Gold Seeker Closing Report: Gold Tumbles Over $100 and Silver Slumps $3

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Gold Seeker Closing Report: Gold Tumbles Over $100 and Silver Slumps $3

By: Chris Mullen, Gold-Seeker.com

-- Posted 24 August, 2011 | |

	Close	Gain/Loss
Gold	$1754.90	-$103.90
Silver	$39.26	-$2.98
XAU	207.48	-1.95%
HUI	571.04	-2.15%
GDM	1660.77	-2.49%
JSE Gold	2607.81	-109.43
USD	74.01	+0.20
Euro	144.19	-0.18
Yen	129.91	-0.49
Oil	$85.16	-$0.28
10-Year	2.260%	+0.123
T-Bond	136.84375	-2.1875
Dow	11320.71	+1.29%
Nasdaq	2467.69	+0.88%
S&P	1177.60	+1.31%

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The Metals:

Gold fell $35.75 to $1823.05 in afterhours access trade late yesterday before it rebounded to back above $1850 in Asia, but it then fell to as low as $1753.14 by early afternoon in New York today and ended with a loss of 5.59%. Silver dropped to $41.34 before it climbed back above $42, but it then fell to as low as $39.07 in New York and ended with a loss of 7.05%.

Euro gold fell to under €1217, platinum lost $66.75 to $1807, and copper remained at about $4.00.

Gold and silver equities fell over 3% by early afternoon, but they then rallied back higher in late trade and ended with only about 2% losses.

Central Banks to Retain Gold to Manage Debt in Crisis, Morgan Stanley Says Bloomberg

Gold: Is Gold Overbought? CNBC

Some gold bulls say time to cash in, rally overdone Reuters

Shanghai Gold Exchange lifts margins for gold forwards Reuters

China's gilded gold market MarketWatch

The Economy:

Report	For	Reading	Expected	Previous
Durable Orders	July	4.0%	1.9%	-1.3%
Durable Orders -ex Trans.	July	0.7%	-0.5%	0.6%

Bernanke Speech to Set Market Course Friday and Beyond Yahoo

CBO: Federal deficit will hit $1.3 trillion Washington Times

Market may be expecting too much from Bernanke Yahoo

U.S. budget improves, economy weighs: CBO Reuters

Bernanke Jackson Hole speech could rattle markets Reuters

Budget deal slices deficits nearly in half: CBO Reuters

U.S. housing faces extra drag - low appraisals Reuters

Homeowner Groups Sue to Force Foreclosures Bloomberg

Mortgage purchase applications at 15-year low: MBA Yahoo

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/20 expected at 400,000.

The Markets:

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

Oil briefly rose after the Energy Information Administration reported that crude inventories fell 2.2 million barrels, gasoline inventories rose 1.4 million barrels, and distillates rose 1.7 million barrels, but it still ended slightly lower on the day.

The U.S. dollar index rose as the euro fell after “German Chancellor Angela Merkel reiterated her opposition to both breaking up the euro zone and issuing bonds backed by multiple countries in the union.”

Treasuries extended lower after today’s $35 billion 5-year note auction sold at a high yield of 1.029% with a bid to cover of 2.71.

The Dow, Nasdaq, and S&P mostly rose on decent economic data that reduced fears about a recession or worse.

Among the big names making news in the market today were GE, AMEX, Bank of America, Google, Toll Brothers, Toyota, and State Street.

GATA Posts:

Lehrman, Macleod, Vieira, GATA secretary to speak at Oct. 20 CMRE dinner

Gold unlikely to be sold to ease sovereign debt, Morgan Stanley economist says

Gallup Poll finds Paul only 2 points behind Obama

Magazine highlights GATA's London conference; and Casey seminar on debt crisis

Fed made State Street Bank profitable as money-fund middleman

Chavez expects gold to be back in Venezuela in 'weeks'

Kazakhstan, big gold producer, to keep its metal home starting Jan. 1

The Statistics:

Activity from: 8/23/2011

Gold Warehouse Stocks:	11,579,242	-933
Silver Warehouse Stocks:	105,270,629	-645,517

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	1259.569	40,496,404	US$71,658m
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$6,508m
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$7,122m
Australian Stock Exchange (ASX)	Gold Bullion Securities	14.21	473,730	US$800m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	45.65	1,467,744	US$2,753m
NASDAQ Dubai	Dubai Gold Securities	0.154	4,950	US$

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 24.833 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 168.41: +0.74 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,896.78: +133.32 change from yesterday’s data.

The Miners:

ITH’s (THM) new CFO, Richmont’s (RIC) drill results, and Golden Minerals (AUMN) drilling update were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1. Mines MGMT	MGN +2.55% $1.61
2. Revett	RVM +2.10% $4.37
3. Freeport	FCX+1.35% $43.47

LOSERS

1. Minco	MGH -9.38% $1.16
2. Gold Resource	GORO-8.68% $22.30
3. Richmont	RIC -8.02% $8.95

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:

SAMEX Mining Corp.: First Quarter Financial Statements to March 31, 2011 Amended and Re-Filed - More
- August 24, 2011 | Item | ShareThis

ICN Executes Agreement with Paramount for Dunes Claims - More
- August 24, 2011 | Item | ShareThis

Colt Resources Completes Acquisition of Key Surface Rights for its Tabuaço Tungsten Project - More
- August 24, 2011 | Item | ShareThis

Meadow Bay Gold Consolidates the Atlanta Gold and Silver Mining District in Nevada - More
- August 24, 2011 | Item | ShareThis

Golden Minerals Provides an Update on the Drilling and Underground Drifting for the El Quevar Project - "Golden Minerals Company (AMEX: AUMN - News) (TSX: AUM.TO - News) ("Golden Minerals" or "the Company") today provided an update on the surface drilling and underground development drifting at the El Quevar project. The El Quevar project is located in the Salta Province in northwestern Argentina." More
- August 24, 2011 | Item | ShareThis

Gryphon Gold Updates Progress on Borealis Mine Development - More
- August 24, 2011 | Item | ShareThis

Douglas Lake Commences Drill Program on Its Magambazi (Handeni East) Gold Targets - More
- August 24, 2011 | Item | ShareThis

Guyana Frontier Reports Re-Sampling of Marudi Mountain Historical Drill Core - More
- August 24, 2011 | Item | ShareThis

Majescor Announces the Final Closing of Its Non-Brokered Private Placement - More
- August 24, 2011 | Item | ShareThis

St-Georges Platinum and Base Metals Ltd.: New Mineralized Zones Discovered on the Villebon Project - More
- August 24, 2011 | Item | ShareThis

Nyrstar Announces its Friendly Offer to Acquire Breakwater is Now Free of Regulatory Approval Conditions - More
- August 24, 2011 | Item | ShareThis

Helio Reports First RC Drill Results from the Gold Kop Target, Damara Gold Project, Namibia - More
- August 24, 2011 | Item | ShareThis

Golden Goliath Resources Ltd.: Positive Corona Results Allow JV Partner to List on the TSX Venture Exchange - More
- August 24, 2011 | Item | ShareThis

Redhill Resources Corp.: High-Grade Gold Intersections at Deflector North Extending Mineralized Zone - More
- August 24, 2011 | Item | ShareThis

Currie Rose Intersects Sulphide Mineralization in 20 Holes at Mabale Hills - More
- August 24, 2011 | Item | ShareThis

GeoMegA Resources Inc.: Montviel Mineralogy and REE Distribution Dominated by Fluoro-Carbonates - More
- August 24, 2011 | Item | ShareThis

Maya Gold & Silver Engages Bay Street Connect for Investor Relations - More
- August 24, 2011 | Item | ShareThis

International PBX Ventures Ltd.: ZTEM Airborne Survey Confirms Large Porphyry Targets at Tierra de Oro Gold-Copper Property, in Chile - More
- August 24, 2011 | Item | ShareThis

Eagle Hill Confirms New Gold Bearing Zone With 7.47 g/t Gold Over 14 Meters With a Strike-Extension Potential of Over 7 Kilometers - More
- August 24, 2011 | Item | ShareThis

Bear Lake Gold Ltd. Announces Closing of Private Placement for $3,923,750 - More
- August 24, 2011 | Item | ShareThis

BE Resources Announces Additions to Board - More
- August 24, 2011 | Item | ShareThis

Urastar and Mosquito Complete Option Agreement for Blackpoint Au-Ag Property in Nevada - More
- August 24, 2011 | Item | ShareThis

Calibre Initiates Major Resource Delineation Drill Program at 100% Owned Riscos de Oro Gold-Silver Project, Nicaragua - More
- August 24, 2011 | Item | ShareThis

Smash Minerals Corp.: Drill Program Commences on Whiskey Property - More
- August 24, 2011 | Item | ShareThis

Bison Gold Resources Inc. Central Manitoba Property Update: Drilling intersects 37.61 g/t Au over 2.82 metres in OG-11-13 and 19.86 g/t Au over 4.05 metres - More
- August 24, 2011 | Item | ShareThis

Siga Resources Inc Provides Lucky Thirteen Bulk Sampling Progress Update - More
- August 24, 2011 | Item | ShareThis

Silver Sun to Begin Underground Development Work at Cherry Hill Gold Mine - More
- August 24, 2011 | Item | ShareThis

Arianne Resources Names Jim Cowley President and Appoints Dave DeBiasio to the Board of Directors - More
- August 24, 2011 | Item | ShareThis

Tintina Resources Appoints Project Manager for Sheep Creek Copper-Cobalt-Silver Property, Montana - More
- August 24, 2011 | Item | ShareThis

Resinco(TM) Capital Partners Inc. Releases July 2011 Net Asset Value - More
- August 24, 2011 | Item | ShareThis

Brazilian Gold Signs Option Agreement to Acquire Highly Prospective Land Package in the Tapajós Mineral Province, Brazil - More
- August 24, 2011 | Item | ShareThis

Southern Arc Announces Additional High-Grade Intersections From Pelangan Prospect, West Lombok, Indonesia - More
- August 24, 2011 | Item | ShareThis

Barkerville Gold Announces Acquisition of Craze Creek Property - More
- August 24, 2011 | Item | ShareThis

Barisan Gold Issues & Distributes Shares to Eligible Shareholders - More
- August 24, 2011 | Item | ShareThis

Victory Nickel Granted Environment Act Licence for Minago Sulphide Nickel Mine - More
- August 24, 2011 | Item | ShareThis

Rare Earth Industries' President Alastair Neill Appointed to Critical Materials Industry Organization "REE World" Advisory Board - More
- August 24, 2011 | Item | ShareThis

Kiska Cuts Long Gold and Copper Intersections, Whistler Project, Alaska - More
- August 24, 2011 | Item | ShareThis

Cerro Resources-Mt. Philp Haematite Iron Prospect: Further Diamond Drill Results - More
- August 24, 2011 | Item | ShareThis

Balmoral Intersects 8.14 g/t Gold Over 21.47 Metres in Shallow Angle Intercept at Martiniere West, Quebec - More
- August 24, 2011 | Item | ShareThis

Radisson Mining Reports the Resignation of Mr. Murton as Chairmain and Director of the Board. - More
- August 24, 2011 | Item | ShareThis

Continental Announces the Engagement of the Technical Studies Team - More
- August 24, 2011 | Item | ShareThis

Bravura Announces Advisor to the Board - More
- August 24, 2011 | Item | ShareThis

Paladin Energy Ltd-Year End June 2011 Conference Call and Investor Update-2 September 2011 - More
- August 24, 2011 | Item | ShareThis

GoldQuest Completes Geophysical Program and Initiates Preliminary Economic Assessment for Its Escandalosa Gold Project, Dominican Republic - More
- August 24, 2011 | Item | ShareThis

Quantum Rare Earth Developments Initiates Metallurgical Testing of the Elk Creek Niobium Deposit - More
- August 24, 2011 | Item | ShareThis

General Metals Discusses Annual Report Filed on Form 10-K - More
- August 24, 2011 | Item | ShareThis

Medusa Mining Limited: Co-O Mine Conceptual Exploration Target Enhanced by Drilling - More
- August 24, 2011 | Item | ShareThis

Allied Gold Mining PLC: Proposed PNG legislation not expected to impact Allied Gold - More
- August 24, 2011 | Item | ShareThis

Charter Pacific Announces Exploration Target of between 2.4 and 2.6 Billion Tonnes (Bt) - More
- August 24, 2011 | Item | ShareThis

International Tower Hill Mines Appoints Tom Yip as its New Chief Financial Officer - "International Tower Hill Mines Ltd. ("ITH" or the "Company") - (TSX: ITH.TO - News)(AMEX: THM - News)(Frankfurt: IW9) announces the appointment of Mr. Tom S. Q. Yip as the Company's new Chief Financial Officer, effective September 7, 2011. Mr. Yip has over 25 years of experience in all aspects of financial management including strategic planning, mergers and acquisitions, treasury and capital structure, reporting and risk management with both private and publicly traded resource companies." More
- August 24, 2011 | Item | ShareThis

Richmont Updates Final Drilling Results From the Monique Project, Studies Underway to Accelerate Development of this Asset - "Richmont Mines Inc. (TSX: RIC - News)(AMEX: RIC - News), ("Richmont" or the "Corporation") is pleased to provide updated drill results from the completed 8,117 metre exploration drill program on the G and J zones of the Monique project (the "Property"), located near Val-d'Or, Quebec." More
- August 24, 2011 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

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-- Posted 24 August, 2011 | |

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