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The Markets:

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

Oil dropped over a dollar to under $68 in early trade as the strike ended in Nigeria, but prices edged back up to find a small gain by the close as Venezuela increased its nationalization terms to 60% which may be unacceptable for some foreign oil companies and influence them to leave the country altogether.

The U.S. dollar index remained near unchanged ahead of official cues from the fed over interest rates in their policy announcement later this week.

Treasuries rose on safe haven buying after more weak hosing data and concerns over hedge fund problems reignited talk over a possible fed rate cut by the end of the year.

The Dow, Nasdaq, and S&P rose markedly by early afternoon with the Dow up over 125 points at one point, but all three indices fell off pretty dramatically around 2PM EST and ended slightly lower on concerns over brokerages and their involvement with subprime hedge funds.

Among the big names making news in the market today were Blackstone, Walgreen, Dow Jones, Amaranth, Bear Sterns, and Delphi and GM.

The Commentary:

“August Gold finished down 2.3 at 654.7, 1.7 off the high and 3.1 up from the low.

July Silver closed down 0.143 at 12.877. This was 0.067 up from the low and 0.163 off the high.

It seems as if gold is being weighed down by economic uncertainty and concerns that the economy is slowing amid rising price pressures that could keep interest rates relatively high and make it a poor environment for gold. In fact, with the Bank for International Settlements warning of global inflation pressures and advising central banks to keep on raising rates was likely another factor dampening investor's appetite for gold. Continued fallout from the sub-prime mortgage sector and weaker existing home sales kept the stock market on the defensive and with that action reflecting more of an economic slowing threat ahead, it's not too surprising to see gold under pressure. More key economic data is due out later this week and some traders may be moving out of metals and to the sidelines until a clearer economic picture emerges. The Fed policy meeting mid-week is another limiting factor for the gold market since the Fed's focus on inflation has some in the trade raising the odds the bias is shifting toward a tightening stance. With several commodities coming under pressure, it looked as if the action in gold was part of a liquidation move in a broad range of physical commodity markets. News of negotiations between union representatives and management of a South African gold mine may have also pressured gold on ideas supplies may not be disrupted by a strike.

With Sept silver failing to hold support around the $13 level, the market is now in a position to test the January lows. A call by the Bank for International Settlements for world central banks to continue raising rates to curb inflation may have spooked metals investors. A Rising interest rate environment, the sub-prime mortgage problems and weak housing data keep the industrial demand outlook for the metal weak. Outside market action mostly had a bearish influence on silver as early weakness in copper and softer equity markets raise doubts over the macro economic condition. Even a late short covering recovery in copper didn't release silver from the bear's grip.” - The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

BIS celebrates the obvious while missing the big irony

Gulf Arabs seem less sure of sticking with dollar peg

Russia tightens hold on strategic oil and gas industry

The Statistics:

As of close of business: 6/22/2007

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.33 tonnes and the ASX added 0.24 tonnes.

COMEX Gold Trust (IAU)

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

Silver Trust (SLV)

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

The Stocks:

Gold Fields’ (GFI) new Head of Exploration, Allied Nevada’s (ANV) private placement, Miramar’s (MNG) licensing progress, Goldcorp’s (GG) and Silver Wheaton’s (SLW) updated reserve and resource estimates, Palmarejo’s (PJO.V) announcement, Oremex’s (ORM.V) progress update on the Tejamen silver property, and Silvercorp’s (SVM.TO) favorable tax ruling were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

Geoinformatics Announces Notice of Reorganization of Major Shareholder - More
- June 25, 2007 | Item | E-mail

Kimberly Prepares for Drilling at the Rescue Gold Mine - More
- June 25, 2007 | Item | E-mail

Mantis Mineral Corp. acquires King Dodds Gold Discovery - More
- June 25, 2007 | Item | E-mail

Sparrowtech Completes Due Diligence on Porvenir Mining Property in Southern Ecuador - More
- June 25, 2007 | Item | E-mail

Little Squaw Gold Mining Featured on "Steve Crowley's American Scene" - More
- June 25, 2007 | Item | E-mail

Olympus' 50 Metre Stepout Intersects High-Grade Gold & Copper at Capcapo, Northern Philippines - More
- June 25, 2007 | Item | E-mail

Salazar Resources Ltd. Retains Cronus Capital Markets for Strategic Consulting - More
- June 25, 2007 | Item | E-mail

Tommy McKeith to Head up Exploration at Gold Fields - "Gold Fields Limited (Gold Fields) (NYSE, JSE, DIFX: GFI) is pleased to announce that Tommy McKeith will replace Craig Nelsen as Executive Vice President and Head of Exploration with effect 1 October 2007." More
- June 25, 2007 | Item | E-mail

El Nino Ventures & Xstrata Zinc to Commence 25,000 m Drill Program on Bathurst Mining Camp - More
- June 25, 2007 | Item | E-mail

Pelangio Announces Appointment of Warren Bates as Vice President Exploration - More
- June 25, 2007 | Item | E-mail

Standard & Poor's Initiates Factual Stock Report Coverage on Great Western Minerals Group Ltd. - More
- June 25, 2007 | Item