Gold Seeker Closing Report: Gold and Silver Close With Modest Gains

	Close	Gain/Loss
Gold	$1529.10	+$4.50
Silver	$35.47	+$0.20
XAU	189.49	-2.13%
HUI	494.14	-2.45%
GDM	1434.73	-2.46%
JSE Gold	2401.97	+11.01
USD	75.53	-0.07
Euro	141.92	+0.24
Yen	124.02	+0.63
Oil	$94.95	+$0.14
10-Year	2.909%	-0.064
T-Bond	127.625	+0.84375
Dow	11961.52	+0.54%
Nasdaq	2623.70	-0.29%
S&P	1267.64	+0.18%

Gold climbed as much as $8.34 to $1532.94 by about 9:40AM EST before it fell to see a $3.10 loss at $1521.50 in the next 20 minutes of trade, but it then rallied back higher into the close and ended with a gain of 0.29%. Silver rose to $35.765 and dropped to $35.178 before it also rallied back higher and ended with a gain of 0.57%.

Euro gold climbed to almost €1080, platinum lost $14 to $1755.50, and copper remained at about $4.12.

Gold and silver equities fell about 2% in the first half hour of trade and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Initial Jobless Claims	6/11	414K	421K	430K
Housing Starts	May	560K	540K	541K
Building Permits	May	612K	548K	563K
Current Account	Q1	-$119.3B	-$130.0B	-$112.2B
Philadelphia Fed	June	-7.7	7.0	3.9

Tomorrow at 9:55AM EST brings Michigan Sentiment for June expected at 73.5 and at 10AM is the Leading Economic Indicators report for May expected at 0.4%.

Oil ended slightly higher as the U.S. dollar index erased early gains and ended lower on waning worries over Greece.

Treasuries rose as the Dow, Nasdaq, and S&P struggled to find gains on mixed economic data.

Among the big names making news in the market today were Pandora, Boeing, and Citigroup.

“I do not need to point out to the readers the abysmal performance of the mining shares. The hedge fund ratio spread trade has destroyed their share value and most of management seems unwilling or incapable of fighting back to protect the interest of their shareholders.

The Gold and Silver ETF's are also partly to blame in that these Trojan Horses have siphoned off a huge amount of speculative money flows that otherwise would have found its way into the mining sector shares. Those products can be used to obtain LEVERAGED exposure to the precious metals without the risk normally associated with outright purchase of a particular mining company. That makes them attractive to hedge funds which can also use them as the long leg of a spread against a short leg in whatever company they have decided that they can target.

Paying out a dividend to shareholders might put a dent in this little game being played by the gold and silver share shorts as it currently costs them nothing to LATHER, RINSE and REPEAT this strategy. If something works for a money making trade, it will continue just as long as it keeps on working. That means they can short the shares at will since they have no opposition. Shareholders may bitch and complain about it, but as long as the status quo continues, the shares will lag the price of bullion.

The non-stop selling barrage has brought the HUI down into a critically significant technical support level near 492-490. This level must hold or if broken, must be recaptured by the close of trading Friday, to prevent a further drop lower.

At this point in time, the only thing that I can see which will lead to the shares outperforming bullion would be another round of monetary stimulus from the Fed. In such an environment, the share prices will outperform the metals initially with silver outperforming gold as well. Will we get one? I do not know but if the stock market continues to slide and the economic data numbers do not improve, I bet we will, impact on the US Dollar notwithstanding.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 141.32 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,665.52 - No change from yesterday’s data.

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

Reminder of Voting Cut-Off for Upcoming Shareholders Meeting of URSA Major Minerals Incorporated-Vote Only the Yellow Proxy - More
- June 16, 2011 | Item | ShareThis

Sono Resources Extends Closing to Accommodate Final Regulatory Approvals - More
- June 16, 2011 | Item | ShareThis

NuLegacy Reports on Nevada Exploration Progress - More
- June 16, 2011 | Item | ShareThis

Strategic Resources Provides Update on Annual Meeting - More
- June 16, 2011 | Item | ShareThis

Amerigo Announces Restart of MVC Operations - More
- June 16, 2011 | Item | ShareThis

Digital Yearbook Enters into Option Agreement to Acquire Iron Ore Property - More
- June 16, 2011 | Item | ShareThis

Imperial Metals Corporation: Early Warning Report Issued Pursuant to National Instrument 62-103 in Respect of Acquisition of All of the Outstanding Shares - More
- June 16, 2011 | Item | ShareThis

Trevali Completes First Blast on Production Adit and Provides Construction Update at the Halfmile Mine Project in New Brunswick, Canada - More
- June 16, 2011 | Item | ShareThis

TNR Gold Corporate Update Post Lithium Spinoff - More
- June 16, 2011 | Item | ShareThis

Channel Resources Commences 15,000 Metre Core Drilling Program at Tanlouka Gold Project, Burkina Faso - More
- June 16, 2011 | Item | ShareThis

Solace Resources Corp. Options Blachford Heavy Rare Earth Property, Thor Lake Area NWT and Announces Non-Brokered Private Placement - More
- June 16, 2011 | Item | ShareThis

Minera Andes Provides Update on Annual and Special Meeting Due to Canadian Postal Disruption - More
- June 16, 2011 | Item | ShareThis

Cascadero Copper Corporation: Argentine Gold-Silver Polymetalic Systems, Oculto Mineral District - More
- June 16, 2011 | Item | ShareThis

Rusoro Designates Mining Services Contractor for its Choco Mine - More
- June 16, 2011 | Item | ShareThis

Redstar Leases Baker Project in Nevada - More
- June 16, 2011 | Item | ShareThis

Dios Exploration Inc.: Drill Running Again on Shipshaw Carbonatite Complex - More
- June 16, 2011 | Item | ShareThis

Erdene Commences Drilling on Mongolian Copper-Gold-Silver Projects - More
- June 16, 2011 | Item | ShareThis

Trueclaim Exploration Inc. Signs Option on the Linear Gold Property, Newfoundland - More
- June 16, 2011 | Item | ShareThis

Cameco Investor Webcast Advisory - More
- June 16, 2011 | Item | ShareThis

Graniz Mondal Inc. Enters Into Binding Letter of Intent With Nightstar Resources Inc. - More
- June 16, 2011 | Item | ShareThis

La Quinta Resources Commences Drilling at Easter Project, NV - More
- June 16, 2011 | Item | ShareThis

Mill City Completes Acquisition of Option from Rockhaven and Filing of Technical Report - More
- June 16, 2011 | Item | ShareThis

Portex Minerals Inc. Proposes Issuance of Shares for Debt - More
- June 16, 2011 | Item | ShareThis

Cadillac Obtains 1.69% CU and 0.133% NI Over 19.4 Feet in CV-11-05 - More
- June 16, 2011 | Item | ShareThis

Lundin Mining Files Amended First Quarter 2011 Financial Statements - More
- June 16, 2011 | Item | ShareThis

Great Western Minerals Group Discovers New Showing at Douglas River: 2010 Exploration Results - More
- June 16, 2011 | Item | ShareThis

Galantas Reports Results for the Three Months Ended March 31, 2011 - More
- June 16, 2011 | Item | ShareThis

Corvus Gold Announces Commencement of 2011 Exploration Program at the Chisna Project, Alaska - More
- June 16, 2011 | Item | ShareThis

Emgold Advances Idaho-Maryland Gold Mine Permitting - More
- June 16, 2011 | Item | ShareThis

Drilling Underway at Bravada's Wind Mountain Gold/Silver Project in Northwestern Nevada - More
- June 16, 2011 | Item | ShareThis

INV Metals Announces Sale of Lansdowne Property - More
- June 16, 2011 | Item | ShareThis

Infrastructure Materials Corp. - Company to Sell Interests in Silver Projects - More
- June 16, 2011 | Item | ShareThis

Anglo Swiss Buys Ring of Fire Property - More
- June 16, 2011 | Item | ShareThis

Silver Sun Acquires 100% of Cherry Hill Gold Mine - More
- June 16, 2011 | Item | ShareThis

NGEx Resources Inc.: Final Drill Holes of the Season Confirm Major Copper-Gold Discovery at Los Helados, Chile - More
- June 16, 2011 | Item | ShareThis

Pelangio Exploration Acquires 100% of the Obuasi Property - More
- June 16, 2011 | Item | ShareThis

Metanor Resources Inc.: Shaft Sinking 85% Complete at Bachelor Lake - More
- June 16, 2011 | Item | ShareThis

Zazu Starts Aggressive Summer Program at Lik - More
- June 16, 2011 | Item | ShareThis

Guyana Frontier Reports Drill Results from Sardine Hill Gold Project - More
- June 16, 2011 | Item | ShareThis

JOURDAN Adds an Additional 1,256 Metres to Its Initial 3,000 Metres Diamond Drilling Program at the Barraute Lithium Project Adjacent to Canada Lithium Corp. - More
- June 16, 2011 | Item | ShareThis

Hana Mining Ltd.: Infill Drilling Continues to Encounter Thick Intersections of Copper-Silver Mineralization Along the North Limb of the Banana Zone - More
- June 16, 2011 | Item | ShareThis

AmeriLithium Announces Promising Results From Drilling Program Sampling on Nevada Based Lithium Project - More
- June 16, 2011 | Item | ShareThis

Redzone Appoints Board Chairman - More
- June 16, 2011 | Item | ShareThis

Silver Spruce Reports Management Changes - More
- June 16, 2011 | Item | ShareThis

Argentum Appoints James Hutton to Board of Directors - More
- June 16, 2011 | Item | ShareThis

Red Metal Resources Secures Drill Rig and Readies for Summer Drilling Program at Farellon Project, III Region Chile - More
- June 16, 2011 | Item | ShareThis

Energy Fuels Announces Resource Expansion and Consolidation Strategy for Second-Half of 2011 - More
- June 16, 2011 | Item | ShareThis

MGold Announces an Agreement with Silver Reserve Corp. On the Silver Queen and Klondyke Silver-Gold Properties, Nevada - More
- June 16, 2011 | Item | ShareThis

Baja Mining Corp.: Secretary of Economy of Mexico Lays First Stone at Minera Boleo - More
- June 16, 2011 | Item | ShareThis

Midlands Reports Positive Gold Results from First Targets Drilled on Kaniago - More
- June 16, 2011 | Item | ShareThis

Adventure Gold and Mazorro Resources Report 1.2 g/t Au Over 156.9 Metres on Lapaska Property, East of Val-d'Or, Quebec - More
- June 16, 2011 | Item | ShareThis

Alderon Reports Final North Rose Results in Preparation for Updated Resource - More
- June 16, 2011 | Item | ShareThis

Aura Silver Drilling Intersects Highly Sulphidized/Silicified Zones at Its Greyhound Project, NU - More
- June 16, 2011 | Item | ShareThis

Mazorro Resources and Adventure Gold Report 1.2 g/t Au Over 156.9 Metres on Lapaska Property, East of Val-d'Or, Quebec - More
- June 16, 2011 | Item | ShareThis

Serengeti Announces a Non-Brokered Flow-Through Private Placement - More
- June 16, 2011 | Item | ShareThis

Huakan International Mining Inc. Extends Closing Date of Sale of Greenwood Gold Project Assets - More
- June 16, 2011 | Item | ShareThis

Fjordland Exploration Inc.: Drilling at Woodjam South (Southeast Zone) Yields 349.3 m Grading 0.36% Copper, 0.05 g/t Gold and 0.006% Molybdenum - More
- June 16, 2011 | Item | ShareThis

Sonora Resources Corp. Appoints Mark E. Scott as CFO - More
- June 16, 2011 | Item | ShareThis

Hondo Minerals Retains Icr, LLC to Provide Investor Relations Services - More
- June 16, 2011 | Item | ShareThis

Mega Provides Update on Canadian Exploration - More
- June 16, 2011 | Item | ShareThis

Thundermin and Cornerstone Report Final Drill Results for the First Half of 2011 at Little Deer and Anticipate the Completion of an Updated NI 43-101 - More
- June 16, 2011 | Item | ShareThis

Vale Options Evrim's Arroyo Amarillo Project in Sonora, Mexico - More
- June 16, 2011 | Item | ShareThis

Northair Intersects 21.85 Metres of 185.8 g/t Silver at La Cigarra Project, Mexico - More
- June 16, 2011 | Item | ShareThis

Oceanic Iron Ore Corp. Announces Shipment of Bulk Sample - More
- June 16, 2011 | Item | ShareThis

Hunter Dickinson Terminates Shining Tree Letter Agreement with Creso - More
- June 16, 2011 | Item | ShareThis

Radisson Mining Resources Inc.: New Gold Discovery on the O'Brien-Kewagama Project - More
- June 16, 2011 | Item | ShareThis

Cancor Mines Inc./10.38 g/t Au over 8.4 m: Impressive results on North Tirek in Hoggar, Algeria - More
- June 16, 2011 | Item | ShareThis

Champion Minerals Accelerates Fermont Drilling Program - More
- June 16, 2011 | Item | ShareThis

Formation Metals' Earthworks Contractor Mobilizing Equipment for Idaho Cobalt Mine Construction - More
- June 16, 2011 | Item | ShareThis

Crocodile Gold Intersects Extension to High Grade Mineralized Structure 650 m South of the Existing Resource on the West Lode of Cosmo - More
- June 16, 2011 | Item | ShareThis

Avion Closes Acquisition of Additional 12.5% Interest in the Kofi Gold Project Increasing Its Interest from 81.25% to 93.75% - More
- June 16, 2011 | Item | ShareThis

Willow Creek Announces Private Placement - More
- June 16, 2011 | Item | ShareThis

North American Nickel Announces Discovery of Quartz Diorite Dyke in Outcrop Within the Whistle Offset Structure on Post Creek Property, Sudbury, Ontario - More
- June 16, 2011 | Item | ShareThis

Siga Resources Inc Signs Letter of Intent to Acquire Big Bear Gold Mining Claims in San Bernardino County, California - More
- June 16, 2011 | Item | ShareThis

Alamos Gold Reports 1.60 g/t of Gold Over 186 Metres at Camyurt - More
- June 16, 2011 | Item | ShareThis

Salazar Extends High Grade With 12.8 Meters of 4.01 g/t Gold, 137.85 g/t Silver, 3.43% Copper & 3.56% Zinc - More
- June 16, 2011 | Item | ShareThis

Forum Uranium Corp.: Numerous Drill Targets Identified on NW Athabasca Project (Maurice Bay), Saskatchewan - More
- June 16, 2011 | Item | ShareThis

PBX Announces Acceleration of Warrants Expiry - More
- June 16, 2011 | Item | ShareThis

Gold Resource Corporation Hires New CFO - "Gold Resource Corporation (AMEX:GORO - News) is pleased to announce the hiring of Mr. Paul Oberman as its new Chief Financial Officer (CFO). Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
- June 16, 2011 | Item | ShareThis

Sulliden Releases Interim 43-101 Mineral Resource Estimate at Shahuindo - More
- June 16, 2011 | Item | ShareThis

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