-- Posted 13 July, 2011 | |

The Metals:

Gold jumped to a new record high of $1587.59 by late morning in New York before it stabilized in the last couple of hours of trade, but it still closed with an impressive gain of 1.43%.  Silver soared to as high as $38.303 before it also moderated a bit in late trade, but it still ended with a gain of 6.64%.

Euro gold rose to a new record high at about €1121, platinum gained $21.75 to $1754, and copper rose slightly to about $4.39.

Gold and silver equities rose about 4% by late morning and remained near that level for the rest of the day.  The XAU, HUI, and GDM sit about 6% below their all-time highs of April 8^th 2011.

The Economy:

Debt ceiling: What happens if it isn't raised?  Yahoo

McConnell Offers ‘Last Choice,’ Three-Stage Option for Raising Debt Limit  Bloomberg

Mortgage applications drop for the fourth week: MBA  Reuters

“Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank is ready to ease monetary policy further if the economy weakens and inflation moves lower, hinting policymakers were actively mulling further stimulus.

While holding to a view that recent economic softness would eventually pass, he appeared less confident in that projection -- and more willing to entertain the possibility of another round of stimulus.

"The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support," Bernanke told the House of Representatives Financial Services Committee.”

“The federal budget deficit is on pace to break the $1 trillion mark for the third straight year, ratcheting up the pressure on the White House and Congress to reach a deal to rein in spending.

The deficit totaled $971 billion for the first nine months of the budget year, the Treasury Department said Wednesday. Three years ago, that would have been a record high for the full year.

With three months to go, this year's deficit will likely top last year's $1.29 trillion gap, according to an estimate by the Congressional Budget Office. But it is expected to come in below the record $1.41 trillion reached in 2009. The budget year ends Sept. 30.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/09 expected at 410,000, PPI for June expected at -0.2%, Core PPI expected at 0.2%, and Retail Sales for June expected at -0.2%.  Excluding autos, sales are expected at 0.0%.  At 10AM is the Business Inventories report for May expected at 0.9%.  Bernanke will also be testifying before the Senate Banking Committee.

The Markets:

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

Oil rose after the Energy Information Administration reported that crude inventories fell 3.1 million barrels, gasoline inventories fell 800,000 barrels, and distillates rose 3.0 million barrels.

The U.S. dollar index fell markedly on Bernanke’s stimulative testimony before the House Financial Services committee that sent the Dow, Nasdaq, and S&P over 1% higher for most of the day, but all three indices faded in late trade and ended only slightly higher.  Treasuries closed up after today’s $21 billion 10-year note auction drew a high yield of 2.918% with a bid to cover of 3.17.

Among the big names making news in the market today were News Corp., Kinetic Concepts, Validus, JPMorgan, and Citigroup.

GATA Posts:

Gene Arensberg: Big traders positioning for silver strength

With dollar tumbling, Bernanke has to pretend that gold isn't better money

As Jim Sinclair says, it'll be QE to infinity

The Statistics:

Activity from: 7/12/2011

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: No change in Total Tonnes from yesterday’s data: SPDR added 19.996 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 145.16: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,500.57: No change from yesterday’s data.

The Miners:

IAMGOLD’s (IAG) incident report, Gold Fields’ (GFI) shut mine shaft, NovaGold’s (NG) second quarter results and projects update, Midway’s (MDW) drill results, Northgate’s (NXG) plans to combine with Primero (P.TO) and Goldcorp’s (GG) support of it, Minco Silver’s (MSV.TO) corporate updates, Bear Creek’s (BCM.V) legal filing, SilverCrest’s (SVL.V) commercial production declaration, and Fresnillo’s (FRES:LN) production were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSER

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:

Citation Resources Announces Board Changes and Appointment of CEO - More
- July 13, 2011 | Item | ShareThis

Minco Silver Provides Corporate Updates - "Minco Silver Corporation (the "Company" or "Minco Silver") (TSX:MSV - News)(OTCQX: MISVF)(WKN: A0ESX5) held its annual general and special shareholders meeting (the "AGM") on July 7, 2011, adjourned from June 28, 2011. The shareholders appointed Dr. Ken Cai, Chang Seng Lee, Wayne Spilsbury, George Lian and Dr. Tim Sun to serve as Directors of the Company until the next AGM. Dr. Ken Cai will also serve as Chairman of the Board of Directors. The AGM report is available for review on SEDAR." More
- July 13, 2011 | Item | ShareThis

Bravura Exploration Program to Commence - More
- July 13, 2011 | Item | ShareThis

St. Elias Mines Ltd. - Sampling Results, Cueva Blanca Gold Property in Peru - More
- July 13, 2011 | Item | ShareThis

Pancontinental Uranium Corporation: Encouraging Results From Alluvial Rare Earth Exploration Program at Charley Creek Project, Near Alice Springs Australia - More
- July 13, 2011 | Item | ShareThis

Fischer-Watt Converts Its Obligations to a Royalty - More
- July 13, 2011 | Item | ShareThis

Invenio Options Second Gold Property in Alaska - More
- July 13, 2011 | Item | ShareThis

Manicouagan Commences Phase II Drill Program at Kasagiminnis Lake - More
- July 13, 2011 | Item | ShareThis

Parlane Completes Phase I on Mercedes Gold-Silver Project in Sonora, Mexico - More
- July 13, 2011 | Item | ShareThis

AXMIN's Senegal Joint Venture Continues to Intersect High Grades at Gora; - More
- July 13, 2011 | Item | ShareThis

Radius Defines Anomalous Au-Hg-Sb-As-Tl in Soil/Stream Sediment Samples at Scarlet East Property, Rackla Belt, Yukon - More
- July 13, 2011 | Item | ShareThis

Gowest Continues to Define Deep Mineralisation Extensions at Frankfield East Gold Project Near Timmins - More
- July 13, 2011 | Item | ShareThis

Source Exploration Corp. Announces Grant of Options - More
- July 13, 2011 | Item | ShareThis

SIRIOS: Drilling Completed on the Silver and Gold PONTAX Property in James Bay, Quebec - More
- July 13, 2011 | Item | ShareThis

Rogue Resources Launches Social Media Program - More
- July 13, 2011 | Item | ShareThis

Jet Gold options Zinc Bay property - More
- July 13, 2011 | Item | ShareThis

Newton Joint Venture Agreement Executed - More
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Cerro Grande Mining Corporation Announces the Signing of a Letter Agreement on the Santa Cecilia Property Located Adjacent to Exeter Resources' Caspiche Project - More
- July 13, 2011 | Item | ShareThis

Sona Commences 3,000-Metre Surface Drill Program at Its Elizabeth Gold Deposit Property - More
- July 13, 2011 | Item | ShareThis

Strike Minerals Amends Terms of Non-Brokered Private Placement of Up to $1,000,000 - More
- July 13, 2011 | Item | ShareThis

Rio Cristal Announces Appointment of Mr. Erik Bethel to Its Board of Directors - More
- July 13, 2011 | Item | ShareThis

Uranium North Reports Drill Program Underway on the Mallery Gold-Silver Project - More
- July 13, 2011 | Item | ShareThis

Golden Goliath Resources Ltd.: Exploration Update - More
- July 13, 2011 | Item | ShareThis

Jiulian and Gunpoint Close Big Kidd Property Purchase - More
- July 13, 2011 | Item | ShareThis

Golden Share Provides an Update on its Shebandowan Gold Project Summer Work Program - More
- July 13, 2011 | Item | ShareThis

Calibre Mining Reports Exploration Update From Borosi Gold-Copper Concessions, Nicaragua - More
- July 13, 2011 | Item | ShareThis

Gold Bullion provides update on its phase 3 drill program - More
- July 13, 2011 | Item | ShareThis

GoldQuest Announces Results of the Annual Meeting of Shareholders - More
- July 13, 2011 | Item | ShareThis

Liberty Gold Corp. Announces Name & Trading Symbol Change and Stock Split - in Addition to New Corporate Headquarters - More
- July 13, 2011 | Item | ShareThis

Sage Gold Starts Resource and Economic Study for Clavos - More
- July 13, 2011 | Item | ShareThis

Indigo Commences Phase II Drilling at Moule - More
- July 13, 2011 | Item | ShareThis

Cue Resources Ltd. Increases Grade and Resource at Yuty Uranium Project - More
- July 13, 2011 | Item | ShareThis

Tintina Resources Inc.: New Copper Discovery from the Upper Copper Zone at Strawberry East Target, Sheep Creek Copper-Cobalt-Silver Property, Montana - More
- July 13, 2011 | Item | ShareThis

African Gold Group, Inc. Positive Preliminary Economic Assessment Generates $216.9 Million NPV and 90% IRR - More
- July 13, 2011 | Item | ShareThis

G4G Resources and Almaden Minerals Joint Venture on the Historically Mined Yago Gold-Silver Property, Mexico - More
- July 13, 2011 | Item | ShareThis

Sandstorm Gold Acquires a Gold Stream on the Xstrata Operated Bracemac-McLeod Property - More
- July 13, 2011 | Item | ShareThis

Bearing Resources Grants Stock Options - More
- July 13, 2011 | Item | ShareThis

Inter-Citic Engages Standard Chartered to Provide Corporate Advisory Services - More
- July 13, 2011 | Item | ShareThis

Donner Metals Ltd.: Sandstorm Provides US$25 Million Senior Financing - More
- July 13, 2011 | Item | ShareThis

Southern Hemisphere Announces Option of New Prospective Copper Project: Llahuin - More
- July 13, 2011 | Item | ShareThis

Spanish Mountain Announces Closing of $20 Million Financing - More
- July 13, 2011 | Item | ShareThis

Midland Exploration and North American Palladium Report a New Gold Discovery on Laflamme - More
- July 13, 2011 | Item | ShareThis

Oro Mining Commences Drilling at El Compas Project and Announces IR Agreement - More
- July 13, 2011 | Item | ShareThis

Auryx Gold Advises on Exploration and Development Schedule for the Otjikoto Gold Project in Namibia - More
- July 13, 2011 | Item | ShareThis

Western Pacific Grants Stock Options - More
- July 13, 2011 | Item | ShareThis

Focus Commences Drilling at Santa Rosa - More
- July 13, 2011 | Item | ShareThis

Newton joint venture agreement executed - More
- July 13, 2011 | Item | ShareThis

China Gold International Resources Announces Production Results at Jiama - More
- July 13, 2011 | Item | ShareThis

Typhoon Exploration Inc. and Aurizon Mines Ltd. Intersects 1,480 g/t Au at More Than 1 Kilometer of the Fayolle Deposit - More
- July 13, 2011 | Item | ShareThis

Hunter Bay Minerals Exercises Initial 30% Interest and Commences Soil Sampling Program on Sela Creek Project - More
- July 13, 2011 | Item | ShareThis

Augen Gold Correcting Erroneous Information - More
- July 13, 2011 | Item | ShareThis

Active Growth Capital Acquires Option and Announces Management Change - More
- July 13, 2011 | Item | ShareThis

Rodinia Lithium Announces Up to 1,800 mg/L Lithium from Aquifer I Pit Sample Results - More
- July 13, 2011 | Item | ShareThis

ECPN Enters into Equity Purchase Agreement - More
- July 13, 2011 | Item | ShareThis

Plexmar Resources Inc.: Malin Plant and Project Update - More
- July 13, 2011 | Item | ShareThis

New Jersey Mining Company Intercepts 1.56 g/t Gold Over 29.6 Meters Near the Surface at the Golden Chest Mine - More
- July 13, 2011 | Item | ShareThis

Alexis Continues to Define the Bonanza Zone at Lac Herbin Intersecting Up to 18.39 g/t Au Over 1.5 Metres - More
- July 13, 2011 | Item | ShareThis

Frontier Rare Earths and Korea Resources Corporation Sign Strategic Partnership Agreement - More
- July 13, 2011 | Item | ShareThis

Crocodile Gold to Host Conference Call With Chantal Lavoie, President and CEO - More
- July 13, 2011 | Item | ShareThis

Yukon-Nevada Gold Corp. Produces 25,713 Gold Ounces in Q2 - More
- July 13, 2011 | Item | ShareThis

Rainy River Resources Expands Western Area With 15.9 g/t gold and 41.1 g/t Silver Over 4.5 Metres - More
- July 13, 2011 | Item | ShareThis

Canaco Announces Additional Magambazi Drill Results, Including 20.3 Metres at 6.93 Grams Per Tonne Gold and 21.7 Metres at 4.7 Grams Per Tonne Gold - More
- July 13, 2011 | Item | ShareThis

Molycor Gold Corp.: Drilling Program Completed on Beaverdell Silver Property - More
- July 13, 2011 | Item | ShareThis

Kalimantan Gold Copper and Coal Project Updates - More
- July 13, 2011 | Item | ShareThis

First Uranium Corporation - Shareholder Update - Board Initiates Strategic Review - More
- July 13, 2011 | Item | ShareThis

IAMGOLD Reports Incident at Doyon Division - "IAMGOLD Corporation ("IAMGOLD" or the "Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) reported an incident after 9 a.m. today involving the hoist at the Doyon Division in Rouyn-Noranda in the province of Quebec. The incident occurred during a routine maintenance exercise. There were no injuries and the damage is being assessed." More
- July 13, 2011 | Item | ShareThis

Gold Fields Shuts Beatrix North Mine Shaft Number 3 After Worker Death - "Gold Fields Ltd. (GFI) shut its No. 3 shaft at Beatrix North mine in South Africa’s Free State province after a worker died, Sven Lunsche spokesman said by phone today." More
- July 13, 2011 | Item | ShareThis

Bear Creek Announces the Filing of Legal Actions to Protect its Santa Ana Silver Deposit in Peru - "Bear Creek Mining (TSXV: BCM) (BVL: BCM) ("Bear Creek" or the "Company") reports that it has filed an application for a Constitutional injunction in Peru, known as an Amparo, against the Peruvian Government. The objective of the legal actions are to seek injunctive relief against the cancellation of the Company's rights to its Santa Ana mineral concessions until a court determines whether the Peruvian Government violated the Company's constitutional rights when it issued a Presidential Supreme Decree in June 2011 that resulted in the cancellation of the Company's authorization to own the Santa Ana mineral concessions." More
- July 13, 2011 | Item | ShareThis

NovaGold Second Quarter Financial Results and Projects Update - "During the quarter, our team at NovaGold continued working on the advancement of its three principal projects: Donlin Gold(1) project in Alaska, Galore Creek copper-gold-silver project in British Colombia and Ambler polymetallic project in Alaska. Our strategy of delivering two world-class mines with our 50% partners Barrick Gold Corporation ("Barrick") at Donlin Gold and Teck Resources at Galore Creek remained on track. The addition of the Ambler project to our development pipeline, with the release of successful Preliminary Economic Assessment ("PEA") in April, provides NovaGold with two strong platforms: one in gold and the other in copper. Donlin Gold and Galore Creek have substantial endowments of gold, while Galore Creek and Ambler have significant amounts of copper. All three projects, once in operation, would have multi-decade mine lives." More
- July 13, 2011 | Item | ShareThis

Goldcorp Supports Acquisition Of Primero Mining Corp By Northgate Minerals Corporation - "GOLDCORP INC. (TSX:G.to - News) (NYSE:GG - News) today agreed to support the proposed transaction by which Northgate Minerals Corporation ("Northgate") (TSX:NGX.to - News) will acquire all of the issued and outstanding shares of Primero Mining Corp ("Primero") (TSX:P.to - News). The transaction will be effected through a plan of arrangement under the British Columbia Business Corporations Act." More
- July 13, 2011 | Item | ShareThis

SilverCrest Declares Commercial Production at Santa Elena Mine; Pours 74,678 oz of Silver and 5,476 oz of Gold in Q2 2011 - "We are certainly pleased at this time as to how the Commissioning Phase for the Santa Elena operations has progressed. All aspects of the operations are at design capacities and are functioning as expected with the exception of the crusher. We have experienced a number of operating challenges with crusher operations which have required operating times to be increased to an average of 18 hours per day rather than the budgeted 14 hours to meet production targets. Our supervisory personnel have worked diligently to assure that the normal start-up challenges were resolved and the project has reached a steady state at design capacity. The receipt of substantial revenues from the sale of our silver and gold production has reduced the amount of working capital required during start up and has set the stage for early, free cash flow that will be utilized to implement the Company's strategy for corporate growth." More
- July 13, 2011 | Item | ShareThis

Midway Reports Long Gold Intercepts at Spring Valley Project, Nevada - "Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces results calculated from data provided by Barrick Gold Exploration Inc. (“Barrick”), who is earning into Midway’s Spring Valley Project, Nevada. Highlights include metallic screen assays with gold intercepts of 166 meters of 1.48 grams per tonne (gpt) gold, including 23 meters of 2.15 gpt gold in SV10-510, and 218 meters of 2.7 gpt gold including 41 meters of 12.3 gpt in SV10-511c." More
- July 13, 2011 | Item | ShareThis

Fresnillo Silver Mine to Produce 10 Million Ounces in 2015, Chairman Says - "Fresnillo Plc (FRES), the world’s largest primary silver miner, will produce 10 million ounces of silver and 50,000 ounces of gold in 2015 at its Saucito mine in north- central Mexico, said Alberto Bailleres, company chairman." More
- July 13, 2011 | Item | ShareThis

Northgate and Primero to Combine and Create A Leading Mid-Tier Gold Producer - "Northgate Minerals Corporation ("Northgate") (TSX:NGX.to - News) (NYSE Amex: NXG) and Primero Mining Corp. ("Primero") (TSX:P.to - News) are pleased to announce today that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") to combine their respective businesses and create a new, leading mid-tier gold producer with significant value creation opportunities. The combined company will benefit from the current production and expansion potential at the San Dimas mine in Mexico and the Fosterville and Stawell gold mines in Australia, together with the long-life Young-Davidson gold development project in Ontario. The new company will be led by Joe Conway, current President and Chief Executive Officer of Primero. The transaction will create a company with an expected combined market capitalization of approximately $1.2 billion." More
- July 13, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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