Gold Seeker Closing Report: Gold and Silver Fall Slightly

	Close	Gain/Loss
Gold	$1595.80	-$4.80
Silver	$39.57	-$0.65
XAU	219.06	+0.56%
HUI	573.70	+0.88%
GDM	1672.34	+1.01%
JSE Gold	2564.54	-37.16
USD	74.82	-0.39
Euro	142.21	+0.65
Yen	126.94	+0.54
Oil	$98.14	+$0.64
10-Year	2.933%	+0.042
T-Bond	125.875	-0.75
Dow	12571.91	-0.12%
Nasdaq	2814.23	-0.43%
S&P	1325.84	-0.07%

Gold fell as much as $19.70 to $1580.90 by about 9AM EST before it climbed back to $1600 by midday, but it then fell back off a bit in afternoon trade and ended with a loss of 0.3%. Silver fell over two dollars to as low as $38.195 before it also rebounded in late morning New York trade, but it still ended with a loss of 1.62%.

Euro gold fell to about €1123, platinum gained $1.50 to $1771, and copper fell a few cents to about $4.43.

Gold and silver equities opened up about 1% lower, but they then rose to see about 1% gains by midday and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Existing Home Sales	June	4.77M	4.93M	4.81M

Tomorrow at 8:30AM EST brings Initial Jobless claims for 7/16 expected at 411,000 and at 10AM is the Philadelphia Fed for July expected at 0.0 and Leading Economic Indicators for June expected at 0.3%.

Oil rose after the Energy Information Administration reported that crude inventories fell 3.7 million barrels, gasoline inventories rose 800,000 barrels, and distillates rose 3.4 million barrels. The International Energy Agency also said it “will not tap into more of its emergency reserves after its decision to release 60 million barrels from emergency stockpiles last month.”

The U.S. dollar index and treasuries fell as the euro rose on hopes that euro zone leaders will agree on a plan to tackle Greece’s debt problems at their meeting tomorrow.

The Dow, Nasdaq, and S&P waffled near unchanged on apprehension over debt problems in the US and Europe.

Among the big names making news in the market today were Zillow, Skullcandy, Ecolab and Nalco, Clorox, Transatlantic, EMC Corp., Warner Bros., Apple, and American Airlines.

The idea that an increase in the debt ceiling is a solution to anything is nonsense. The event would be simply a can kick forward for a very short period of time. Increasing debt is not a solution to a debt problem. It actually makes the problem worse. It is an act of extending your Federal credit card borrowing line so you can use it to pay your mortgage.

Calling increasing the debt ceiling a solution to a debt problem is too stupid to be stupid. The unwind is deeply entrenched since the failure of OTC derivatives in 2008. There has been no meaningful intervention in this economic downward spiral at the level of the cause. The downward spiral therefore continues unabated.

All downward spirals go to zero unless an intervention takes place at the level of the cause of the problem in the first place. OTC derivatives are what turned a four year correction into the greatest economic accident in human history.

OTC derivatives only go one way in size and that is up. Changing the way nominal value is determined does not solve the problem. All that does is add camouflage to the problem. It does not solve it.

$1600 in gold is simply another round number which will create drama, but no opposition to the increasing price.

Nothing additional is required for a higher price of gold. The damage is done. The debt of the entire Western world is beyond out of hand. The so called solution, just like raising the debt ceiling, will be acts of kicking the can down the road.

We have come to the end of the road. The result of no financial discipline anywhere in the Western world is unfolding.

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 3.332 tones.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 150.90: +0.88 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,864.33: +190.97 change from yesterday’s data.

Brigus Gold’s (BRD) second quarter update, ECU Silver’s (ECU.TO) new mineralization find, Fortuna’s (FVI.TO) second quarter production, and Extorre’s (XG) 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.

Firebird Resources Inc. Announces Effective Time for Plan of Arrangement - More
- July 20, 2011 | Item | ShareThis

International Samuel Exploration Progress Report (TSX VENTURE:ISS) - More
- July 20, 2011 | Item | ShareThis

First Mexican Gold Corp. Closes Private Placement - More
- July 20, 2011 | Item | ShareThis

Ruby Creek Announces New Independent Board Member - More
- July 20, 2011 | Item | ShareThis

Colombian Mines Announces New Sampling Results From El Dovio Property Including 21 Meters Averaging 15 g/T Gold Equivalent - More
- July 20, 2011 | Item | ShareThis

Lion One Announces New Upper Stockwork Zone at Tuvatu - More
- July 20, 2011 | Item | ShareThis

Puget Ventures Inc. Provides Updates to Information Circular - More
- July 20, 2011 | Item | ShareThis

AXMIN Executes Mandate Letter With the Standard Bank to Arrange and Underwrite Up to US$100 Million of Debt Financing - More
- July 20, 2011 | Item | ShareThis

Uranerz Receives Final NRC Approval - More
- July 20, 2011 | Item | ShareThis

Iron Creek Provides Pampa Buenos Aires and Pampa Sur Update; Vein Float Samples Return up to 9.97g/t Au - More
- July 20, 2011 | Item | ShareThis

BacTech Drills Average of 9.6 g/t Gold at Snow Lake - More
- July 20, 2011 | Item | ShareThis

Newcastle Announces Private Placement - More
- July 20, 2011 | Item | ShareThis

Globex Acquires Phlogopite Properties - More
- July 20, 2011 | Item | ShareThis

Tara Gold Provides Update on Registration - More
- July 20, 2011 | Item | ShareThis

Full Metal Minerals Announces Grant of Incentive Stock Options - More
- July 20, 2011 | Item | ShareThis

Capella Resources Announces Memorandum of Understanding - More
- July 20, 2011 | Item | ShareThis

Stellar Pacific Ventures Reports Positive Drill Results on Guinea SOLOTOMO's Gold Structure B-3 - More
- July 20, 2011 | Item | ShareThis

Nuinsco Finalizes Agreement on Second Egyptian Gold Concession - More
- July 20, 2011 | Item | ShareThis

Treasury Metals Reports More Results from Developing Goliath Gold Project - More
- July 20, 2011 | Item | ShareThis

Joint Venture Agreement Concluded With Resolute Mining and Robex Resources - More
- July 20, 2011 | Item | ShareThis

Peter G. White Joins Beaufield Board - More
- July 20, 2011 | Item | ShareThis

Afri-Can Marine Announces Geophysical Survey and Sampling on EPL 3403 in Namibia - More
- July 20, 2011 | Item | ShareThis

Monarques Resources Inc. Reports up to 2.66% Ni and 0.71% Cu in Drilling on Valiquette Showing - More
- July 20, 2011 | Item | ShareThis

NGEx Announces Start of 2011 Exploration Program at GJ Copper Gold Project in BC - More
- July 20, 2011 | Item | ShareThis

Victory Nickel Reports Further Positive North Limb Drilling at Minago Project - More
- July 20, 2011 | Item | ShareThis

Northern Gold Continues to Intersect Long Intervals of Gold Mineralization at Its Garrcon Gold Deposit - More
- July 20, 2011 | Item | ShareThis

Quia Resources Provides Drilling Program and Corporate Update - More
- July 20, 2011 | Item | ShareThis

Galahad Metals Inc. Reinstated for Trading July 20, 2011 - More
- July 20, 2011 | Item | ShareThis

Evolving Gold Enhances Investor Relations - More
- July 20, 2011 | Item | ShareThis

Drilling Continues to Intersect Gold Mineralization Near Surface and at Depth on Edgewater's Corcoesto Gold Project, Spain - More
- July 20, 2011 | Item | ShareThis

Rio Alto Drills 238 Metres of 1.06 Grams of Gold Per Tonne - More
- July 20, 2011 | Item | ShareThis

Goldex Resources Plans for a 4,000 Metre Drill Program at El Arco in Mexico - More
- July 20, 2011 | Item | ShareThis

Gold Standard Mining Corp. Announces Appointment of Zurab Chavchavadze as Vice President of Finance - More
- July 20, 2011 | Item | ShareThis

Cabo Drilling Corp. Awarded Contract Extension by Armistice Resources Corp. - More
- July 20, 2011 | Item | ShareThis

Geologix Drilling at Tepal Expands Tizate Zone With 240 Metres of 0.18 g/t Gold and 0.20% Copper - More
- July 20, 2011 | Item | ShareThis

FDG Discovers New Gold Targets at Topacio: Phase I Exploration Update - More
- July 20, 2011 | Item | ShareThis

Bravura Announces Advisor to the Board - More
- July 20, 2011 | Item | ShareThis

Redzone Resources Ltd.: Appointment of Director - More
- July 20, 2011 | Item | ShareThis

Marifil Reports Significant Gold-Silver-In-Pb-Zn Drill Intercepts at San Roque - More
- July 20, 2011 | Item | ShareThis

Resinco(R) Capital Partners Inc. Releases June 2011 Net Asset Value - More
- July 20, 2011 | Item | ShareThis

EurOmax Confirms Another Gold Zone at Trun - Drilling Encounters 24 Meters at 7.36 Grams per Tonne Gold at the Nadejda Target - More
- July 20, 2011 | Item | ShareThis

Suparna Appoints New Director and Grants Stock Options - More
- July 20, 2011 | Item | ShareThis

Liberty Gold Corp. Acquires Mexico-based Property With Estimated Gold Equivalent Resource of 4.21 Million Ounces - More
- July 20, 2011 | Item | ShareThis

Grayd Doubles Land Position at La India Gold Project - More
- July 20, 2011 | Item | ShareThis

Houston Lake Mining Announces up to 18.54g/t Gold Grab Sample from Regional Prospecting on the West Cedartree Gold Project - More
- July 20, 2011 | Item | ShareThis

Concordia Resource Corp. Announces Commencement of Albisu Drill Campaign - More
- July 20, 2011 | Item | ShareThis

Oceanic Iron Ore Corp.: Drill Results Continue to Confirm Historical Data - More
- July 20, 2011 | Item | ShareThis

Minera Andes Announces Second Quarter 2011 San Jose Mine Production - More
- July 20, 2011 | Item | ShareThis

Evrim Resources Corp.: Vale Commences Exploration at Arroyo Amarillo - More
- July 20, 2011 | Item | ShareThis

Sheltered Oak's Phase 6 Drilling Program at the Kerrs Township Properties is Now Underway - More
- July 20, 2011 | Item | ShareThis

Estrella Gold Announces Closing of $4,030,000 Private Placement Financing and Nomination of New Director - More
- July 20, 2011 | Item | ShareThis

MacDonald Mines Announces Results of Annual and Special Meeting of Shareholders and the Meeting of Board of Directors - More
- July 20, 2011 | Item | ShareThis

Paladin Energy Ltd: Quarterly Activities Report For Period Ending-30 June 2011 - More
- July 20, 2011 | Item | ShareThis

Caribou and Alix Increase Land Position Around Wellgreen Project, Yukon - More
- July 20, 2011 | Item | ShareThis

Gold Reach Resources Progress Report at Ootsa Lake B.C. (TSX VENTURE:GRV) - More
- July 20, 2011 | Item | ShareThis

Rockridge Drilling Intersects 213 g/t Gold Over 4m at Fatou Gold Project, Mali, West Africa - More
- July 20, 2011 | Item | ShareThis

Habanero Resources Inc.: White Gold Work Program to Commence in Yukon - More
- July 20, 2011 | Item | ShareThis

Arian Silver Announces Significant Increase in Mineral Resources at San Jose - More
- July 20, 2011 | Item | ShareThis

ECU Silver Finds New High Grade Mineralization in Upper Levels of the San Juanes Mine - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to announce that it has uncovered additional high grade mineralization in the upper levels of the San Juanes mine which is located in the main Velardena Property. This new mineralization was encountered in a drift driven along the vein, 57 meters (187 feet) deeper than the initial access adit. So far, assays for the vein have been received for the first 30 meters (98 feet) with an average of 13.74 grams per tonne (g/t) gold (Au), 2,345 g/t silver (Ag), 3.42% lead (Pb), 0.82% Zinc (Zn) and 1.24% Copper (Cu) over a width of 1.29 meters (4.23 feet). More assays are expected on the continuation of the vein shortly as the drift has been pushed further and the vein sampled." More
- July 20, 2011 | Item | ShareThis

Fortuna Reports Production Figures for Second Quarter 2011 - "The Company is prioritizing its silver and gold production and is on track to deliver 2.4 million ounces of silver and 7,368 ounces of gold, plus significant base metal production, in 2011. The third quarter of 2011 will be a milestone quarter for the Company with the planned start-up of commercial operations at the San Jose Silver and Gold mine in Mexico." More
- July 20, 2011 | Item | ShareThis

Extorre Extends High Grade Gold-Silver Zones at Cerro Moro - "Extorre Gold Mines Limited (NYSE Amex:XG)(TSX:XG - News)(FRANKFURT:E1R - News)(OTCQX:EXGMF) - ("Extorre" or the "Company") is pleased to report that exploration drilling continues to extend gold-silver mineralization at its 100% owned Cerro Moro project in Santa Cruz Province, Argentina. Assay results reported in this news release are from drilling undertaken during the second quarter of 2011 on prospects other than the recent Zoe discovery." More
- July 20, 2011 | Item | ShareThis

Brigus Gold Provides Second Quarter Update - "The Black Fox Mine produced 15,688 ounces of gold in the second quarter of 2011 (April to June), an 80% increase over first quarter production. Production was 5% below the expected range for the quarter due to a slower than expected ramp up in production from the underground mine. The Company is making steady progress in building its underground mining workforce in the tight and competitive labour market of Timmins, Ontario. Slower recruitment of qualified staff, along with additional required staffing changes, delayed underground development in the second quarter." More
- July 20, 2011 | Item | ShareThis

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