at 14.345, 0.085 off the high and 0.11 up from the low.

The gold market started out positive but then seemed to come under selling pressure in the face of better than expected US scheduled data flow. While the gold market has recently blamed weakness on strength in the Dollar, the Dollar action did not seem to be directly tied to the ebb and flow of gold prices today. Perhaps the gold market was simply deflated because of a sharp drop in unit labor costs or perhaps the gold trade saw the bigger than expected decline in the US equity market as a sign of renewed slowing concerns. In the wake of very soft unit labor costs and a downshift in equity prices, it is possible that the deflationary crowd regained some footing versus the inflationary crowd.

At times on Tuesday the silver market underperformed both the gold and platinum markets. In fact, at times silver seemed to be heavily tracking its physical or industrial commodity market roots as prices seemed to be falling in sync with the weakness in the US equity markets. The sloppy to weaker action in the morning trade wasn't specifically the result of a bounce in the Dollar but with noted weakness in the energy complex and copper it is possible that the silver market was being pressured by sagging demand concerns. Like gold, some silver traders might have been discouraged by the sharp decline in unit labor costs, as that could be taken as a sign that a recovery in the labor market is still off in the future.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.35 tonnes and the ASX added 0.07 tonnes.

Banro’s (BAA) ratified Fiscal Agreement with the Democratic Republic of the Congo, IAMGOLD’s (IAG) option agreement with Anvel, and ECU’s (ECU.TO) mill inauguration 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.

Ontex Announces the Filing of Second Quarter 2009 Interim Financial Statements, MD&A and Officer Certifications - More
- August 11, 2009 | Item | E-mail

NYSE-Amex Accepts Quaterra's Plan - More
- August 11, 2009 | Item | E-mail

Ressources Minieres Pro-Or Inc./Menarik 2008: Summary of Exploration Work and Results - More
- August 11, 2009 | Item | E-mail

North Arrow Increases Non-Brokered Private Placement - More
- August 11, 2009 | Item | E-mail

American Creek announces $1,250,000 private placement offering with MineralFields - More
- August 11, 2009 | Item | E-mail

LPT Capital Ltd. and Lincoln Gold Corporation Set Closing Date For Business Combination and Financing - More
- August 11, 2009 | Item | E-mail

Gold Canyon Arranges Strategic Investment With Jipangu Inc. of Japan - More
- August 11, 2009 | Item | E-mail

Laurentian Goldfields Ltd. and Kinross Gold Corporation Sign Uchi Exploration Alliance Agreement - More
- August 11, 2009 | Item | E-mail

Thompson Creek announces appointment of Chief Operating Officer - More
- August 11, 2009 | Item | E-mail

Freewest Updates Diamond Drilling Activity on Its 100%-Owned McFaulds Property, Northern Ontario - More
- August 11, 2009 | Item | E-mail

Moneta commences 10,000 metre drill program and defines new drill targets on Golden Highway Project - More
- August 11, 2009 | Item | E-mail

Pele Mountain Announces High-Grade Gold Discovery at Its Highland Project - More
- August 11, 2009 | Item | E-mail

Rocmec Provides Update on Thermal Fragmentation Contract With Great Basin Gold, Nevada - More
- August 11, 2009 | Item | E-mail

MacDonald Mines: James Bay Property Status and Exploration Update - More
- August 11, 2009 | Item | E-mail

Virginia Energy Closes Final Tranche of Private Placement Financing - More
- August 11, 2009 | Item | E-mail

Canadian Royalties: Responds to Unsolicited Tender Offer - More
- August 11, 2009 | Item | E-mail

Talon Metals reports second quarter 2009 results - More
- August 11, 2009 | Item | E-mail

Molycorp Minerals Begins Preparations for Renewed Mining - More
- August 11, 2009 | Item | E-mail

KWG appoints Lavigne VP Exploration and Development - More
- August 11, 2009 | Item | E-mail

Rockgate Appoints Mr. Gord Neal to Board of Directors, Grants Options - More
- August 11, 2009 | Item | E-mail

Osisko Signs Option Agreement With Midland Exploration for the Dunn Gold Property - More
- August 11, 2009 | Item | E-mail

Severstal Completes Take-Over Bid for High River Gold Mines Ltd. - More
- August 11, 2009 | Item | E-mail

Lake Victoria Mining Company's Ground Magnetic Survey Indicates Multiple Parallel Vein Structures - More
- August 11, 2009 | Item | E-mail

Linux Gold Corp. Featured in The KonLin Letter's August 2009 Issue - More
- August 11, 2009 | Item | E-mail

Atna Increases Gold Resources at Briggs Mine - More
- August 11, 2009 | Item | E-mail

Caledonia Mining 2009 Second Quarter and Half Year Results and Management Conference Call - More
- August 11, 2009 | Item | E-mail

Hudson Exploration Program Delineates Three High Grade Rare Earth Drill Targets - More
- August 11, 2009 | Item | E-mail

First Gold Exploration and X-Ore Resources Complete a New Resource Estimate on Croinor - More
- August 11, 2009 | Item | E-mail

Iberian Minerals Announces High Grade Karina Vein Extension at Condestable - More
- August 11, 2009 | Item | E-mail

Uruguay Mineral Exploration : 2009 Full Year Earnings Conference Call 15:00 UK time, Thursday, August 13, 2009 - More
- August 11, 2009 | Item | E-mail

ATAC Resources Ltd. Intersects 15.64 g/t Gold Over 16.76 Metres and Plans to Add a Third Drill at Its Rau Gold Property - More
- August 11, 2009 | Item | E-mail

Hawthorne Continues to Define High Grade Mineralized Gold Zone at Taurus - More
- August 11, 2009 | Item | E-mail

JOURDAN Acquires Strategic Claims Hosting Between 9 and 10 Million Pounds of U3O8 in Potential Resources From the Lower North Shore Uranium Belt in Quebec - More
- August 11, 2009 | Item | E-mail

Wesdome earns $7.8 million in Q2 - More
- August 11, 2009 | Item | E-mail

Dynacor: Tumipampa Property Skarn Sampling Results - More
- August 11, 2009 | Item | E-mail

Midland Exploration Signs Option Agreement With Osisko for the Dunn Gold Property - More
- August 11, 2009 | Item | E-mail

Farallon Mining Ltd. - Second Quarter Results Webcast - August 13, 2009 - More
- August 11, 2009 | Item | E-mail

Oroco Resource Corp.: High Grade Gold Sampled on Additional 900 Meter Strike Length at Cerro Prieto - More
- August 11, 2009 | Item | E-mail

Melkior Appoints Daniel Wolfus Director - More
- August 11, 2009 | Item | E-mail

General Metals Raises Another $336,000 via Private Placement - More
- August 11, 2009 | Item | E-mail

Galway California samples return 9.2 g/t Au along 130 meters (including 27.3 g/t Au along 20 meters) - More
- August 11, 2009 | Item | E-mail

Weststar Announces Financing With MineralFields Group - More
- August 11, 2009 | Item | E-mail

Banro welcomes the DRC government's final ratification of the fiscal arrangement under its mining convention - "Banro Corporation ("Banro" or the "Company") (NYSE AMEX - "BAA"; TSX - "BAA") is pleased to report that the government of the Democratic Republic of the Congo (the "DRC") has ratified, with minor modification, the Fiscal Agreement reached between the government and the Company in February 2009. The Company continues to receive full cooperation and support from the DRC's central and provincial governments as it moves forward to develop its wholly-owned gold projects in the DRC." More
- August 11, 2009 | Item | E-mail

ECU Silver Inauguration of Oxide Mill - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to announce that, next week, the Governor of the State of Durango will officially inaugurate our Oxide Mill which we recently acquired and has been in operation since April of this year. The Governor's visit signifies the recognition by the Durango State Government that our Velardena Project is of significant importance with regard to the development of the mining industry in the Durango district." More
- August 11, 2009 | Item | E-mail

IAMGOLD & Avnel Gold Announce Option Agreement on the Kalana Gold Project - "IAMGOLD Corporation ("IAMGOLD") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) and Avnel Gold Mining Limited ("Avnel") have entered into an option agreement (the "Option Agreement") whereby IAMGOLD has the option to acquire up to an initial 51% interest in Avnel's 80% interest in Societe d'Exploitation de Mines d'Or de Kalana (the "Kalana project") in Mali, West Africa. All amounts shown are in US dollars unless otherwise indicated." More
- August 11, 2009 | Item | E-mail

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