Gold Seeker Closing Report: Gold and Silver Fall Again

	Close	Gain/Loss
Gold	$1587.00	-$8.80
Silver	$39.04	-$0.53
XAU	217.93	-0.52%
HUI	571.62	-0.36%
GDM	1665.90	-0.38%
JSE Gold	2534.88	-29.66
USD	74.09	-0.73
Euro	144.04	+1.86
Yen	127.66	+0.76
Oil	$99.13	+$0.73
10-Year	3.010%	+0.077
T-Bond	125.09375	-0.78125
Dow	12724.41	+1.21%
Nasdaq	2834.43	+0.72%
S&P	1343.80	+1.35%

Gold rose about 0.5% to $1604.35 in Asia and traded mostly slightly higher in London, but it then dropped in early afternoon New York trade and ended near its late session low of $1584.50 with a loss of 0.55%. Silver climbed to as high as $40.343 in Asia before it also fell back off in late trade and ended near its session low of $38.842 with a loss of 1.34%.

Euro gold fell to about €1104, platinum gained $11 to $1782.00, and copper dropped 5 cents to about $4.38.

Gold and silver equities saw slight gains in the first half hour of trade, but they then fell about 0.5% by midafternoon and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Initial Claims	7/16	418K	411K	408K
Philadelphia Fed	July	3.20	0.0	-7.70
Leading Indicators	June	0.3%	0.3%	0.2%
FHFA Housing Price Index	May	0.4%	-	0.8%

Oil rose as the U.S. dollar index fell “after a draft plan by European officials to provide cheap loans to Greece and other heavily indebted euro zone countries eased fears of contagion” and sent the euro higher.

Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on relief over calming debt concerns in Europe.

Among the big names making news in the market today were Express Scripts and Medco, Travelers, Morgan Stanley, Cisco, Genworth, and Boeing.

“Here we go again! Tuesday it was comments from the President that some progress was being made on the debt ceiling negotiations that derailed gold and sent the US equity markets in a tizzy to the upside. Yesterday, that was walked back as things were once again at an impasse. Today another story hits the newswires that a deal is in the works again. Down goes gold; up go the equity markets and down goes the Dollar.

Only in America in the age of hedge fund computer algorithms could we get an upside reaction in stocks and a downside reaction in gold on news that the US could get the greenlight to plunge itself ever deeper into a morass of indebtedness as its financial condition further deteriorates and works closer to looking more and more like that of a banana republic.

Apparently in this brave new age of unlimited indebtedness, safe havens are only needed when it appears as if a country might actually attempt to hold the line on its spending problems and work towards balancing its budget like the rest of us ignorant clods who still attempt to run our family budgets in a responsible manner. Excuse me for not becoming part of the cheerleading crowd who equate more indebtedness with a good thing.

"The borrower becomes the lender's slave" was written by someone far wiser than the current group of debt-addicted politicians who are sending this nation down the roads towards financial oblivion.''

Either way, gold, after staging a titanic struggle revolving around the $1600 level, was knocked lower once that news story broke which gave the day's victory to the bears who managed to keep the metal from holding firm above $1600. Solid Asian-based buying last evening had pushed it further to the upside from yesterday's pit session close in New York and set the stage for the push above $1600 so we will have to see if those buyers come back in this evening. It does appear that as I write this commentary, buyers have appeared in the $1580's again.

More to come later if time permits...

The Dollar has gotten trashed today as it broke below 75 and then continued to plummet right through a critical support level at 74.50 without even a pause. It's weakness is providing even more volatility to an already volatile trading session as the algorithms generate buying across the commodity complex when the Dollar is weaker and risk trades are back on. That is what has pushed crude oil back to the $100 level again for WTI. However, several of the commodity markets are currently experiencing some bearish fundamental factors which is setting up some wild price swings across the sector in general as some of the algos buy while commercial accounts are providing the selling.

Remember that insanely weird 1 1/2 point rally in the long bond that I commented upon the other day? It never happened! Yep, bonds have erased the totality of those gains and have dropped as low as a full point in today's session. I am of the opinion that the best thing traders can do in these volatile market conditions is to sleep in late and upon waking, indulge heavily in video games. If you miss a couple of trading sessions, not to worry, as prices will eventually go right back to where they were before you took your extended nap. Madness, insanity and idiocy are too mild of a choice of words to describe what our financial markets are being reduced to by these damn computer algorithms.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 150.90: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,803.71: -60.62 change from yesterday’s data.

NovaGold’s (NG) drill results, AuRico’s (AUQ) positive revision to its consolidated operational outlook, Freeport’s (FCX) second quarter results, and Aurcana’s (AUN.V) second quarter production 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.

Pacific Booker Minerals Inc. Announces Public Comments Invited on Morrison Copper-Gold Project - More
- July 21, 2011 | Item | ShareThis

EMC Metals Receives Initial Surface Assays With Up to 217 ppm Scandium at Tørdal Property in Norway - More
- July 21, 2011 | Item | ShareThis

Grizzly Engages MZHCI, LLC as Investor Relations Consultant - More
- July 21, 2011 | Item | ShareThis

Redhill Resources Corp.: Mutiny Gold Raises AUD$9,700,000 for Gullewa Property Payment and Exploration - More
- July 21, 2011 | Item | ShareThis

Southern Arc Shareholder Meeting and Investor Session Scheduled for September 22, 2011 - More
- July 21, 2011 | Item | ShareThis

Mahdia Gold Corp Announces Corporate Updates - More
- July 21, 2011 | Item | ShareThis

Additional High-Grade Lode Gold Mineralization Discovered at Mexivada Mining Corp.'s Malambani Project, ROC Congo - More
- July 21, 2011 | Item | ShareThis

Joshua Crumb Appointed to Zazu Metals Board - More
- July 21, 2011 | Item | ShareThis

REBgold and Belvedere Move Forward With Finnish JV - More
- July 21, 2011 | Item | ShareThis

Stans Energy Appoints Director of Operations for Russia - More
- July 21, 2011 | Item | ShareThis

Thundermin Executes Formal Agreement to Earn a 100% Interest in a Large Portion of the Stirling Zinc-Lead-Copper-Silver-Gold Massive Sulphide Belt, Cape Breton - More
- July 21, 2011 | Item | ShareThis

Hindustan Zinc Limited Results for the First Quarter Ended 30 June 2011 - More
- July 21, 2011 | Item | ShareThis

Pele Mountain Engages Advisor for Strategic Process to Separate Gold Assets from Eco Ridge Mine Rare Earths and Uranium Project - More
- July 21, 2011 | Item | ShareThis

Threegold to Resume Work on South Bay Gold Project - More
- July 21, 2011 | Item | ShareThis

Timmins Gold Announces Closing of Special Warrant Private Placement - More
- July 21, 2011 | Item | ShareThis

Strathmore Targets Additional Gas Hills, Wyoming Mineral Potential of 35 to 68 Million Pounds U308 With Completion of Initial NI 43-101 Technical Report - More
- July 21, 2011 | Item | ShareThis

Laurion Completes $820,000 Private Placement - More
- July 21, 2011 | Item | ShareThis

Advanced Explorations Reports Additional Consistent Iron Results at Tuktu Project - More
- July 21, 2011 | Item | ShareThis

Victoria Achieves Major Permitting Milestone for the Eagle Gold Deposit, Yukon - More
- July 21, 2011 | Item | ShareThis

Great Western Minerals Group: Corporate Update - More
- July 21, 2011 | Item | ShareThis

Romarco drills best intercept since Horseshoe - New zone Mustang returns 117 meters of 5.5 g/t gold - More
- July 21, 2011 | Item | ShareThis

Diamonds North Initiates Prospecting on Fox Gold Property with Grab Samples as High as 43.9 g/T Gold - More
- July 21, 2011 | Item | ShareThis

Magellan Steps Out at Cuiu Cuiu and Drills 7.8m @ 8.44 g/t Gold 300m East of Central Zone - More
- July 21, 2011 | Item | ShareThis

Nuinsco Reports First Results from J. Tobar Gold Concession in Sudan - More
- July 21, 2011 | Item | ShareThis

Golden Predator Sells Tonkin Springs Royalty for $5.85 MM - More
- July 21, 2011 | Item | ShareThis

Wallbridge Mining Sells 950,000 shares of Duluth Metals to Raise $2.53 million - More
- July 21, 2011 | Item | ShareThis

Siga Resources to Commence Initial Work Program on Big Bear Mining Claims in San Bernardino County, California - More
- July 21, 2011 | Item | ShareThis

North Arrow Announces Hope Bay Oro Gold Property Drill Program, Nunavut - More
- July 21, 2011 | Item | ShareThis

Cartier Conducts Deeper Drilling on Dollier Gold Discovery - More
- July 21, 2011 | Item | ShareThis

Soltoro Intercepts 65.6 Metres of 120 gpt Silver at the El Rayo Project - More
- July 21, 2011 | Item | ShareThis

CuOro Appoints Jorge Alberto Uribe to Board of Directors - More
- July 21, 2011 | Item | ShareThis

Choice Gold Corp. Commences First Phase 5,000 Metre Drilling Program at Riverside's Sugarloaf Peak Project in Arizona, USA - More
- July 21, 2011 | Item | ShareThis

Silver Spruce Reports Significant REE Exploration Results-Pope's Hill Trend - More
- July 21, 2011 | Item | ShareThis

Amerigo Announces Q2 2011 Production Results - More
- July 21, 2011 | Item | ShareThis

Teslin Completes $653,000 Financing - More
- July 21, 2011 | Item | ShareThis

Metals Creek and Golden Dory Announce High Grade Iron Results From Recent Sampling at the Gabbro Lake Project in Western Labrador - More
- July 21, 2011 | Item | ShareThis

Choice Gold Corp. Commences Drilling at Sugarloaf Peak and Announces Acceleration of Warrant Expiry - More
- July 21, 2011 | Item | ShareThis

Brazilian Gold Receives National Instrument 43-101 Independent Technical Report Detailing a Positive Preliminary Economic Assessment on the Sao Jorge Deposit - More
- July 21, 2011 | Item | ShareThis

Lake Victoria Completes 9,023 Meter Phase 2 Drill Program - More
- July 21, 2011 | Item | ShareThis

Tombstone Exploration Files Additional Exploration Permits on the Zebra Property - More
- July 21, 2011 | Item | ShareThis

Ressources Appalaches: Acquisition and Exploration Update on Dufferin Mine Project Area, Nova Scotia - More
- July 21, 2011 | Item | ShareThis

Tyhee to Terminate Shareholder Rights Plan - More
- July 21, 2011 | Item | ShareThis

Pan American Lithium President Featured in CEOCFO Interview - More
- July 21, 2011 | Item | ShareThis

Oro Mining Drills 4.1 g/t Gold Over 32 Metres at Taunus Project, Mexico - More
- July 21, 2011 | Item | ShareThis

Superior Mining Announces Appointment of Director - More
- July 21, 2011 | Item | ShareThis

Lupaka Gold Corp. Extends A-1 Zone Mineralized Envelope to the North and at Depth, and Drills 87.4 Metres at 1.58 g/t Gold at Crucero Gold Project - More
- July 21, 2011 | Item | ShareThis

Mazorro and Adventure Gold Report Lapaska Phase 1 Drill Results Confirming Bulk Tonnage Potential of Shallow Gold Mineralization/Central Zone Strike Length - More
- July 21, 2011 | Item | ShareThis

Adventure Gold and Mazorro Report Lapaska Phase 1 Drill Results Confirming Bulk Tonnage Potential of Shallow Gold Mineralization/Central Zone Strike Length - More
- July 21, 2011 | Item | ShareThis

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project Near Chapleau, Ontario; Commences NI 43-101 Resource Estimate - More
- July 21, 2011 | Item | ShareThis

Oceanic Iron Ore Corp. Announces Addition of Golder Associates to the Team Fast-Tracking Preliminary Economic Assessment - More
- July 21, 2011 | Item | ShareThis

Cornerstone Capital Resources Inc.-Environmental License Granted for Cascabel Project in Ecuador - More
- July 21, 2011 | Item | ShareThis

Lago Dourado Discovers High-Grade Gold Zone at Juruena Project, Brazil; Intercepts 4m of 32.5 g/t and 2m of 47.1 g/t Gold - More
- July 21, 2011 | Item | ShareThis

Redstar Options Root Spring Gold-Silver Project in Nevada to Brocade Metals - More
- July 21, 2011 | Item | ShareThis

Pelangio Exploration Adds Second Rig to Manfo Property - More
- July 21, 2011 | Item | ShareThis

Matamec Improves Economics of Kipawa Deposit With Metallurgy - More
- July 21, 2011 | Item | ShareThis

Fjordland Exploration Inc.: Drilling at Woodjam South (Southeast Zone) Yields 297 m Grading 0.49% Copper, 0.06 g/t Gold and 0.016% Molybdenum - More
- July 21, 2011 | Item | ShareThis

Lomiko Completes Phase I Exploration at Gold Property; Phase II Including Drilling to Commence in August - More
- July 21, 2011 | Item | ShareThis

Wallbridge Mining Announces $1.6M, 5,000m Drill Program with Implala Platinum on Parkin Offset Joint Venture Properties - More
- July 21, 2011 | Item | ShareThis

Sulliden Announces Further Positive Drill Results-Intersects 1.17 g/t Gold Over 104.6 Metres and Deepens Oxides by 50 Metres in the East Zone - More
- July 21, 2011 | Item | ShareThis

TVI Pacific Provides Additional Drill Results From the Balabag Gold-Silver Project - More
- July 21, 2011 | Item | ShareThis

Horizonte Minerals Continues to Generate High-Grade Nickel Intercepts at Araguaia Project, Brazil-2.25% Ni Over 17.3m - More
- July 21, 2011 | Item | ShareThis

Rockgate Extends North Zone to East at Falea Uranium-Silver-Copper Project, Mali - More
- July 21, 2011 | Item | ShareThis

Largo Starts Processing Tailing Materials at Its Currais Novos Project, Brazil - More
- July 21, 2011 | Item | ShareThis

Willow Creek Extends Drill Program at Hercules Gold & Silver Property, Nevada - More
- July 21, 2011 | Item | ShareThis

Santa Fe Metals to Commence Multiple 2011 Work Programs - More
- July 21, 2011 | Item | ShareThis

Northern Vertex Announces Phase 1 Drilling Program Intercepts 53.34 Meters Grading 1.10 gpt Gold Eqv; Including 9.14 Meters Grading 3.00 gpt Gold Eqv - More
- July 21, 2011 | Item | ShareThis

Silver Sun Receives Approval to Build Mill - More
- July 21, 2011 | Item | ShareThis

Minera IRL Announces Community Endorsement, Ollachea Project, Peru - More
- July 21, 2011 | Item | ShareThis

Petaquilla Minerals Ltd. Announces Special Meeting of Shareholders - More
- July 21, 2011 | Item | ShareThis

Luna Gold Enters Into Debt Amendment Agreement With Eldorado and Brascan - More
- July 21, 2011 | Item | ShareThis

Stroud Intercepts Wide Mineralized Zone at Santo Domingo: 27.0 Metres of 200.2 g/t Silver and 1.18 g/t Gold Including 6.7 Metres of 453.46 g/t Silver - More
- July 21, 2011 | Item | ShareThis

Crazy Horse Resources Corp. Joins OTCQX International Marketplace in U.S. - More
- July 21, 2011 | Item | ShareThis

Aurcana Reports Record 2nd Quarter Silver Production - "Aurcana Corporation (TSX VENTURE:AUN - News)(OTCQX:AUNFF) ("Aurcana" or the "Company") is pleased to report record silver production for Q2 of 2011 of 257,508 contained silver ounces. This is a 7% increase over the 240,275 silver ounces produced in Q1 of 2011, and a 41% increase over Q2 of 2010." More
- July 21, 2011 | Item | ShareThis

NovaGold Reports Drill Results at San Roque Project in Argentina - "NovaGold Resources Inc. (TSX:NG - News)(NYSE Amex:NG) today announced the results of its initial drill program at the San Roque project in the Rio Negro Province of Argentina." More
- July 21, 2011 | Item | ShareThis

AuRico Gold Announces Increased Consolidated Production and Reduced Cash Cost Guidance - "AuRico Gold Inc. (TSX:AUQ.to - News) (NYSE:AUQ - News), ("AuRico" or "the Company") is pleased to announce a positive revision to its consolidated operational outlook for 2011 that includes an increase in production and a reduction in cash cost estimates for 2011. The Company is also providing a status update on progress at the El Chanate and El Cubo mines." More
- July 21, 2011 | Item | ShareThis

Freeport-McMoRan Copper & Gold Inc. Reports Second-Quarter and Six-Month 2011 Results - "Net income attributable to common stock for second-quarter 2011 was $1.4 billion, $1.43 per share, compared with net income of $649 million, $0.70 per share, for second-quarter 2010. Net income attributable to common stock for the first six months of 2011 was $2.9 billion, $3.00 per share, compared with $1.5 billion, $1.70 per share, for the first six months of 2010." More
- July 21, 2011 | Item | ShareThis

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