-- Posted 6 July, 2010 | | Discuss This Article - Comments: Source: SilverSeek.com

The Metals:

Gold fell almost $20 to as low as $1189.20 by about 10AM EST, but it then bounced back higher in the last few hours of trade and ended with a loss of just 1.09%.  Silver dropped to as low as $17.585 before it spiked up to as high as $18.013 around midday in New York, but it then fell back off into the close and ended with a gain of just 0.17%.

Euro gold fell to about €945, platinum closed at $1508.33, and copper rose a few cents to about $2.96.

Gold and silver equities saw about 1% gains at the open, but they then fell back off midmorning and ended with roughly 1% losses.

The Economy:

There are no major economic reports due out tomorrow.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil ended slightly lower while the U.S. dollar index fell on poor ISM Services data that sent treasuries higher and erased most of the early gains seen in the Dow, Nasdaq, and S&P.

Among the big names making news in the market today were Cliffs Natural Resources and INR Coal, Monsanto, Apple, and BP.

The Commentary:

“Dear Comrades In Golden Arms,

Risk according to market pundits, blogs and for payment advisers is on one minute, and off the next, causing the gold market to roar and wane.

Hedge funds are the real cause of the moves by painting the charts intentionally or by accident. Amateur technicians run and jump constantly making contributions to the gold banks from their piggy banks.

Simply stated:

1. Leave your emotions at the door or get out of gold.

2. Gold is going to $1650. About that price objective I do not have the slightest doubt.

3. Gold is going to $1650 on or before January 14th, 2011. According to Armstrong the gold price will take until June of 2011 and go much higher.

This is just another time like many in the past, and some in future, where you go to the hole you have dug, jump in and pull a rock over the top. Peek out daily between July 8th and July 15th.

Yes, read JSMineset every day.

Respectfully,”- Jim Sinclair, JSMineset.com

GATA Posts:

Got Gold Report: Euro shorts cover, silver lame

Peter Grandich's mid-year market update

The Statistics:

Activity from: 7/02/2010

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

COMEX Gold Trust (IAU) Total Tonnes in Trust: 86.16

Silver Trust (SLV) Total Tonnes in Trust: 9151.78

The Miners:

Royal Gold’s (RGLD) acquired additional royalty interest, SEMAFO’s (SMF.TO) gold production, Exeter’s (XRA) drill results, Capital Gold’s (CGC) approved business combination with Nayarit, US Gold’s (UXG) initial resource estimate, Entree’s (EGI) new coal mining license, Rubicon’s (RBY) drill results, Aurizon’s (AZK) agreement with Niogold, Northgate’s (NXG) drill results, Aurcana’ (AUN.V) appointed director, Yale’s (YLL.V) field work, and Alexco’s (AXU) construction progress and exploration results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

All of today's gold and silver stock news:

Aurcana Appoints Director - "Aurcana Corporation (TSX-V:AUN - News) ("Aurcana" or the "Company") is pleased to announce the appointment of Robert Tweedy to its board of Directors." More
- July 06, 2010 | Item | ShareThis

Golden Predator Acquires Grew Creek Gold Property in Yukon, Canada - More
- July 06, 2010 | Item | ShareThis

Amarok Resources, Inc. -- Initial Assay Results Exceed Expectations - More
- July 06, 2010 | Item | ShareThis

Ateba Samples 15.28 g/t Gold on Walsh Katrine Gold Property, Initiates Channel Sampling Programme and Announces Private Placement - More
- July 06, 2010 | Item | ShareThis

Golden Chalice Resources Posts Langmuir NI 43-101 Mineral Resource Evaluation Report on SEDAR for Public Viewing - More
- July 06, 2010 | Item | ShareThis

Premium Exploration Announces the Sudden Passing of Chief Executive Officer-Wilf Struck - More
- July 06, 2010 | Item | ShareThis

Copper Mountain signs Impact Benefit Agreement with Upper Similkameen Indian Band - More
- July 06, 2010 | Item | ShareThis

Farallon announces details of evaluation of other deposits at Campo Morado - More
- July 06, 2010 | Item | ShareThis

Exploration Reports Received and Supplemental Drill Program Initiated at Lluvia de Oro/La Jojoba - More
- July 06, 2010 | Item | ShareThis

Hellix Ventures Inc.: Athabasca Work Expands Targets - More
- July 06, 2010 | Item | ShareThis

SearchGold Completes Transaction on Arae-Gassel in Burkina Faso and Obtains a 10% Stake in Swala Resources plc - More
- July 06, 2010 | Item | ShareThis

Mountain Boy Minerals Ltd.: Company Update - More
- July 06, 2010 | Item | ShareThis

Source Underground Drilling at San Acacio Intersects High -Grade Hanging Wall Stringer Zone; Footwall Zone Grades 88.3 G/T Silver, 0.12g/T Gold, 0.72% Zinc - More
- July 06, 2010 | Item | ShareThis

Premier - Red Lake JV intersects high grade gold - 3.63 oz/ton across 4.9 feet - More
- July 06, 2010 | Item | ShareThis

Gowest Identifies Three New Gold Targets for Phase 2 Drilling at Frankfield Gold Project in Timmins, Ontario - More
- July 06, 2010 | Item | ShareThis

Redhawk Announces Commencement of Drilling Program at Copper Creek - More
- July 06, 2010 | Item | ShareThis

Olympus Commences Exploration Programs on Four Core Properties - More
- July 06, 2010 | Item | ShareThis

Kalahari Resources Commences Drilling on High Grade Gold Targets on Lamaque Project - More
- July 06, 2010 | Item | ShareThis

Columbia Yukon Announces Non Brokered Private Placement - More
- July 06, 2010 | Item | ShareThis

Silver Spruce Reports on Results of REE Analyses for Rock Samples, Straits Property, Labrador - More
- July 06, 2010 | Item | ShareThis

Drilling Commences at Lucky Joe - More
- July 06, 2010 | Item | ShareThis

Quantum Commences 2010 Exploration Program at the Archie Lake Property - More
- July 06, 2010 | Item | ShareThis

International PBX Ventures Ltd.: Titan 24 Geophysical Survey Commences, Copaquire Copper-Molybdenum Project, Chile - More
- July 06, 2010 | Item | ShareThis

Strathmore to Review Alternatives at Church Rock, New Mexico - More
- July 06, 2010 | Item | ShareThis

Steele Recording Corp. Begins Major Acquisition - More
- July 06, 2010 | Item | ShareThis

Amseco Receives Final Scott Hogg and Associates Interpretation Report on Barry-Urban Project Airborne MAG Survey - More
- July 06, 2010 | Item | ShareThis

Upper Canada Gold Corporation Announces Assay Results From the Dingman Property 2010 Drilling - More
- July 06, 2010 | Item | ShareThis

Century Mining Provides Operational Progress Update for Lamaque Gold Mine - More
- July 06, 2010 | Item | ShareThis

Grayd Drills 88 Metres of 1.5 g/t Au in 270 Metre Step-out Hole at La India Gold Project - More
- July 06, 2010 | Item | ShareThis

Gentor Resources commences drilling at its Oman copper projects - More
- July 06, 2010 | Item | ShareThis

Klondex Mines Appoints Mining Veteran Blane Wilson President and COO - More
- July 06, 2010 | Item | ShareThis

AmeriLithium to Commence Second Stage of Exploration on Paymaster Project - More
- July 06, 2010 | Item | ShareThis

Commander Provides Exploration Update for Baffin Island - More
- July 06, 2010 | Item | ShareThis

Sultan Minerals Intersects Significant Zinc Mineralization at the HB Zone, Jersey-Emerald Property, BC - More
- July 06, 2010 | Item | ShareThis

Blue Note Mining Management to Support Gold Hawk Board - More
- July 06, 2010 | Item | ShareThis

Stronghold Metals Inc., Retains Phoenix Alliance Corp., for Investor Relations Service - More
- July 06, 2010 | Item | ShareThis

Dorato Receives Additional High-Grade Gold Results From Taricori Drilling - More
- July 06, 2010 | Item | ShareThis

Fire River Gold Announces 144 g/t (4.2 opt) Gold over 2.5 m (8.2 ft) Nixon Fork, Alaska - More
- July 06, 2010 | Item | ShareThis

Cadan Granted Environmental Compliance Certificate for Ongoing Development of Its T'Boli Gold-Silver Mine - More
- July 06, 2010 | Item | ShareThis

Laurion Provides Corporate Update on Bell Mountain Gold Project, Nevada - More
- July 06, 2010 | Item | ShareThis

New Guinea Gold Appoints Colin McKenzie as Director - More
- July 06, 2010 | Item | ShareThis

Major Airborne Survey and Channel Sampling Underway at Rare Earth Metals Red Wine/Letitia Lake Properties in Labrador - More
- July 06, 2010 | Item | ShareThis

Orezone: Fourth Round of Positive Drill Results at Bombore - More
- July 06, 2010 | Item | ShareThis

Alpha Gold's Exploration Program Ready to Commence at Lustdust Property - More
- July 06, 2010 | Item | ShareThis

Tyhee Development Corp Reports Receipt of Preliminary Feasibility Study and Identifies New Project Options - More
- July 06, 2010 | Item | ShareThis

Crocodile Gold on Track to Meet Production Targets and Produces 8,700 Ounces of Gold in June - More
- July 06, 2010 | Item | ShareThis

Sandspring Presents New Drill Results, Including 151m of 1.07g/t Gold in Hole TPD-80 Located 400 Metres Northwest Along Strike on Stepout - More
- July 06, 2010 | Item | ShareThis

Seafield to Host Open Conference Call to Update Investors on Company Activities in Colombia: Wednesday, July 7, 2010 - More
- July 06, 2010 | Item | ShareThis

Northern Gold Announces Completion of $2,500,500 Brokered Private Placement - More
- July 06, 2010 | Item | ShareThis

Anfield Intersects 19.7 Meters Grading 2.47% Nickel at its Mayaniquel Project, Guatemala - More
- July 06, 2010 | Item | ShareThis

Quest Rare Minerals Mobilizes Crews to Commence Strange Lake REE Project Exploration, Quebec - More
- July 06, 2010 | Item | ShareThis

Southern Arc Minerals Inc.: NTB Land Utilization Regulation-"The Perda"-Enacted Into Law - More
- July 06, 2010 | Item | ShareThis

Merc Intersects 16.12 Grams Gold Per Tonne Over 8.0 Metres and Discovers New Gold Zones at Red Mountain - More
- July 06, 2010 | Item | ShareThis

Western Troy Stakes Claims on Large Gossan in the Indian Lake Region of Quebec - More
- July 06, 2010 | Item | ShareThis

Oro Gold Welcomes John Brownlie to the Board of Directors - More
- July 06, 2010 | Item | ShareThis

NioGold and Aurizon Form Partnership to Develop the Marban Block Property - More
- July 06, 2010 | Item | ShareThis

Mercer Gold Corporation Reports on Gold Mineralization at the Guayabales Gold Project, Colombia - More
- July 06, 2010 | Item | ShareThis

RB Milestone Initiates Coverage of JNR Resources Inc. - More
- July 06, 2010 | Item | ShareThis

Avalon Announces New Senior Staff Additions to Advance the Nechalacho REE Deposit to Production - More
- July 06, 2010 | Item | ShareThis

Rusoro Announces Updated Resource Estimate for the Choco 10 Deposits With a 78% Increase in Measured and Indicated Ounces to 8.3M oz With an Additional 2.8M oz - More
- July 06, 2010 | Item | ShareThis

Romios Announces Closing of First Tranche of Flow-Through Offering and Working Capital Offering - More
- July 06, 2010 | Item | ShareThis

Champion Minerals Continues Major Drill Program at the Prospective Harvey-Tuttle Claim Block and Provides Update on Other Activities - More
- July 06, 2010 | Item | ShareThis

REC Minerals: Exploration Program at North Nonacho Completed - More
- July 06, 2010 | Item | ShareThis

Sunridge Gold Reports 52 Metres of 0.97 g/t Gold and 0.62% Copper at Adi Rassi, Asmara Project, Eritrea - More
- July 06, 2010 | Item | ShareThis

WorldVest Hurricane Resources Acquires Chile Inversiones de Minerales, Ltda. - More
- July 06, 2010 | Item | ShareThis

Miocene Metals' Private Placement Fully Subscribed Raising Gross Proceeds of $750,000 - More
- July 06, 2010 | Item | ShareThis

Kirrin Resources Exploration Update on Key Lake SW Uranium Project in the Athabasca; Shows Similarities With Phoenix Discovery - More
- July 06, 2010 | Item | ShareThis

Puget Ventures Announces Commencement of Summer Work Program at Werner Lake Belt Deposit in Ontario, Canada - More
- July 06, 2010 | Item | ShareThis

Goldrich Begins Gold Production at Chandalar, Alaska - More
- July 06, 2010 | Item | ShareThis

Fjordland Exploration Inc.: Gold Fields Completes Due Diligence on Woodjam South Property, BC - More
- July 06, 2010 | Item | ShareThis

Pancontinental Uranium Corporation and Crossland Uranium Mines Limited Prepare for Drilling at Cockroach Dam (NT) Prospect - More
- July 06, 2010 | Item | ShareThis

HudBay Announces Joint Venture With VMS Ventures - More
- July 06, 2010 | Item | ShareThis

VMS Ventures Inc. Announces Agreements With HudBay Minerals to Advance the Development of the Reed Lake Deposit and Explore Surrounding Claims - More
- July 06, 2010 | Item | ShareThis

Cliffs Natural Resources Gets Majority Position in Spider Resources And Extends Offer - More
- July 06, 2010 | Item | ShareThis

Progress Report on Orex's Drilling Program at the Coneto Gold-Silver Project - More
- July 06, 2010 | Item | ShareThis

David Newbold Appointed CFO at Greystar Resources - More
- July 06, 2010 | Item | ShareThis

Black Hawk Receives Positive Results from Dun Glen Gold Assays - More
- July 06, 2010 | Item | ShareThis

Yale Announces the Start of Geophysics at Guadalupe - "Yale Resources Ltd. (TSX-V: YLL - News; Frankfurt: YAB - News) is pleased to announce that the next phase of field work has started at the wholly owned Guadalupe property, located in the heart of the Fresnillo district, on behalf of partner Gold American Mining Inc. (OTC – SILA, previously Silver America Inc.)." More
- July 06, 2010 | Item | ShareThis

Royal Gold Acquires Additional Royalty Interests on the Pascua-Lama Gold Project - "Royal Gold, Inc. (NASDAQ: RGLD - News) (TSX: RGL - News) today announced that it has acquired the rights to an additional 1.0% net smelter return (“NSR”) sliding-scale gold royalty on the Pascua-Lama project, which is owned by Barrick Gold Corporation (“Barrick”). The additional interest was purchased in separate transactions from three private individuals for a total acquisition price of $68 million. Of this amount, $40 million has been paid to immediately acquire an additional 0.60% royalty interest, and a deferred payment of $28 million will be made on or before October 29, 2010 to acquire the remaining 0.40% royalty interest. Once the acquisition is complete, Royal Gold’s total royalty interest will increase to 5.23% NSR, at gold prices above $800 per ounce. The transactions also include a 0.20% fixed-rate copper royalty that takes effect after January 1, 2017, increasing Royal Gold’s copper royalty interest to 1.05%." More
- July 06, 2010 | Item | ShareThis

SEMAFO Produces 68,200 Ounces of Gold in Q2 2010 - "SEMAFO (TSX:SMF - News) today announced that a strong performance at the Company's Mana Mine drove second quarter gold production to a record 68,200 ounces, representing an increase of 6% over the same period last year." More
- July 06, 2010 | Item | ShareThis

Exeter reports new drilling results from Caspiche gold-copper project - "CSD067 was drilled into the central portion of the recently discovered MacNeill Zone situated on the far western edge of the deposit. The new hole was drilled in a westerly direction, down the plunge of mineralization and confirmed the presence of a coherent internal subzone of higher grade gold (and low grade copper) mineralization within the MacNeill Zone. This drill hole intersected the highest grades returned to date from this zone. This provides further encouragement for a potential heap leaching operation similar to the Maricunga (Refugio) gold mine located 15 kilometres north of Caspiche." More
- July 06, 2010 | Item | ShareThis

Capital Gold Corporation Stockholders Approve Business Combination Agreement With Nayarit Gold - "Capital Gold Corporation (NYSE Amex: CGC; TSX: CGC) announced that, at its special meeting of stockholders held July 2, its stockholders voted to approve the proposed business combination with Nayarit Gold, Inc. (TSX.V: NYG). Closing of the transaction is expected to take place as soon as practicable, following compliance with all closing conditions including the approval of the Nayarit Gold, Inc. shareholders at its special meeting scheduled to be held July 12, 2010. The Company anticipates that the transaction will close in August although that cannot be assured." More
- July 06, 2010 | Item | ShareThis

US Gold Corporation: El Gallo Initial Resource Estimate - "US GOLD CORPORATION (AMEX:UXG - News) (TSX:UXG - News) is pleased to announce details of an initial resource estimate for its El Gallo Project (100% owned) in Sinaloa State, Mexico. The resource estimate was prepared by Pincock, Allen and Holt (PAH) of Denver, Colorado in accordance with Canadian National Instrument 43-101 standards (NI 43-101). The resource is based on 97,110 feet (29,600 m) of core drilling." More
- July 06, 2010 | Item | ShareThis

Entrée Gold receives new coal mining licence, Mongolia - "Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entrée" or the "Company") has received a mining licence covering its Nomkhon Bohr coal discovery, outlined through exploration efforts in 2008-2009. The new mining licence comprises approximately 14,030 hectares and covers the northwest corner of the former Togoot exploration licence. The portion of the property included in the mining licence is mainly underlain by Permian sediments which are known to host rich coal deposits in this part of the Gobi Desert." More
- July 06, 2010 | Item | ShareThis

Rubicon confirms significant horizontal thickness through the F2 Core Zone and discovers a new zone in the northern target area, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX:TSX: / RBY:NYSE-AMEX) is pleased to provide an update of the latest diamond drill results at its 100%-owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. All new drill results are shown in Table 1 and Figures 1 and 2." More
- July 06, 2010 | Item | ShareThis

Alexco Updates Bellekeno Mine Construction Progress, Keno Hill Silver District Exploration Results - "Alexco Resource Corp. (TSX:AXR - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to provide an update on its Bellekeno Mine construction project, and exploration activities currently underway in the Keno Hill Silver District, Yukon. Since initiating construction in November 2009 and through the end of June 2010, Alexco has incurred approximately CA$18.8 million, or 45%, of the CA$41.6 million of construction and development capital estimated to achieve commercial production under the original Development Plan. Prior to November 2009, approximately CA$17 million was invested in pre-development activity including establishment of the Bellekeno East decline. As of the end of June 2010, mine development is approximately 69% complete, while mill construction is approximately 56% complete, and the overall project remains on schedule for completion and commissioning in the third quarter of calendar 2010 (see news release dated November 11, 2009 entitled "Alexco Completes Positive Bellekeno Mine Development Plan, Silver Wheaton Concurs -- Initiation of Construction Approved")." More
- July 06, 2010 | Item | ShareThis

Aurizon and Niogold enter into agreement to advance the Marban Block property, Quebec - "We are pleased to enter into this agreement with Niogold for the exploration of the Marban Block." said David Hall, Aurizon's CEO. "This is a continuation of our strategy to assemble a portfolio of exploration properties, at various stages of development, to complement our Casa Berardi and Joanna projects and to provide a strong pipeline for future growth." More
- July 06, 2010 | Item | ShareThis

Northgate Minerals Intersects New Gold Zone of 3.46 Grams per Tonne Over 79.5 Metres at Young-Davidson - "Northgate Minerals Corporation (TSX: NGX, NYSE Amex: NXG) is pleased to report that Hole YD10-198, located west of the Young-Davidson orebody, intersected 3.46 grams per tonne (g/t) gold over 79.5 metres (m) (estimated true thickness is 53.5m)." More
- July 06, 2010 | Item | ShareThis

Australian government under attack over mine tax revenue - "Australia's government came under political attack on Tuesday over a potential A$4.5 billion ($3.8 billion) loss in revenue from a new mine tax, months before elections in which economic management will be a major issue." More
- July 06, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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