Gold Seeker Closing Report: Gold and Silver Fall Slightly Before Fed Announcement; Gain Afterwards

	Close	Gain/Loss
Gold	$1195.60	-$4.85
Silver	$18.15	-$0.11
XAU	175.29	-0.07%
HUI	460.60	+0.19%
GDM	1387.84	+0.32%
JSE Gold	2436.89	-5.66
USD	80.86	+0.16
Euro	131.85	-0.41
Yen	117.17	+0.79
Oil	$80.25	-$1.23
10-Year	2.781%	-0.041
T-Bond	129.78125	+0.4375
Dow	10644.25	-0.51%
Nasdaq	2277.17	-1.24%
S&P	1121.06	-0.60%

Gold waffled near unchanged for most of trade in Asia before it fell back off in London to see an almost 1% loss at as low as $1190.25 in early New York trade and then stormed back higher in midday trade to almost unchanged at as high as $1199.65 by early afternoon, but it then fell back off in the last hour of trade and ended with a loss of 0.4%. It has however, more than erased that loss in after hours access trade in reaction to the fed’s announcement.

Silver dropped to as low as $17.945 in London before it also rallied back higher in morning New York trade and saw a slight gain in early afternoon trade at $18.292, but it then fell back off in late trade and ended with a loss of 0.6%. It has also more than erased that loss in after hours access trade in reaction to the fed’s announcement.

Euro gold rose to about €912, platinum lost $7.20 to $1530.80, and copper fell 4 cents to about $3.31.

Gold and silver equities fell over 2% at the open before they rose to see only 1% losses by early afternoon, but they then jumped even higher following the fed’s announcement and ended near unchanged.

Report	For	Reading	Expected	Previous
Productivity	Q2	-0.9%	0.1%	3.9%
Unit Labor Costs	Q2	0.2%	1.4%	-3.7%
Wholesale Inventories	June	0.1%	0.4%	0.5%

The fed kept rates in their record low range of 0.00% to 0.25% and said they would keep them there for an extended period as expected. Analyst opinions were mixed as to whether or not the fed would announce new asset purchases or other supposedly stimulative measures, so it was a surprise to some at least when the fed announced that they will at least keep holdings of their securities at the current level (maintain its balance sheet) and reinvest mortgage bond proceeds into government bonds rather than more mortgage debt.

“Voting against the policy action was Thomas M. Hoenig, who judged that the economy is recovering modestly, as projected. Accordingly, he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and limits the Committee’s ability to adjust policy when needed. In addition, given economic and financial conditions, Mr. Hoenig did not believe that keeping constant the size of the Federal Reserve’s holdings of longer-term securities at their current level was required to support a return to the Committee’s policy objectives.”

Tomorrow at 8:30AM EST brings the Trade Balance for June expected at -$42.2 billion and at 2PM is the Treasury Budget for July expected at -$169.0 billion.

Oil fell as the U.S. dollar index rose notably in early trade, but it then pared its losses as the dollar erased nearly all its gains after the fed’s announcement.

Treasuries added to early gains after the fed announced it will purchase government bonds with mortgage bond proceeds.

The Dow, Nasdaq, and S&P fell over 1% at the open on news of slowing imports in China that increased worries over the health of the world economy, but all three indices pared most of their losses and ended only modestly lower in reaction to the fed’s announced actions.

Among the big names making news in the market today were Netflix, Trump Entertainment, and BofA.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 90.86 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9151.03 - No change from yesterday’s data.

Freeport’s (FCX) problems with illegal miners, Timberline’s (TLR) third quarter results, Gammon Gold’s (GRS) second quarter results, Allied Nevada’s (ANV) infill drill program, Northgate’s (NXG) second quarter results, and Impact’s (IPT.V) new land concessions 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.

Red Back Announces Shareholder Special Meeting - More
- August 10, 2010 | Item | ShareThis

Capstone Reports Financial Results for the Second Quarter and Year-to-Date - More
- August 10, 2010 | Item | ShareThis

Canada Lithium Signs Purchase Agreement to Sell Tully Gold Prospect - More
- August 10, 2010 | Item | ShareThis

Comstock Mining Acquires Key Mineral Leases on Southern Extent of Comstock Trend - More
- August 10, 2010 | Item | ShareThis

Impact Silver Acquires Large New Concessions At Zacualpan - "IMPACT Silver Corp. (“IMPACT” or “the Company”) is pleased to announce that formal title to several new large concessions at Zacualpan have recently been granted to IMPACT by the Mines Directorate in Mexico. These important new claim holdings add an additional 150 square kilometers to the Company’s property portfolio, bringing the total claim holdings in the Zacualpan-Mamatla Districts under IMPACT’s control to 623 square kilometers. These new claims are a big step in the consolidation of the region, bringing most of the major historic mines under the control of one company for the first time in the 480-year history of the districts." More
- August 10, 2010 | Item | ShareThis

Kingsman Resources Inc.: Molybdenum Luxor Property Update, Site Visit and Option Grant - More
- August 10, 2010 | Item | ShareThis

Great Western Minerals Group Signs Agreement to Purchase 100% of Rare Earths Production From Steenkampskraal Mine - More
- August 10, 2010 | Item | ShareThis

WestCan Uranium Options Advanced Project on Athabasca Basin's North Rim - More
- August 10, 2010 | Item | ShareThis

Pediment Gold Corp.: AMEC Delivers Positive Preliminary Assessment for San Antonio Gold Project and Recommends More Advanced Studies - More
- August 10, 2010 | Item | ShareThis

Lydian Intersects 84m at 4.9 g/t Gold at Its Amulsar Gold Discovery; Armenia - More
- August 10, 2010 | Item | ShareThis

Savant Encounters Its Longest Gold Intercept in Final Hole of First Phase Drill Progam at Parbec - More
- August 10, 2010 | Item | ShareThis

Typhoon Has Completed Its Stripping Activities in the Fayolle Deposit Sector - More
- August 10, 2010 | Item | ShareThis

Afri-Can Marine Minerals Closes a Second and Last Part of Private Placement - More
- August 10, 2010 | Item | ShareThis

Plexmar/Malin Plant Services Contract: Second Milestone Reached - More
- August 10, 2010 | Item | ShareThis

USPR Announces the Appointment of Mr. Jack Wagenti to the Board of Directors - More
- August 10, 2010 | Item | ShareThis

European Goldfields Limited - Results for Q2 2010 - More
- August 10, 2010 | Item | ShareThis

First Uranium announces that the company meets the TSX's continued listing requirements. - More
- August 10, 2010 | Item | ShareThis

Sunward intersects 263.1 metres of 0.86 g/t gold and 0.33% copper at the Titiribi project - More
- August 10, 2010 | Item | ShareThis

Northern Freegold Reports on Progress and Enhances Drill Program With Titan Deep IP Survey at Freegold Mountain, Yukon - More
- August 10, 2010 | Item | ShareThis

Farallon provides exploration update for first half 2010 - Excellent results from underground drilling continue - More
- August 10, 2010 | Item | ShareThis

Lake Shore Gold Reports Wide, High-Grade Intercepts at Timmins Mine Including 13.55 gpt Over 50.80 Metres and 61.35 gpt Over 15.00 Metres - More
- August 10, 2010 | Item | ShareThis

African Gold Group, Inc. 7 New Prospective Gold Mineralization Targets Identified by Airborne Geophysical Survey at Kobada, Mali - More
- August 10, 2010 | Item | ShareThis

Full Metal Options Pyramid Copper-Gold-Molybdenum Porphyry to Antofagasta; Drilling Underway - More
- August 10, 2010 | Item | ShareThis

Alderon Provides Update on Kami Drill Program - More
- August 10, 2010 | Item | ShareThis

Sutter Gold Announces Extension of Warrants - More
- August 10, 2010 | Item | ShareThis

Mirasol Reports Phase 4 Results and Progress on Phase 5 Drill Program, Joaquin Silver Project, Argentina - More
- August 10, 2010 | Item | ShareThis

Gold American Mining Corp. Signs Option Agreement on High-Grade Silver-Gold Property in Sonora, Mexico - More
- August 10, 2010 | Item | ShareThis

Gossan Gets Excellent Results From the Claims Network Inc. - More
- August 10, 2010 | Item | ShareThis

Acrex discovers priority gold target on its Spanish Mountain Property - More
- August 10, 2010 | Item | ShareThis

Network completes soil sampling program in Yukon - More
- August 10, 2010 | Item | ShareThis

Salazar Initiates Metallurgical Test Programs - More
- August 10, 2010 | Item | ShareThis

Commerce Resources Corp. Commences Drilling at Eldor Rare Metal Project, Quebec - More
- August 10, 2010 | Item | ShareThis

Nautilus Minerals Announces Financial Results for Q2 2010 - More
- August 10, 2010 | Item | ShareThis

Thunder Mountain Gold Retains Cameron Associates as Investor Relations Advisor - More
- August 10, 2010 | Item | ShareThis

Strategic Metals Ltd. Discovers Porphyry-Style, Multi-Element Zone at Its Keg Property, Yukon - More
- August 10, 2010 | Item | ShareThis

Rare Earth Results From Playfair South Block - More
- August 10, 2010 | Item | ShareThis

East Asia Intercepts 0.4 g/t Gold, 0.2% Copper Over 415.1 Metres, Ending in 0.5 g/t Gold, 0.2% Copper Over 279.4 Metres at Lower Tengkereng Porphyry Project - More
- August 10, 2010 | Item | ShareThis

Rare Earth Metals Reports Additional Channel Sampling Results and Discovery of New Heavy Rare Earth Element Mineralization at Its Red Wine Property - More
- August 10, 2010 | Item | ShareThis

Continental Nickel Intersects an 80.0 Metre Wide Interval of Nickel Sulphides Grading 0.64% Nickel and 0.12% Copper from the New "Sleeping Giant" Zone - More
- August 10, 2010 | Item | ShareThis

Northair Assays 15.3 Metres of 0.36 g/t Gold From La Cigarra Project, Mexico; Gold Assays Provide New Exploration Focus - More
- August 10, 2010 | Item | ShareThis

Eagle Star Minerals Corp.: Company's Update on Work Progress - Anigco Iron Project, North Eastern Brazil - More
- August 10, 2010 | Item | ShareThis

Champion Minerals Updates Harvey-Tuttle Drill Program; Also Increases Fermont Iron Property Land Holdings from 385 km(2) to 608 km(2) - More
- August 10, 2010 | Item | ShareThis

Anaconda acquires 35.7% of New Island shares and extends bid - More
- August 10, 2010 | Item | ShareThis

S.Africa's ANC says not looking to nationalise mines - "South Africa's ruling African National Congress is not looking at ways to nationalise mines but wants to intervene in ways to best manage the sector crucial to the state's economy, an official said on Tuesday." More
- August 10, 2010 | Item | ShareThis

VMS Ventures Outlines Plans for Diamond Drilling at the Copper-Rich Reed Lake Joint Venture Property - More
- August 10, 2010 | Item | ShareThis

RockBridge Completes Prospecting and Proceeds With Plans for Drilling - More
- August 10, 2010 | Item | ShareThis

European Goldfields Q2 2010 Results - More
- August 10, 2010 | Item | ShareThis

Illegal miners overrun Freeport's Congo mine - "Illegal miners in Democratic Republic of Congo burned trucks and stole copper from the $2 billion Tenke Fungurume mine in a dispute with Freeport-McMoRan, the country's largest foreign investor, a provincial minister said." More
- August 10, 2010 | Item | ShareThis

Timberline Announces Third Quarter 2010 Financial Results - "For the third fiscal quarter of 2010, Timberline reported a consolidated net loss of $0.81 million compared to consolidated net income of 0.24 million in the same fiscal quarter of 2009. The net loss for the third fiscal quarter of 2010 includes expenses of $0.21 million related to the acquisition of Staccato Gold Resources during the quarter. The net income for the third fiscal quarter of 2009 included a one-time recovery of previously expensed professional fees of $0.53 million." More
- August 10, 2010 | Item | ShareThis

Gammon Gold Reports Second Quarter Financial Results and Reports Positive Earnings Before Other Items with Improving Operations Reported from the Ocampo Mine - "In the second quarter, the Company reported earnings before other items of $11.4 million, or $0.08 per share (net of a charge of $1.7 million, or $0.01 per share, in accrued severance charges associated with theEl Cubo mine), as compared to $3.4 million, or $0.03 per share, in the same period in 2009, an $8.0 million, or $0.05 per share, improvement over the same period in 2009." More
- August 10, 2010 | Item | ShareThis

Allied Nevada Reports Increased Measured & Indicated Resources of 8.0 Million Ounces of Gold and 259.2 Million Ounces of Silver - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to report that the infill drill program has successfully increased gold measured and indicated resources (inclusive of reserves) by 13% to 8.0 million ounces at the Company's wholly owned Hycroft Mine located near Winnemucca, Nevada (see Table 1 for more information regarding tons and grade). Silver measured and indicated resources increased 41% to 259.2 million ounces, compared with 153.1 million ounces as announced in April 2010." More
- August 10, 2010 | Item | ShareThis

Northgate Minerals Reports Second Quarter Results - "Net earnings for the second quarter of 2010 were $4.3 million or $0.01 per share, compared with net earnings of $5.4 million or $0.02 per share in the second quarter of 2009, and included a tax effected, unrealized gain of $11.4 million relating to Northgate's copper forward sales contracts. These contracts are priced at Cdn$3.31 per pound and were put in place in order to secure a significant portion of cash inflow over Kemess South's remaining mine-life. Net earnings for the six months ended June 30, 2010 were $9.2 million." More
- August 10, 2010 | Item | ShareThis

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