Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

	Close	Gain/Loss
Gold	$1235.80	-$3.50
Silver	$18.97	+$0.04
XAU	180.38	+1.69%
HUI	478.99	+1.54%
GDM	1453.86	+1.56%
JSE Gold	2465.27	+40.75
USD	82.84	-0.44
Euro	127.24	+0.55
Yen	118.49	+0.27
Oil	$73.36	+$0.84
10-Year	2.499%	-0.039
T-Bond	136.00	+0.8125
Dow	9985.81	-0.74%
Nasdaq	2118.69	-1.07%
S&P	1047.22	-0.77%

Gold climbed to as high as $1244.20 in London, but it then fell back off for most of the rest of trade and ended with a loss of 0.28%. Silver rose to as high as $19.151 before it also fell back off, but it still ended with a gain of 0.21%.

Euro gold fell to about €973, platinum gained $3.50 to $1525, and copper gained over 9 cents to about $3.30.

Gold and silver equities rose about 1.5% by midmorning and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Initial Claims	8/21	473K	485K	504K

Tomorrow at 8:30AM EST brings second quarter GDP expected at 1.4% and the Deflator expected at 1.8%. At 9:55 is Michigan Sentiment for August expected at 70.0.

Oil rose on the better than expected jobs data that sent the U.S. dollar index lower.

Treasuries rose after today’s $29 billion 7-year note auction sold at a yield of 1.989% with a bid to cover of 2.98.

The Dow, Nasdaq, and S&P fell on worries over what Bernanke will and won’t say in his economic speech tomorrow from Jackson Hole.

Among the big names making news in the market today were Toyota, BHP, and Dell.

It is generally not a good sign when a market moves lower after failing to sustain its gains on the release of “friendly” news. Such has been the case so far today with the S&P 500 as it popped higher when the unemployment numbers came in a bit less than the market had been anticipating. The bump higher attracted sellers instead which is most disconcerting if you happen to be a bull. It is early in the day yet as I write this so the longs can still turn it around but for now you can see the “risk” trades that were put on earlier coming right back off.

The Euro has lost a half a cent against the Dollar as the equity markets have faded off their best levels with the Yen moving a tad higher as once again, both it and the Dollar receive money flows whenever investors become nervous. Speaking of nervous, Forex traders are becoming increasingly worried that the Bank of Japan is getting ready to foray forth and inflict a dose of punishment upon the brazen speculators who have dared to bid the Yen higher. They apparently are getting ticked off that the stronger Yen is crimping their all-important export market as Japanese made products are losing competitiveness. Chatter is that the Japanese monetary lords will engage in a round of intervention and begin selling the yen combined with another dose of QE. We shall see but experience has taught me, all too painfully I might add, that once the Finance Ministry and/or the Bank of Japan begins expressing strong displeasure over the level of their yen, it is not the better part of wisdom to become too cocky or get too aggressive. That perhaps more than anything is keeping the Yen from moving sharply higher for the immediate future although you might see some of the bigger hedgies actually try to push their luck to see exactly what level will bring a potential response. In effect, players have been known to keep prodding until they get the intervention to see where the ceiling is for the short term. They can then buy on dips and sell the ceiling with the knowledge that the lords in Japan are pleased. Problem is that one never knows when the Japanese authorities will decide to play a few mind games and keep selling yen! Ouch….

I said all that to say that since the Yen has a fairly large weighting in the basket of currencies that make up the USDX, its movements are significant in attempting to ascertain where the Dollar is headed. With the current mindset being one of rushing into the Yen whenever there is an aversion to risk, the effect is to stem somewhat the corresponding rise in the Dollar on such occasions. Were it not for the Yen, the Dollar would respond more strongly to the rush into safe haven play. If the Japanese monetary authorities set a distinct line in the sand for their currency, it could be that any further risk aversion trades would see a much stronger rally in the Dollar.

The effect of the strong yen has been to mute somewhat the performance of gold when priced in Yen terms. Gold continues to remain very strong in terms of the European currencies, and the Canadian Dollar as well but has underperformed when viewed through the prism of the Yen price.

Open interest increased yesterday in both gold and silver but not to the extent I would have expected in silver given the magnitude of its recent rise. That tells me that whomever it is that has emerged in the West to challenge the perma shorts in that pit, they are being successful in squeezing some of their weaker cousins out of the market. I wish that this week’s CFTC today which will be released on Friday would have included yesterday’s positions as well as Tuesday’s to give us a more complete picture of who got forced out. What I am going to be looking at is the positions of the strong-handed shorts in that market. If we are going to see a legitimate commercial signal failure, it will show up here first. My own view at this point is that it is going to take a much stronger push on the part of the longs to get the Morgans of the world to run. The ones that are more than likely running right now are the funds on the short side and some of the CTA’s and other larger reportables. That is just a guess and I could be wrong but until tomorrow, all of us are guessing!

It looks as if some of the longs could not resist the urge to ring the cash register after price stalled out above $19. We will watch to see where chart support develops.

Open interest increases in gold signify that managed money continues to move into the metal. At 565,000 it is well off the record peak above 605,000. With price a mere $20 off its all time nominal high, it would be a relatively easy feat for the big funds to take it through that level. Question is are they ready to do so yet? Pit locals and other assorted option sellers are attempting to ply their craft of screwing the option buyers, which is the norm for the Comex crowd. Nothing like legalized theft. Gotta keep the exchange members employed. Then again, why else does anyone in their right mind pay those kinds of prices for a seat on the exchange? Answer – they get to regularly milk the public with a wink and a nod of the overseers.

Today’s high confirms the selling resistance shown on the daily chart. We watch now to see where buyers emerge.

Gold shares are unusually strong today given the weakness in gold today. It is however having difficulty near the 480 level, which as one can see from an examination of that chart, a region where sellers have surfaced in the past. If the share bulls can force this index up through 480 and hold it there on two consecutive closes, they have a clear shot at 495 – 500.

Bonds continue their relentless march north. There still is no sign of a technical top in that market although it is losing some upside momentum as it nears 137.”- Dan Norcini, More at JSMineset.com

COMEX Gold Trust (IAU) Total Tonnes in Trust: 93.98 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9175.38 - No change from yesterday’s data.

Tanzanian Royalty’s (TRE) private placement, Midway’s (MDW) drill results, Newmont’s (NEM) information release to correct inaccurate claims, Metalline’s (MMG) trading on the TSX, Excellon’s (EXN.TO) water inflow seal, and Silver Standard’s (SSRI) drill results 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.

Rio Alto Mining Limited: Corporate Update-Adoption of Shareholder Rights Plan - More
- August 26, 2010 | Item | ShareThis

GWR Resources Extends Aurizon South Gold Zone at Lac La Hache - More
- August 26, 2010 | Item | ShareThis

ATW Gold Corp.: Results of the Annual General Meeting - More
- August 26, 2010 | Item | ShareThis

Search Minerals Inc. Discovers Additional Heavy Rare Earth Element Mineralization in the Port Hope Simpson REE District, Labrador - More
- August 26, 2010 | Item | ShareThis

St. Elias Mines Ltd. - Update on Corporate Affairs - More
- August 26, 2010 | Item | ShareThis

Great Quest Options its Taseko Project to Granite Creek Gold Ltd. - More
- August 26, 2010 | Item | ShareThis

Frontline Gold Sells Jubilee Zinc Lead Project - More
- August 26, 2010 | Item | ShareThis

Merrex Gold Acquires Other 50% Interest in Jubilee Zinc Lead Project - More
- August 26, 2010 | Item | ShareThis

Oro Gold Resources Ltd. and Oro Silver Resources Ltd.: Definitive Merger Agreement Signed - More
- August 26, 2010 | Item | ShareThis

Vior : Shares Issued to Fonds de Solidarite FTQ - More
- August 26, 2010 | Item | ShareThis

Metalline Common Stock Begins Trading on the Toronto Stock Exchange - "Metalline Mining Company (NYSE Amex: MMG; MMZ: Toronto Stock Exchange) is pleased to announce that it has received final approval for the listing of its common stock on the Toronto Stock Exchange. Starting on August 26, 2010, Metalline's common stock began trading on the Toronto Stock Exchange under the symbol "MMZ". Metalline's common stock will also continue to trade on the NYSE Amex under the symbol "MMG"." More
- August 26, 2010 | Item | ShareThis

Equity Position in Oromin Explorations Ltd. - More
- August 26, 2010 | Item | ShareThis

Tanzanian Royalty Chairman to Provide $800,000 Private Placement - "Tanzanian Royalty Exploration Corporation announces that Mr. James E. Sinclair has agreed to provide $800,000 by way of private placement with the proceeds being applied to general working capital. Mr. Sinclair has agreed to purchase 144,430 common shares at price of $5.539 per share. The price reflects the 5-day weighted average trading price on the Toronto Stock Exchange for the period August 17-23, 2010." More
- August 26, 2010 | Item | ShareThis

Matamec Gets an Average of 74% HeavyREO Y2O3/TREO, 2.8% TREO and 2.1% of Nb2O5 on all Samples Analyzed From the Surprise Showing - More
- August 26, 2010 | Item | ShareThis

Odyssey Resources Limited Announces Filing of Interim Financial Statements and Update on Projects - More
- August 26, 2010 | Item | ShareThis

Kings Minerals Shareholders Approve Proposed Business Combination With San Anton - More
- August 26, 2010 | Item | ShareThis

Buchans Minerals acquires New Brunswick Manganese Resource - More
- August 26, 2010 | Item | ShareThis

Golden Phoenix Signs July 2010 Option Agreement to Acquire 80% Interest in Mhakari Coyote Fault Gold and Silver Project - 24 Month Acquisition Plan Continues - More
- August 26, 2010 | Item | ShareThis

MONETA COMPLETES THREE DEEP DRILL HOLES ON SOUTHWEST ZONE; DISCOVERS NEW FIFTY METRE WIDE VEIN ZONE - INCLUDING 3.43G/T OVER 36.09 METRES - More
- August 26, 2010 | Item | ShareThis

Galore Announces $1.6 Million Financing - More
- August 26, 2010 | Item | ShareThis

Forum Uranium & Rare Earth Exploration Update - More
- August 26, 2010 | Item | ShareThis

ESO has Permits for Drilling on Donna (Formerly DNA) Gold Property on Monashee Mountain, 65 Kilometers East of Vernon, B.C. - More
- August 26, 2010 | Item | ShareThis

Nautilus Issues Options - More
- August 26, 2010 | Item | ShareThis

Burnt Hill Exploration Program Completed - More
- August 26, 2010 | Item | ShareThis

Zoro Mining Corp.-Corporate and Project Update - More
- August 26, 2010 | Item | ShareThis

Rockland Options Schefferville Gold Claims From Western Troy - More
- August 26, 2010 | Item | ShareThis

Magellan Receives Drill Results From Eight Additional Holes and Expands Mae de Leite Zone, Coringa Project, Brazil - More
- August 26, 2010 | Item | ShareThis

Caledonia Mining Announces the Completion of the Underground Installations on the No. 4 Shaft Project - More
- August 26, 2010 | Item | ShareThis

Belmont Appoints Joseph Ringwald, P.Eng. to the Board - - More
- August 26, 2010 | Item | ShareThis

Platinum Group Metals Locks Up Surface Rights and Facilities - More
- August 26, 2010 | Item | ShareThis

Globex: Additional Grab Samples Continue to Return High Grade Rare Earth Assays at Turner Falls Property - More
- August 26, 2010 | Item | ShareThis

Spanish Mountain Gold Announces Grant of Options - More
- August 26, 2010 | Item | ShareThis

Teryl Resources Engages Torrey Hills Capital as Investor Relations Consultants - More
- August 26, 2010 | Item | ShareThis

Auryx Gold Announces Work Plans for the Otjikoto Gold Project in Namibia - More
- August 26, 2010 | Item | ShareThis

Rainy River's South Zone Returns 7.83 g/t Gold Over 3.0 Metres - More
- August 26, 2010 | Item | ShareThis

Status of Southern Arc Forestry Permits - More
- August 26, 2010 | Item | ShareThis

Lithium Americas Corp. Completes Exploration Program at Cauchari-Olaroz - More
- August 26, 2010 | Item | ShareThis

Santa Fe Gold Supplies Trial Shipment of Siliceous Flux to Arizona Smelter for Precious Metals Recovery - More
- August 26, 2010 | Item | ShareThis

USCorp Gold and Silver Junior Exploration Mining Company Recent Accomplishments - More
- August 26, 2010 | Item | ShareThis

Copper Mountain Project Continues on Track - More
- August 26, 2010 | Item | ShareThis

Luna Gold Commences 20,000 Metre Drill Program at Aurizona and Outlines 2010 Exploration Program and Budget - More
- August 26, 2010 | Item | ShareThis

Bold Ventures Inc. Closes Flow-Through Private Placement - More
- August 26, 2010 | Item | ShareThis

Primero Announces Addition of Timo Jauristo and Rohan Hazelton to Board of Directors - More
- August 26, 2010 | Item | ShareThis

New Pacific Metals Increases Offer to Acquire Tagish Lake Shares - More
- August 26, 2010 | Item | ShareThis

Innocent Inc. (INCT) Completes Acquisition of Murciealagos Vizcaya and Lilly Rai Gold Mines - More
- August 26, 2010 | Item | ShareThis

Avion Gold Announces Second Quarter 2010 Financial Results - More
- August 26, 2010 | Item | ShareThis

U3O8 Corp. Confirms Continuity of Uranium, Vanadium & Phosphate Mineralization Over 3km in Sandstones in the Berlin Project, Colombia - More
- August 26, 2010 | Item | ShareThis

Luiri Gold Recieves Request for EGM - More
- August 26, 2010 | Item | ShareThis

CanAlaska Annual General Meeting - More
- August 26, 2010 | Item | ShareThis

Gold Resource Corporation Approved to Trade on NYSE Amex - More
- August 26, 2010 | Item | ShareThis

Anglo Pacific Group PLC - INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2010 - More
- August 26, 2010 | Item | ShareThis

Upper Canada Gold Corporation Announces Assay Results From the Dingman Property 2010 Drilling - More
- August 26, 2010 | Item | ShareThis

Excellon Seals Water Inflow at Platosa - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that it has successfully sealed the water inflow encountered during normal mine development on August 18th. The dewatering of the mine to the level of the active working areas is expected to take approximately 14 days, following which mine production, development and exploration drilling will resume." More
- August 26, 2010 | Item | ShareThis

Midway Reports Encouraging Progress at Spring Valley - "Midway Gold Corp. (“Midway”) is pleased to announce continued success from work reported by Barrick Gold Exploration Inc. (“Barrick”) at Midway’s Spring Valley Project, Nevada. Drilling for the 2010 season commenced in March and is expected to continue through the fall season." More
- August 26, 2010 | Item | ShareThis

Newmont Releases Information Correcting Inaccurate Claims Regarding Alleged Rights in Divestiture Shares - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or "the Company") today released information correcting a number of inaccurate claims by PT Pukuafu Indah ("PTPI"), an Indonesian shareholder in PT Newmont Nusa Tenggara ("PTNNT"). PTNNT owns and operates the Batu Hijau gold and copper mine on the island of Sumbawa." More
- August 26, 2010 | Item | ShareThis

Silver Standard Resources Inc.: Snowfield Gold Zone Significantly Expanded - "Silver Standard Resources Inc. (TSX:SSO - News)(NASDAQ:SSRI - News) is pleased to report that ongoing diamond drilling of the Snowfield Project has significantly expanded known mineralization to the south and southeast. Most of the new mineralization is in areas previously classified as waste in the Preliminary Assessment announced in June 2010. The wholly-owned Snowfield Project is located 65 kilometers north of the town of Stewart in British Columbia, Canada." More
- August 26, 2010 | Item | ShareThis

- 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.