Gold Seeker Closing Report: Gold and Silver End With Slight Gains

	Close	Gain/Loss
Gold	$1239.95	+$1.00
Silver	$18.87	+$0.07
XAU	179.75	-1.02%
HUI	476.84	-0.47%
GDM	1440.98	-0.42%
JSE Gold	2567.11	-2.12
USD	86.09	+0.15
Euro	122.70	-0.37
Yen	110.58	+0.70
Oil	$77.21	-$0.61
10-Year	3.166%	-0.077
T-Bond	124.75	+1.125
Dow	10293.52	-1.43%
Nasdaq	2261.80	-1.19%
S&P	1095.31	-1.61%

Gold fell to as low as $1231.60 in London, but it then climbed back higher for most of trade in New York and ended near its late morning high of $1242.60 with a gain of 0.08%. Silver followed a similar pattern and ended well off its session low of $18.575 with a gain of 0.37%.

Euro gold rose to about €1008, platinum lost $1 to $1585.50, and copper rose 5 cents to about $2.99.

Gold and silver equities traded mostly slightly higher for most of the morning, but they then fell back off in afternoon trade and end with modest losses.

Report	For	Reading	Expected	Previous
Existing Home Sales	May	5.6M	6.10M	5.77M
FHFA Housing Price Index	Apr	0.8%	-	0.1%

Tomorrow at 10AM EST brings New Home Sales for May expected at 430,000 and at 2:15 is the FOMC rate decision.

Oil fell slightly as the U.S. dollar index ended with a small gain on risk aversion.

Treasuries rose as the Dow, Nasdaq, and S&P fell over 1% by the close on poor economic data and renewed worries over the banks after Fitch Ratings slashed its view on BNP Paribas SA.

Among the big names making news in the market today were Carnival, BP, Walgreen, and JPMorgan.

In one of the more marvelous market displays I have seen in many years, gold was able to shrug off a major technical reversal sign and actually attract enough buying to not only minimize downside movement but actually bounce higher. Considering the extent of speculative long side exposure, and the nature of today’s computer algorithms, its ability to remain firm is astonishing and probably says more about the overall psychology towards the metal than any comments I could make. Investors and traders at the Comex are not panicking out of gold in spite of the formidable technical resistance that surfaced yesterday.

The same goes for the HUI which moved higher while the broader equity market moved lower based on the action of the S&P 500. Again – this is remarkable stuff for gold.

While the record high of yesterday’s session is serving as our new upside technical resistance level and holding price in check for right now, the fact is gold did not fall apart – that alone has to have unnerved those dwelling in their bear dens which is why we saw them begin covering when gold held yesterday’s session lows and refused to break down any further. One day does not a market trend make but for the sheer audacious of the bulls’ performance, you have to tip your hat to their gritty determination to stand firm and refusal to run.

As far as open interest readings go – yesterday’s sell off was accompanied by a rather mediocre drop of a bit under 2,200 contracts bringing the overall number down to 600,895. Considering the extent of the volume of contracts traded yesterday, it is evident that there was a determined selling cap shoved in place even as some of the weaker shorts were forced out on the initial spike into a new record high price. I am a bit surprised that volume yesterday came in where it did; I had expected to see something closer to 200,000. Perhaps that is also why we are seeing gold holding up so well today. Fear by the long side did not apparently materialize during the plunge. As a matter of fact, volume in today’s session is actually more impressive. This is an interesting development which bears further scrutiny over the next couple of trading sessions. If this is the best that the bears can do with all the technicals in their favor, they are in trouble. They will need to take the market down below yesterday’s low on better volume to tip the market convincingly in their favor. I still cannot get over the amazing resiliency being displayed by gold today. This is definitely not the same gold market as back in 2008.

The HUI needs to climb back above 490 to turn the charts a bit more friendly and prevent more of the momentum oscillators from turning lower. Some are still rising but a few are flipped over into bearish territory.”- Dan Norcini, More at JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.01 tonnes and the JSE added 0.24 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 84.96 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9208.83 - No change from yesterday’s data.

Paramount’s (PZG) and Klondex’s (KDX.TO) release of claims, Goldcorp’s second sulphide processing line, IAMGOLD’s (AIG) investor day, and Coeur’s (CDE) processing agreement 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.

Coeur Enters into Agreement with China National Gold for Processing of Kensington Gold Concentrates - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced that Coeur Alaska, Inc., a wholly-owned subsidiary, has entered into a contract with China National Gold Group Corporation, China’s largest gold producer, for the purchase and processing of gold concentrates produced at Coeur’s new Kensington gold mine. This agreement is the first of its kind between a state-owned corporation of the People's Republic of China and a U.S. precious metals mine." More
- June 22, 2010 | Item | ShareThis

Richfield continues to demonstrate continuity of gold mineralization at Blackwater Gold Project, B.C. - More
- June 22, 2010 | Item | ShareThis

Nanika Announces Ground Acquisition at Bulldog Creek, Stewart B.C. - More
- June 22, 2010 | Item | ShareThis

Fire River Gold Increases Non Brokered Private Placment to $5.5 Million - More
- June 22, 2010 | Item | ShareThis

First Gold Continues to Extend Mineralized Zones of Rare Metal Property - More
- June 22, 2010 | Item | ShareThis

Seafield Engages Investor Relations and Announces Grant of Options - More
- June 22, 2010 | Item | ShareThis

Rusoro Announces Second Payment of $13 Million Principal of the Restructured Senior Secured Exchangeable Loan - More
- June 22, 2010 | Item | ShareThis

Klondex and Paramount Agree to Release of Claims and Dismissal of Litigation - More
- June 22, 2010 | Item | ShareThis

Paramount and Klondex Agree to Release of Claims and Dismissal of Litigation - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(TSX:PZG - News)(Frankfurt:P6G - News) announced today that Paramount Gold & Silver Corp. and Klondex Mines Ltd.(TSX:KDX - News) have agreed to release each other from all claims, including those pertaining to the litigation filed in the British Columbia Supreme Court." More
- June 22, 2010 | Item | ShareThis

Bingo gold deposit assays confirm high grade mineralization - More
- June 22, 2010 | Item | ShareThis

Unigold Drilling at the Candelones Extension in the Dominican Republic Returns 2.1 Grams Per Tonne Gold (g/t Gold) Over an 18 Metre True Width - More
- June 22, 2010 | Item | ShareThis

Coro Announces Start of Titan 24 Geophysical Survey at Chacay Property, Chile - More
- June 22, 2010 | Item | ShareThis

Sparton Welcomes New Members to Board of Directors - More
- June 22, 2010 | Item | ShareThis

JOURDAN Discovers up to 3.50% Total Rare Earth Elements Oxides ("TREO's") in Surface Grab Samples on the Lac Baude Rare Earth Elements ("REE's") Property - More
- June 22, 2010 | Item | ShareThis

Gold Canyon Announces Springpole Summer Drill Program to Begin Shortly - More
- June 22, 2010 | Item | ShareThis

Matamec Closes a Private Placement With the MineralFields Group - More
- June 22, 2010 | Item | ShareThis

Bralorne Announces Adjournment of Shareholder Meeting - More
- June 22, 2010 | Item | ShareThis

Source Evaluating Production Options on San Acacio Silver Project, Zacatecas, Mexico - More
- June 22, 2010 | Item | ShareThis

Inspiration Mining Corporation: Cleaver Property Update - More
- June 22, 2010 | Item | ShareThis

NV Gold Completes Acquisition of Cortez-Trend Gold Project - More
- June 22, 2010 | Item | ShareThis

MacDonald Mines Releases Final Assays From James Bay; Identifies Fourth Limb on Potential Matagami-Type VMS Camp - More
- June 22, 2010 | Item | ShareThis

Results of Mindoro Annual General Meeting - More
- June 22, 2010 | Item | ShareThis

New Guinea Gold Associate Company, Coppermoly Ltd Has Announced Primary Copper Mineralisation Intersected to Below 250m in JV Partner Barrick's First Hole - More
- June 22, 2010 | Item | ShareThis

Klondike Silver Corp. Completes First Phase of Gold and Silver Exploration Program at Connaught JV Project - More
- June 22, 2010 | Item | ShareThis

Victory Nickel Demonstrates Continuity in Minago North Limb - More
- June 22, 2010 | Item | ShareThis

Hornby Bay Announces Mobilization of Drill - More
- June 22, 2010 | Item | ShareThis

Pershimco Resources Inc.: First Closing of a Private Placement and Extension of the Due Diligence Period for Cerro Quema - More
- June 22, 2010 | Item | ShareThis

Sona Resources Corp.: Blackdome-Elizabeth Preliminary Economic Assessment Finalized - More
- June 22, 2010 | Item | ShareThis

Merrex Gold-Siribaya Drilling Hits Southern Extension of Zone 1B and Northern Extension of Zone 1A; New Trend Developing at Babara-Kofia Permits - More
- June 22, 2010 | Item | ShareThis

Khan Announces Organizational Changes and Update on Legal Actions - More
- June 22, 2010 | Item | ShareThis

Eagle Hill Begins June Drill Program at Windfall Lake - More
- June 22, 2010 | Item | ShareThis

Klondex Initiates Step-Out and Infill Drilling of High Grade Gold Targets in Nevada - More
- June 22, 2010 | Item | ShareThis

Golden Predator Increases Clear Creek and Gold Dome Land Positions to Over 230 km(2) - More
- June 22, 2010 | Item | ShareThis

Golden Band Resources Agrees to USD$7 Million Gold Note Financing and Launches Cdn$5 Million Flow-Through Private Placement - More
- June 22, 2010 | Item | ShareThis

Northern Gold $2,500,000 Brokered Private Placement is Fully Subscribed - More
- June 22, 2010 | Item | ShareThis

Goldsource Appoints New Corporate Officers - More
- June 22, 2010 | Item | ShareThis

Virgin Metals Announces Appointment of Chris Berlet to Its Board of Directors - More
- June 22, 2010 | Item | ShareThis

Consolidated Goldfields Receives Bulk Sample Assay Results from the Cahuilla Project - More
- June 22, 2010 | Item | ShareThis

Pebble Creek Mining Ltd. to accelerate drilling program at Askot project, India - More
- June 22, 2010 | Item | ShareThis

Edgewater Acquires Option on Red Back Mining's Enchi Gold Project, Ghana; Completes $3.0m Financing - More
- June 22, 2010 | Item | ShareThis

Guinness Exploration Announces Set-up of Nantawa Project Exploration Work Camp - More
- June 22, 2010 | Item | ShareThis

Constantine Acquires Phoenix Lake Gold Property in South Timmins Area, Ontario - More
- June 22, 2010 | Item | ShareThis

MAX drills 27.4 meters of 0.467 g/t gold and 3 meters of 1.79 g/t gold at Table Top, Nevada; deeper drilling planned - More
- June 22, 2010 | Item | ShareThis

Volta Completes Its In-fill and Extension Drilling Program at Its Kiaka Gold Project - More
- June 22, 2010 | Item | ShareThis

Capella Reports on Trench Sampling at the Nevada Project - More
- June 22, 2010 | Item | ShareThis

Cadan Appoints Consulting Geologist Max Tuesley to Its Technical Team - More
- June 22, 2010 | Item | ShareThis

Rare Earth Metals Inc. Reports Updated Drill Assays of 2.25 % TREO Over 10.1 Meters and 0.49 % NbO5 Over 4.5 Meters from Infill Sampling at Clay-Howells - More
- June 22, 2010 | Item | ShareThis

Caldera Issues 500,000 Shares to Global Gold to Close its Armenian JV Deal - More
- June 22, 2010 | Item | ShareThis

LKA Resumes Revenue-Generating Exploration Work at Golden Wonder Mine - More
- June 22, 2010 | Item | ShareThis

Nuukfjord Commences Drilling at Storo Gold Deposit - More
- June 22, 2010 | Item | ShareThis

Channel Resources Commences Drilling Program at Tanlouka Gold Project, Burkina Faso - More
- June 22, 2010 | Item | ShareThis

Premier - Drilling returns high-grade in multiple zones at Hardrock - More
- June 22, 2010 | Item | ShareThis

Uranium Energy Corp Discovers New Exploration Zone and Reports Strong Drill Results at Palangana in South Texas - More
- June 22, 2010 | Item | ShareThis

Mercer Gold Corp. Announces Dr. David Shaw as a Director of the Company - More
- June 22, 2010 | Item | ShareThis

Golden Hope Mines Appoints Marc A. Drouin to Its Board of Directors - More
- June 22, 2010 | Item | ShareThis

Explorator Resources Reports on Drilling at El Espino-Results Include 40m of 3.20% Cu and 0.54g/t Au From 151 Meters - More
- June 22, 2010 | Item | ShareThis

Forum Uranium Corp.: Henday Summer Exploration Program Planned - More
- June 22, 2010 | Item | ShareThis

Creso Exploration Acquires the Matona Gold Property and Expands to a 7km E-W Strike Width its Holdings in the Shining Tree Area - More
- June 22, 2010 | Item | ShareThis

Malaga Receives Positive Preliminary Results on Hydroelectric Project Feasibility Study in Peru - More
- June 22, 2010 | Item | ShareThis

Goldstone Resources Exploration Update - More
- June 22, 2010 | Item | ShareThis

Purepoint Uranium Group Inc.: Commences Airborne Survey at Umfreville North and South Newnham Projects - More
- June 22, 2010 | Item | ShareThis

Lithium One Reports Favourable Drill Results from Sal de Vida Brine Project: Two Test Wells Confirm Brine-Bearing Aquifers to 60 Metres Depth - More
- June 22, 2010 | Item | ShareThis

Sama Resources Inc. Begins Trading Under Trading Symbol SME - More
- June 22, 2010 | Item | ShareThis

Formation Metals Strengthens Board - More
- June 22, 2010 | Item | ShareThis

Uranium Resources, Inc. Prices Common Stock Offering - More
- June 22, 2010 | Item | ShareThis

Goldrush Announces Commencement of Drilling and Trenching Program Plan on Ronguen Gold Deposit - More
- June 22, 2010 | Item | ShareThis

Astur Gold Appoints New Chief Geologist for Salave Gold Project in Asturias, Spain - More
- June 22, 2010 | Item | ShareThis

Source Gold Corp. to Begin Summer Exploration Program - More
- June 22, 2010 | Item | ShareThis

Candente Gold Begins Underground Drilling at El Oro - More
- June 22, 2010 | Item | ShareThis

Intrepid Mines Limited: Significant Change in Circumstances Demands Board Reverse Paulsens Sale Recommendation - More
- June 22, 2010 | Item | ShareThis

Goldcorp's Penasquito Mine Completes Construction of Second Processing Line Ahead of Schedule - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) announced today that the second sulphide processing line (Line 2) at Penasquito mine in Zacatecas, Mexico has achieved mechanical completion ahead of its previously expected third quarter completion date." More
- June 22, 2010 | Item | ShareThis

IAMGOLD Investor Day to Be Held on June 22, 2010 - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is holding an Investor Day on June 22, 2010 in Toronto for financial analysts and the institutional investment community. Presentations by senior management will focus on the Company's strategy and outlook, financial position, operations and exploration activities in West Africa and the Americas." More
- June 22, 2010 | Item | ShareThis

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