Gold Seeker Closing Report: Gold and Silver Gain With Stocks and Oil

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Gold Seeker Closing Report: Gold and Silver Gain With Stocks and Oil

By: Chris Mullen, Gold-Seeker.com

-- Posted 29 June, 2011 | |

	Close	Gain/Loss
Gold	$1510.20	+$10.40
Silver	$34.78	+$1.14
XAU	199.44	+2.11%
HUI	519.57	+2.11%
GDM	1509.47	+2.14%
JSE Gold	2398.15	+57.56
USD	74.65	-0.41
Euro	144.34	+0.65
Yen	123.80	+0.50
Oil	$94.77	+$1.88
10-Year	3.108%	+0.063
T-Bond	123.5625	-0.65625
Dow	12261.42	+0.60%
Nasdaq	2740.49	+0.41%
S&P	1307.41	+0.83%

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The Metals:

Gold climbed $10.35 to $1510.15 in London before it fell back to $1502.90 by about 10AM EST, but it then rose to a new session high of $1512.79 by late morning in New York and ended with a gain of 0.69%. Silver surged to as high as $34.415 by a little before 7AM before it also pared it gains a bit in early New York trade, but it then rose to a new session high of $34.872 by midday and ended with a gain of 3.39%.

Euro gold rose to about €1047, platinum gained $39.6 to $1723.50, and copper gained 12 cents to about $4.21.

Gold and silver equities rose over 3% by midafternoon before they fell back off a bit, but they still ended with more than 2% gains.

The Economy:

Report	For	Reading	Expected	Previous
Pending Home Sales	May	8.2%	-0.6%	-11.3%

Greek lawmakers endorse austerity despite violence Reuters

Mortgage applications dipped last week: MBA Reuters

IMF says U.S. should hike debt limit to avert global shock Reuters

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/25 expected at 420,000 and at 9:45 is Chicago PMI for June expected at 54.0.

The Markets:

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

Oil added to early gains after the Energy Information Administration reported that crude inventories fell 4.4 million barrels, gasoline inventories fell 1.4 million barrels, and distillates rose 258,000 barrels.

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on Greece’s austerity bill that passed in a roll-call vote of 155 to 138 this morning. An implementation vote will follow tomorrow.

Among the big names making news in the market today were LSE, TMX, Ally Financial, Bank of America, Toyota, BJ’s Wholesale, General Mills, Morgan Stanley, HP, Zynga, News Corp., and KB Home.

The Commentary:

“To get a decent indicator of whether the risk trades are on or are back off once again, this ratio is as good an indicator as anything. During times when risk is in, silver has been leading gold to the upside or not dropping as hard as the yellow metal to the downside. In other words, it outperforms gold when the hedge funds are in love with risk. This will be reflected by a ratio moving lower on the chart.

When risk trades are out of vogue and risk aversion is the play, then gold outperforms silver as it is viewed as a more substantive safe haven than the gray metal. This will be reflected in a widening of the ratio.

One can see the concerns over the Greek debt situation through the price action of this ratio chart. As traders became convinced the last few days that Greece will get the bailout and their government will approve the austerity program, the ratio has moved lower with silver outperforming gold.

Lingering fears however concerning the well-being of several other Euro-zone countries, is keeping safe haven buying coming into gold and that has kept the ratio from dropping too severely right now.

I would watch to see the 40 level to see whether it holds or not. A break through this level accompanied by a sharp move lower in the long bond would indicate a shift back towards inflation fears on the part of traders/investors. Discerning any clear trend in these extremely volatile and illiquid markets at this time is an exercise in futility given the erratic price action.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

New York Sun: A first step to sound money

Franklin Sanders: Restoring freedom in Tennessee

Three senators propose eliminating capital gains taxes on gold, silver coins

The Statistics:

As of close of business: 6/28/2011

Gold Warehouse Stocks:	11,388,916	-1,236
Silver Warehouse Stocks:	98,936,580	-70,082

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	1209.142	38,875,115	US$58,456m
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$5,600m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	126.23	4,058,350	US$6,121m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	474,029	US$689m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	48.10	1,546,608	US$2,343m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,953	US$7m

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 144.46: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,600.32: -21.22 change from yesterday’s data.

The Miners:

ITH’s (THM) project update, Almaden’s (AAU) new targets, AuRico’s AUQ) drill results, US Gold’s (UXG) drill results, Rubicon’s (RBY) PEA, and Gold Resource’s (GORO) special cash dividend were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1. Banro	BAA+13.31%$3.83
2. Entree	EGI +9.42% $2.09
3. ITH	THM+8.76% $7.57

LOSERS

1. Rubicon	RBY -23.11% $3.66
2. Golden Star	GSS -5.24% $2.17
3. Minco Gold	MGH -3.11% $1.56

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:

Silvore Fox Minerals Corp. Signs Formal Agreement on High Grade Zinc Property - More
- June 29, 2011 | Item | ShareThis

North American Nickel Updates Exploration Progress on Their Quartz Diorite Offset Dyke, Post Creek Property, North Range, Sudbury Basin, Ontario - More
- June 29, 2011 | Item | ShareThis

Greenock Resources: Annual Meeting and Debt Conversion - More
- June 29, 2011 | Item | ShareThis

Axiom Gold and Silver Corp. Aurora Project Update - More
- June 29, 2011 | Item | ShareThis

Sniper Resources Ltd.: Mineral Property Update - More
- June 29, 2011 | Item | ShareThis

Niocan Enters Into Binding Term Sheet for Private Placement Financing With Nio-Metals Holdings LLC - More
- June 29, 2011 | Item | ShareThis

Candente Copper Corp.: Status Update Canariaco Norte Copper Project - More
- June 29, 2011 | Item | ShareThis

Sinchao Reports 2011 Audited Financial Results - More
- June 29, 2011 | Item | ShareThis

Andean American Reports 2011 Audited Financial Results - More
- June 29, 2011 | Item | ShareThis

Pannonia Ventures Corp. Announces Qualifying Transaction - More
- June 29, 2011 | Item | ShareThis

Industrial Minerals Inc.: Results of Annual and Special Meeting of Shareholders - More
- June 29, 2011 | Item | ShareThis

Goldeye Discovers 58.38 g/t Au, 531.7 g/t Ag, 2.43% Cu, 21% Pb Over 0.5 m on Lurdes Vein on Sonia Property in Central Chile - More
- June 29, 2011 | Item | ShareThis

James Bay Resources Extends the Expiry Date of Certain Outstanding Common Share Purchase Warrants for One Year - More
- June 29, 2011 | Item | ShareThis

Meadow Bay Gold to Host Investor Call on Thursday June 30th at 10 am EST - More
- June 29, 2011 | Item | ShareThis

Josephine Mining Corp.: Issues Condensed Interim Consolidated Financial Statements for the Three Month Periods Ended March 31, 2011 and 2010 - More
- June 29, 2011 | Item | ShareThis

Frontline Completes Soil Geochemistry Analysis and Commences IP Survey at Menderes Gold Project, Izmir Province, Turkey - More
- June 29, 2011 | Item | ShareThis

Commander Commences Work on Storm Copper Property - More
- June 29, 2011 | Item | ShareThis

Skeena Reports 3rd Batch Copper & PGM Assays from Tropico Drilling, Mexico - More
- June 29, 2011 | Item | ShareThis

Expansion of the El Creston Agreement - More
- June 29, 2011 | Item | ShareThis

Seafield Reports on the Annual and Special Meeting of Shareholders Held June 28, 2011 - More
- June 29, 2011 | Item | ShareThis

Victory Nickel Receives Draft Environment Act Licence - More
- June 29, 2011 | Item | ShareThis

Goldstrike Appoints New Chief Financial Officer - More
- June 29, 2011 | Item | ShareThis

Redstar Announces Non-Brokered Private Placement - More
- June 29, 2011 | Item | ShareThis

Caledonia Mining Corporation: Notice of Posting of Annual Financial Statements - More
- June 29, 2011 | Item | ShareThis

Uranium North Announces Exploration Program to Begin on the Nowyak, F13 and Robin Properties - More
- June 29, 2011 | Item | ShareThis

Great Western Minerals Group Added to Russell Global Index; Ranks in Top 3% in Canadian Business Magazine Resource Index - More
- June 29, 2011 | Item | ShareThis

Samaranta Mining Corporation: Guadalupe Update - More
- June 29, 2011 | Item | ShareThis

Mill City Commences Exploration at Mount Hinton - More
- June 29, 2011 | Item | ShareThis

Ashburton Update on Drilling Program at Deep Creek, Nevada - More
- June 29, 2011 | Item | ShareThis

Cascadero Copper Corporation: Las Burras Copper Porphyry Drill Program Completed, Salta Province North Western Argentina - More
- June 29, 2011 | Item | ShareThis

Vulcan Minerals Inc.: Petroleum Exploration Update - More
- June 29, 2011 | Item | ShareThis

Fancamp Exploration Ltd.: Magpie Drilling to Begin - More
- June 29, 2011 | Item | ShareThis

Robex Resources Inc./Nampala: Diamond Drilling Results Demonstrates the Mineralisation Potential at Depth - More
- June 29, 2011 | Item | ShareThis

Advanced Explorations' Tuktu Iron Project Drill Program Meets Objective Early - More
- June 29, 2011 | Item | ShareThis

Golden Tag Appoints New Director - More
- June 29, 2011 | Item | ShareThis

New Guinea Gold Announcement: 8m at 5.67 Gold Intersected Approximately 1km South of Sinivit Mine at Mengmut, Papua New Guinea - More
- June 29, 2011 | Item | ShareThis

Amarillo Gold Reports Final 12 Definition Drill Holes at Mara Rosa Gold Project, Brazil: Highlights Include True Widths of 54.8m @ 1.61 g/t Au, 31.7m @2.01 g/t - More
- June 29, 2011 | Item | ShareThis

Galore Announces $1,000,000 Financing - More
- June 29, 2011 | Item | ShareThis

Bear Lake Gold Announces Initial NI 43-101 Mineral Resource Estimate of the Bear Lake Zone - More
- June 29, 2011 | Item | ShareThis

Corvus Gold Confirms Extensive Oxide Gold Discovery at the North Bullfrog Project, Nevada - More
- June 29, 2011 | Item | ShareThis

International Tower Hill Mines Provides Project Update at the Livengood Gold Project, Alaska - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX:ITH - News)(AMEX:THM - News)(Frankfurt:IW9 - News) is pleased to provide an update of its activities at the Livengood Project near Fairbanks, Alaska. In addition to advancing its Pre-Feasibility Study towards expected completion in the fourth quarter of calendar year 2011, the Company has commenced work on an updated Preliminary Economic Assessment as well as a district-wide exploration program. To support the completion of these work programs, the ITH Board of Directors approved, on June 20, 2011, a budget of CAD 67 million for its 2011 fiscal year ending May 30, 2012. The Company also continues to augment its Fairbanks development team with the addition of Mr. Rick Solie as Community and Government Relations Manager." More
- June 29, 2011 | Item | ShareThis

Edgewater Closes Final Tranche of $11,000,000 Non Brokered Private Placement - More
- June 29, 2011 | Item | ShareThis

IBC Advanced Alloys and Ulba Sign Memorandum of Understanding - More
- June 29, 2011 | Item | ShareThis

Almaden Surface Work and CSAMT Survey Identifies New Targets at Tuligtic - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to announce the completion of a Controlled-Source Audio-Frequency Magneto-Telluric "CSAMT" geophysical survey and results of additional soil sampling on the Company's 100% owned Tuligtic project where the Ixtaca Zone is located. In June the Company surveyed four lines of CSAMT, two of which passed directly over the known Ixtaca zone (see attached map; sections will be posted to Almaden's website in due course)." More
- June 29, 2011 | Item | ShareThis

Romarco Drills 115.3 Meters of 3.4 G/T Gold at Mill Zone and 47.2 Meters of 5.3 G/T Gold Between Snake and Horseshoe - More
- June 29, 2011 | Item | ShareThis

Iberian Minerals Announces Stock Option Grants - More
- June 29, 2011 | Item | ShareThis

Tentative Agreement Reached on Labor Contract at Stillwater Mine and Processing Facilities - More
- June 29, 2011 | Item | ShareThis

Goldstone Announces Further Encouraging Key Lake Drilling Results - More
- June 29, 2011 | Item | ShareThis

Klondex Waives Deadline for Submitting Proxies - More
- June 29, 2011 | Item | ShareThis

AuRico Gold Reports Significant Drill Results from the El Chanate Mine - "AuRico Gold Inc. (TSX:AUQ.to - News) (NYSE:AUQ - News), ("AuRico") is pleased to provide an update of drilling results from the El Chanate Mine in Sonora, Mexico. Since April 2010, 213 new drill holes for 28,499 metres of drilling (23 drill holes for 5,052 metres since April 8, 2011) have been completed with the objective of converting inferred resources to measured and indicated, extending the deposit at depth to the south and southeast and to explore for extensions to the west and east of the present open pit. Results to date have delineated thick zones of continuous mineralization throughout the deposit and defined anomalous mineralization both east and south of the existing open pit (refer to Table 1 in the Appendix for selected drilling results)." More
- June 29, 2011 | Item | ShareThis

US Gold Corporation: Drilling Around El Gallo Continues to Build on the Open Pit Potential - "US GOLD CORPORATION (NYSE:UXG - News)(TSX:UXG - News) is pleased to announce new drill results from Palmarito and Haciendita, located within hauling distance of the company's El Gallo discovery and planned process facilities, in Sinaloa State, Mexico (Fig. 1). The results highlight the potential to grow the project as it moves through the feasibility stage. Currently 15 drills are operating at and around El Gallo." More
- June 29, 2011 | Item | ShareThis

CaNickel Intercepts 9.98 Metres of 2.35% Nickel - More
- June 29, 2011 | Item | ShareThis

Petaquilla Announces Normal Course Issuer Bid - More
- June 29, 2011 | Item | ShareThis

Soltoro Grants Options - More
- June 29, 2011 | Item | ShareThis

Crosshair Drills 0.16% eU3O8 over 15.5 Feet at Juniper Ridge - More
- June 29, 2011 | Item | ShareThis

Beanstalk Capital Inc. Files Filing Statement Regarding Qualifying Transaction on the Acquisition of the Elk Property - More
- June 29, 2011 | Item | ShareThis

August Metal Corp: Drilling at Las Lajas Gold Project, Mexico Intersects 5.0 Meters Grading 2.0 g/t Gold Including 1.6 Meters Grading 5.11 g/t Gold. - More
- June 29, 2011 | Item | ShareThis

Nautilus AGM Materials - More
- June 29, 2011 | Item | ShareThis

Douglas Lake Discovers Major Gold Exploration Target and Announces Drill Program on Kwandege Prospect at Handeni - More
- June 29, 2011 | Item | ShareThis

Rubicon Minerals Receives Positive Preliminary Economic Assessment for F2 Gold System, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corporation (RMX:TSX | RBY:NYSE-AMEX) is pleased to announce the positive results of a Preliminary Economic Assessment ("PEA") for its 100% owned F2 Gold System, part of its Phoenix Gold Project located in the heart of the Red Lake, Ontario gold district. The PEA was prepared by AMC Mining Consultants (Canada) Ltd. ("AMC") with metallurgical sections prepared by Soutex Inc. ("Soutex") both of which are independent of the Company." More
- June 29, 2011 | Item | ShareThis

Sunridge Gold Restarts Exploration Program on Asmara Project, Eritrea - More
- June 29, 2011 | Item | ShareThis

Radisson Mining Reports of Its Annual Meeting Held on June 21, 2011 and Grant of Options - More
- June 29, 2011 | Item | ShareThis

NQ Exploration Welcomes Michel Gauthier to its Advisory Board - More
- June 29, 2011 | Item | ShareThis

AurCrest Gold Announces the Appointment of Mr. Christopher Angeconeb to the Board of Directors - More
- June 29, 2011 | Item | ShareThis

Cassius Ventures Ltd. Announces The Appointment of Chief Financial Officer - More
- June 29, 2011 | Item | ShareThis

Xtra-Gold Announces Aggressive Target Generation/Definition Programs are Underway at Its Kibi Gold Project and the Exercise of Warrants for US$1,238,575 in Q2 - More
- June 29, 2011 | Item | ShareThis

Fjordland and Cariboo Rose to Spin-Off Woodjam Copper-Gold-Molybdenum Project, British Columbia - More
- June 29, 2011 | Item | ShareThis

Barkerville Releases Year End Results - More
- June 29, 2011 | Item | ShareThis

Terraco Intersects 53.3 Metres Averaging 1.08 GPT Gold at its Almaden Project (Idaho) - More
- June 29, 2011 | Item | ShareThis

Largo Announces Positive Preliminary Metallurgical Test Results for Its Campo Alegre Iron-Titanium Project, Bahia, Brazil - More
- June 29, 2011 | Item | ShareThis

Pan American Goldfields Ltd Announces Acquisition of Control of The Cieneguita Silver & Gold Project - More
- June 29, 2011 | Item | ShareThis

Horizonte Minerals Appoints Brazil General Manager - More
- June 29, 2011 | Item | ShareThis

Mountain Lake Reports Initial Results from Summer Drilling at Leprechaun Include 2.09 g/t Gold Over True Width of 65.6 Metres in Hole VL-11-288 - More
- June 29, 2011 | Item | ShareThis

Focus and Crescent Release Their Bidder's and Target's Statements - More
- June 29, 2011 | Item | ShareThis

Rainy River Resources Announces Updated Mineral Resource Statement - More
- June 29, 2011 | Item | ShareThis

Torex Resumes Drilling at Its Morelos Gold Project - More
- June 29, 2011 | Item | ShareThis

Gold Resource Corporation Declares Twelfth Special Cash Dividend - "Gold Resource Corporation (AMEX:GORO - News) is pleased to announce it has declared its June Special Cash Dividend of $0.04 per common share payable on July 22, 2011 to shareholders of record as of July 11, 2011. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico." More
- June 29, 2011 | Item | ShareThis

Guerrero Adds Institutional Investment Banking Services Expert, Kevin Ernst Joins Advisory Board; Engages Ernst Capital Partners Inc. - More
- June 29, 2011 | Item | ShareThis

Santa Fe Metals Options Cuyoaco Gold/Copper Property - More
- June 29, 2011 | Item | ShareThis

Li3 Signs MOU to Explore Intensified Evaporative Technology for Use in Maricunga Project - More
- June 29, 2011 | Item | ShareThis

Northland and Peab to Form a Joint Venture for Managing the Transport of Iron Concentrate from Kaunisvaara to Narvik Port - More
- June 29, 2011 | Item | ShareThis

Actus Minerals Property Acquisition-Completion of Financings - More
- June 29, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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-- Posted 29 June, 2011 | |

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