Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 2%

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Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 2%

By: Chris Mullen, Gold-Seeker.com

-- Posted 17 May, 2011 | |

	Close	Gain/Loss
Gold	$1480.00	-$10.70
Silver	$33.54	-$0.59
XAU	196.39	+0.53%
HUI	523.43	+0.97%
GDM	1524.75	+0.96%
JSE Gold	2543.24	-31.22
USD	75.40	-0.11
Euro	142.23	+0.68
Yen	122.92	-0.87
Oil	$96.91	-$0.46
10-Year	3.121%	-0.028
T-Bond	125.4375	+0.46875
Dow	12479.42	-0.55%
Nasdaq	2783.21	+0.03%
S&P	1328.98	-0.04%

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The Metals:

Gold rose $6.84 to $1497.54 in Asia and traded mostly slightly higher in London, but it then fell back off for most of trade in New York and ended near its late morning low of $1471.65 with a loss of 0.72%. Silver fell over a dollar to as low as $33.015 by midday in New York before it bounced back higher in afternoon trade, but it still ended with a loss of 1.73%.

Euro gold fell to about €1043, platinum gained $9.70 to $1761.20, and copper remained near $4.00.

Gold and silver equities fell about 1% by late morning, but they then rallied back higher in afternoon trade and ended with almost 1% gains.

The Economy:

Report	For	Reading	Expected	Previous
Housing Starts	Apr	523K	563K	585K
Building Permits	Apr	551K	590K	574K
Industrial Production	Apr	0.0%	0.5%	0.7%
Capacity Utilization	Apr	76.9%	77.7%	77.0%

Tomorrow at 2PM EST brings FOMC Minutes from the fed’s May meeting.

The Markets:

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

Oil fell on disappointing economic data that reduced demand expectations.

“The yen dropped the most in almost three weeks versus the dollar after Bank of Japan Governor Masaaki Shirakawa said the economy is in a “very severe” state, fueling bets monetary policy may be eased further.”

Treasuries rose as the Dow, Nasdaq, and S&P mostly fell on a poor forecast from Hewlett-Packard.

Among the big names making news in the market today were Google, Home Depot, Hewlett-Packard, Citigroup, and Wal-Mart.

GATA Posts:

Peter Grandich on silver market manipulation

The Statistics:

Activity from: 5/13/2011

Gold Warehouse Stocks:	11,156,908	+2,047
Silver Warehouse Stocks:	100,906,732	-194,166

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

	Product name	Total Tonnes	Total Ounces	Total Value
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)	SPDR® Gold Shares	1192.253	38,332,127	US$56,661m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)	Gold Bullion Securities	115.35	3,708,632	US$5,473m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	115.36	3,708,882	US$5,474m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	474,259	US$676m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	49.58	1,594,029	US$2,392m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,956	US$7m

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 136.00 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,482.83 -51.58 change from yesterday’s data.

The Miners:

Great Basin’s (GBG) quarterly results, Midway’s (MDW) options, Northgate’s (NXG) award, US Gold’s (UXG) exploration update, Barrick’s (ABX) investment clearance, Silvermex’s (SLX.TO) new CFO, Kimber’s (KBX) third quarter results, and Extorre’s (XG) development approval were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1. Vista Gold	VGZ +5.47% $2.89
2. Gold Resource	GORO+3.57% $27.88
3. DRDGOLD	DROOY +2.90% $4.96

LOSERS

1. Almaden	AAU -10.85% $3.45
2. Northern Dynasty	NAK -6.33% $11.10
3. Richmont	RIC -3.23% $7.50

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:

St. Elias Mines Ltd. -- Extensive Trenching Program Commencing at the Tesoro Gold Project in Peru - More
- May 17, 2011 | Item | ShareThis

Guyana Frontier Provides Update on Sardine Hill Dispute - More
- May 17, 2011 | Item | ShareThis

Advanced Explorations Inc.-Correction to May 9th, 2011 Release - More
- May 17, 2011 | Item | ShareThis

Strategic Grants Stock Options - More
- May 17, 2011 | Item | ShareThis

Golden Queen Announces Filing of Feasibility Study for Soledad Mountain Project and Appointment of CFO - More
- May 17, 2011 | Item | ShareThis

Silvermex Appoints New Chief Financial Officer - "Ms. Dea comes to the Company with over 16 years of experience in the finance, securities and accounting fields. Prior to joining the Company, Ms. Dea was the Vice President, Finance and Chief Financial Officer of Polaris Minerals Corporation ("Polaris"), a TSX listed Company, from 2006 and was responsible for the overall financial management of the company, including overseeing Polaris' debt and capital market activities, managing banking relationships with US, Canadian and International banks and internal and external public reporting. During her career at Polaris, she completed numerous debt and equity financings, and oversaw the implementation of the financial controls, processes and corporate financing strategies required to bring Polaris from development stage to large-scale commercial production." More
- May 17, 2011 | Item | ShareThis

Lincoln Mining Appoints New Directors - More
- May 17, 2011 | Item | ShareThis

Critical Elements Corporation: Environmental Study - More
- May 17, 2011 | Item | ShareThis

Iberian Minerals Increases Condestable Senior Debt Facility by US$ 15 Million - More
- May 17, 2011 | Item | ShareThis

Dia Bras Continues to Discover High-Grade Silver With Gold By-Product Credits at its Cusi Property and Reports Mine Development Progress - More
- May 17, 2011 | Item | ShareThis

Everett Resources Files 43-101 Report on Menarik Polymetallic Property - More
- May 17, 2011 | Item | ShareThis

Worldwide to Commence Exploration Activity on Fox Lake VMS Property - More
- May 17, 2011 | Item | ShareThis

Amex Confirms Important Dessiminated Polymetalic Mineralized Zone at Nueva Escondida Property in Mexico - More
- May 17, 2011 | Item | ShareThis

Nautilus Minerals Completes Drilling Program - More
- May 17, 2011 | Item | ShareThis

Ressources d'Arianne to Hold Public Consultations on the Lac a Paul Mining Project - More
- May 17, 2011 | Item | ShareThis

DIOS 33 Carats Gold Project: Significant Hydrothermal Anomaly Uncovered Associated With a Gold Tonalite Target - More
- May 17, 2011 | Item | ShareThis

ICN Reports Initial Drill Results From Goldfield Project - More
- May 17, 2011 | Item | ShareThis

New Gold Discovery: Columbus Gold Intersects 2.42 g/t Gold Over 13.6 Meters in First Phase of Drilling at Eastside Gold Project, Nevada - More
- May 17, 2011 | Item | ShareThis

Quantum CEO Urges Support for Dept. of Defense Inventory of Rare Earth Materials - More
- May 17, 2011 | Item | ShareThis

Ur-Energy Announces the Appointment of Wayne Heili as President and COO, Additional Management Changes and Reorganization - More
- May 17, 2011 | Item | ShareThis

IBC Advanced Alloys Opens New Engineered Materials Manufacturing Facility - More
- May 17, 2011 | Item | ShareThis

Uranium North Identifies Additional Targets on the Robin Project - More
- May 17, 2011 | Item | ShareThis

Update on Litigation With TNR Gold Corp. - More
- May 17, 2011 | Item | ShareThis

Prospero Intersects 781 g/t Ag, 1.2% Cu, 4.1% Zn Over 2.62 Meters; Discovers New Zinc Rich Canal Zone at San Luis Del Cordero Project, Mexico - More
- May 17, 2011 | Item | ShareThis

Edgewater Initiates Major Airborne Geophysical Survey of Its Enchi Gold Project, Ghana, West Africa - More
- May 17, 2011 | Item | ShareThis

Golden Goliath Resources Ltd.: Update - More
- May 17, 2011 | Item | ShareThis

Ranger Gold Receives Approval for Bond Calculation and Engages Drill Contractor - More
- May 17, 2011 | Item | ShareThis

MetalCORP Announces Path Forward for Big Lake Project Development - More
- May 17, 2011 | Item | ShareThis

Bullion Monarch Mining Posts Record Royalty Revenue - More
- May 17, 2011 | Item | ShareThis

B2Gold Corp. & Radius Gold Inc. Reports Positive Exploration Drill Results at the Trebol Project, Nicaragua. Highlights Include Hole TR-11-047 - More
- May 17, 2011 | Item | ShareThis

Big Bear Mining Corp Announces 2011 Exploration Plans - More
- May 17, 2011 | Item | ShareThis

Sparton and Osisko Finalize $1.2 Million Joint Work Program for 2011 on Area Surrounding Hammond Reef Gold Deposit - More
- May 17, 2011 | Item | ShareThis

Auriga Gold Intersects Near-Surface High-Grade Veins Including 2.34 Meters at 21.49 g/t Gold at Maverick Project, Manitoba - More
- May 17, 2011 | Item | ShareThis

Pele Mountain Receives Mining Leases at Its Eco Ridge Mine Rare Earths and Uranium Project - More
- May 17, 2011 | Item | ShareThis

Full Metal Stakes Extensive Land Package in the Circle Mining District, Alaska - More
- May 17, 2011 | Item | ShareThis

Hinterland Begins Exploration Work at Kipawa Rare Earth Project in Western Quebec - More
- May 17, 2011 | Item | ShareThis

NQ Planning to Sample Recovered Drill Core for Eight Holes Drilled by BHP Billiton in the 1990s: Carheil Project, Selbaie District - More
- May 17, 2011 | Item | ShareThis

Gem International Options 100% of Gold Project in Bagamoyo, Handeni Districts in Tanzania and Update on Eden Gold Ltd. Acquisition - More
- May 17, 2011 | Item | ShareThis

Channel Resources to Commence 15,000 Metre Core Drilling Program at Tanlouka Gold Project, Burkina Faso - More
- May 17, 2011 | Item | ShareThis

Woulfe Mining Sangdong Project High Grade Main Zone Confirmed by Drilling - More
- May 17, 2011 | Item | ShareThis

Millrock and Crescent Commence Drilling at Uncle Sam Gold Project, Alaska - More
- May 17, 2011 | Item | ShareThis

Asia Now Reports Visit of the Chinese Vice Minister of Ministry of Land and Resources to the Beiya Gold Project - More
- May 17, 2011 | Item | ShareThis

Magellan Minerals Ltd.: Trench Results From Coringa Expand Valdette Zone and Identify New Structure at Demetrio - More
- May 17, 2011 | Item | ShareThis

Lithium Exploration Group Addresses Shareholders and Strategic Plan - More
- May 17, 2011 | Item | ShareThis

Xtra-Gold Announces 42 Metres of 2.39 g/t Gold and 27 Metres of 0.89 g/t Gold at Its Kibi Gold Project in Ghana, West Africa - More
- May 17, 2011 | Item | ShareThis

MDN Confirms the Extension of the Ikungu Structure to the East - More
- May 17, 2011 | Item | ShareThis

Kimber Announces Third Quarter Financial Results - "During the three months ended March 31, 2011 Kimber commenced a 30,000 metre drill program to upgrade and expand gold-silver mineral resources at depth and along strike at the existing deposits," said Gordon Cummings, President & CEO of Kimber. "Kimber is also making good progress with a pre-feasibility study for Monterde due to be completed in Q4 2011." More
- May 17, 2011 | Item | ShareThis

Diamond Frank and its Partner Are Analyzing Results From the Drilling Campaign on Destorbelle - More
- May 17, 2011 | Item | ShareThis

Typhoon and its Partner Are Analyzing Results From the Drilling Campaign on Destorbelle - More
- May 17, 2011 | Item | ShareThis

Luna Gold Corp. Reports Operational and Financial Results for the Three Months Ended March 31, 2011 - More
- May 17, 2011 | Item | ShareThis

Great Basin Gold Reports Quarterly Results - "Revenue of $26.4 million from the sale of 17,324 Au eqv oz from our Nevada operations as well as 2,794 Au oz from our South African operations was recorded for the quarter. Approximately 11,000 Au eqv oz delivered to refiners were not included in sales (approximately $15 million in revenue) for the quarter due to the transfer of ownership to the buyer only taking place in April. The delay in recognizing revenue from the Nevada operations had a negative impact on the earnings for the quarter. Loss from operating activities significantly improved from the $6.6 million loss recorded in the comparable quarter in 2010 to a loss of $827 thousand recorded in Q1 2011. The net loss for the quarter of $20.3 million was impacted by the fair value charges attributable to the initial recognition and mark-to-market adjustment of the zero cost collar hedge programs ($6.0 million) as well as the settlement loss recognized on repayment of the Senior Secured Notes ($8.8 million). The loss for the quarter was $0.05 per share." More
- May 17, 2011 | Item | ShareThis

Barrick Receives Investment Canada Clearance for Equinox Acquisition - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) ("Barrick" or "the Company") announced today that it has received confirmation that the Investment Canada Act does not apply to Barrick's proposed acquisition of all of the issued and outstanding common shares (the "Equinox Shares") of Equinox Minerals Limited (TSX:EQN - News)(ASX:EQN - News) ("Equinox"). This confirmation has been obtained in connection with the previously-announced offer (the "Offer") by Barrick's wholly-owned subsidiary, Barrick Canada Inc. (the "Offeror"), to acquire, subject to the terms and conditions of the Offer, all of the Equinox Shares at a price of C$8.15 per Equinox Share." More
- May 17, 2011 | Item | ShareThis

Tyhee Gold Corp Announces the Approval of All Resolutions at its Agm and the Appointment of Hans Black to the Board of Directors - More
- May 17, 2011 | Item | ShareThis

Midway Gold Grants Options - "Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (“Midway” or the “Company”) board of directors has granted incentive stock options on a total of 150,000 shares of Midway's common stock pursuant to Midway’s shareholder approved combined incentive and non-qualified stock option plan. The options are exercisable for up to five years at a price of C$1.47 per share being the last closing price of Midway's common shares prior to the board of directors granting the options on May 16, 2011. The options are subject to vesting provisions and any applicable regulatory hold periods." More
- May 17, 2011 | Item | ShareThis

Lumina Intersects 310 Meters Grading 1.06% Copper Equivalent in Twin Hole at Taca Taca Copper-Gold-Molybdenum Project, Argentina-Extends Mineralization - More
- May 17, 2011 | Item | ShareThis

Manicouagan Completes Kasagiminnis Drill Program-Intersects 4.55 gpt Gold Over 5.0 Metres In First Hole - More
- May 17, 2011 | Item | ShareThis

Crescent Resources Starts Drilling Program at the Uncle Sam Gold Project, Alaska - More
- May 17, 2011 | Item | ShareThis

Excelsior Completes Resource Upgrade Drill Program - More
- May 17, 2011 | Item | ShareThis

Z-Gold Exploration Start Drilling Abitibi Gold Property - More
- May 17, 2011 | Item | ShareThis

Update on Temporary Demonstrations at Southern Arc Minerals' Operations in Indonesia - More
- May 17, 2011 | Item | ShareThis

Intrepid Mines: Tujuh Bukit Indonesia Additional Forestry Permit Awarded - More
- May 17, 2011 | Item | ShareThis

Everton Resources Inc., and Canadian Star Minerals Execute a Sales/Purchase Agreement With Strike Minerals Inc. for Everton's Gold Project in Schreiber - More
- May 17, 2011 | Item | ShareThis

North Bay Resources Inc. (NBRI) Engages Consulting Mining Engineer for Ruby Gold Project - More
- May 17, 2011 | Item | ShareThis

Taku Adds 13,000 Hectares to its Extensive Claim Holdings in the White Gold District of Yukon - More
- May 17, 2011 | Item | ShareThis

Talison Lithium Retains ICR, LLC to Provide Investor Relations Services - More
- May 17, 2011 | Item | ShareThis

Northgate Minerals Recognized for Its Commitment to Sustainability - "We are honoured to receive the 2010 Mining and Sustainability Award for our efforts at the Kemess South Mine" commented Harold Bent, Environmental Manager, Northgate Minerals Corporation. "We are very proud of our accomplishments in all aspects of our operation, including environment, employee and community engagement and production. More importantly, these accomplishments were achieved while maintaining the highest standards of safety and the environment. We would like to thank the MABC and the Selection Committee for this award in recognition of our achievements in responsible mining practices at the mine." More
- May 17, 2011 | Item | ShareThis

Apogee Intersects 3.0 Meters Grading 659.00 g/t Silver and 1.85 g/t Gold and 5.0 Meters Grading 278.60 g/t Silver at the Pulacayo Deposit - More
- May 17, 2011 | Item | ShareThis

Comstock Mining Announces First Quarter 2011 Results - More
- May 17, 2011 | Item | ShareThis

Inmet Announces Exchange by Temasek Subsidiary of $500 Million Subscription Receipts for Common Shares - More
- May 17, 2011 | Item | ShareThis

Nevado Retains the Services of Louis Morin - More
- May 17, 2011 | Item | ShareThis

US Gold: Exploration Continues to Deliver Growth at El Gallo & Surrounding Areas - "US GOLD CORPORATION (NYSE:UXG - News) (TSX:UXG - News) is pleased to provide an exploration update on the El Gallo Project and two nearby discoveries, Palmarito and Los Mautos, located in Sinaloa State, Mexico. These results demonstrate the excellent potential to grow the size of the project through aggressive exploration. A total of 15 drills are operating and 3 more are scheduled to arrive in the next two weeks." More
- May 17, 2011 | Item | ShareThis

Intrepid Mines Limited: 17 May 2011 AGM - More
- May 17, 2011 | Item | ShareThis

Huakan International Mining Inc.: Updated Mineral Resource Estimate Significantly Increases Main Zone at J&L - More
- May 17, 2011 | Item | ShareThis

Roughrider Doubles in Size as Hathor Confirms an Additional 30 M lbs at 11.58 % U3O8 for the East Zone - More
- May 17, 2011 | Item | ShareThis

Crocodile Gold Announces Appointment of New President and CEO and Update on Organizational Changes - More
- May 17, 2011 | Item | ShareThis

Key Gold Holding Completes Acquisition of the Souart Gold Property and Reports on Completion of NI 43-101 Technical Report - More
- May 17, 2011 | Item | ShareThis

Primero Reports First Quarter 2011 Results; Maintains 2011 Production Guidance - More
- May 17, 2011 | Item | ShareThis

Largo Commences Drilling at Its Maracas Vanadium Project, Bahia, Brazil - More
- May 17, 2011 | Item | ShareThis

Willow Creek Outlines Drill Program for Hercules Gold & Silver Property, Nevada - More
- May 17, 2011 | Item | ShareThis

Extorre Receives Approval for Cerro Moro Mine Development - "Extorre Gold Mines Limited (TSX:XG - News)(AMEX:XG - News)(Frankfurt:E1R - News) ("Extorre" or the "Company") is pleased to announce the formal approval of the Cerro Moro Environmental Impact Assessment ("EIA") by the Santa Cruz provincial government. The EIA was submitted to authorities in September 2010. This approval together with the receipt of the Project Pre-Feasibility Study expected in June 2011 will enable Extorre to proceed with advanced engineering and mine development." More
- May 17, 2011 | Item | ShareThis

VMS Reports Discovery of New High Grade Copper Zone Grading 7.44% Copper Over 7.18 Metres in Hole RLE006 Located 1.8 Kilometres Northeast of the Reed Copper - More
- May 17, 2011 | Item | ShareThis

GGG Resources plc's Shares to Commence Trading on the ASX - More
- May 17, 2011 | Item | ShareThis

True North Gems Announces Initial Mineral Resource Estimate for Aappaluttoq Ruby Deposit - More
- May 17, 2011 | Item | ShareThis

Solid Gold Resources Corp.: High Grade Gold Intersected at Lake Abitibi - More
- May 17, 2011 | Item | ShareThis

Candente Copper to Form a New Copper and Base Metals Exploration Company - More
- May 17, 2011 | Item | ShareThis

StoneShield Options "El Mercado" Property 8Km North of Angostura and La Bodega Gold Discoveries, Colombia - More
- May 17, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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-- Posted 17 May, 2011 | |

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