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-- Posted Monday, 2 June 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold fell nearly 1% to $880.90 by late trade in Asia, but it then chopped its way higher in London and New York and ended near its high of $897.50 with a gain of 0.61%.  Silver rose over 1% to $17.01 by early trade in London before it fell to see an over 1% loss at $16.57 by about 9:30AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.12%.

Euro gold rose to about €574, platinum remained unchanged at $2006, and copper fell a couple of cents to about $3.61.

Gold and silver equities rose over 1% by early afternoon before they pulled back a bit on notable weakness in the major indices, but the miners still ended with slight gains.

The Economy:

Tomorrow at 10AM EST brings the Factory Orders report for April expected at -0.1%.

The Markets:

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

Oil eventually rose on worries over a busy storm season despite more indications that demand is falling off.  Rumors over a US attack on Iran also brought out buyers.

The U.S. dollar index rose in early trade as economic data was not indicative of a serious recession, but it fell to end with only a small gain while treasuries rose as the Dow, Nasdaq, and S&P fell throughout trade on worries over more shoes to drop in the financial sector as S&P made public their rating cuts and outlook downgrades of banks.

Among the big names making news in the market today were Wachovia, Washington Mutual, and Marriott.

The Commentary:

“August Gold finished up 5.5 at 897, 4 off the high and 7 up from the low.

July Silver closed up 0.045 at 16.91. This was 0.2 up from the low and 0.09 off the high.

The gold market held up impressively in the face of an initial rally in the Dollar on Monday morning. However, with the Dollar reversing course and doing so in the face of potentially supportive US scheduled data, the gold market seemed to settle into a beneficial outside market environment. In fact, after some early weakness oil prices recovered and the US equity market was under moderate pressure and that seemed to rekindle flight to quality bargain hunting interest in the gold market. In the end seeing somewhat better than expected US economic readings without seeing a rising Dollar put gold in the best position in several trading sessions. Clearly seeing the subject of potential power problems in Zimbabwe prompted some speculation that ongoing power problems would also be seen in major gold producing areas of South Africa. With the winter period potentially increasing electric demand in the Southern Hemisphere it wasn't a leap of faith on the part of the bull camp to buy gold in the trade Monday.

The silver market managed a somewhat impressive trade on Monday as the market clearly discounted a series of potentially undermining physical supply side developments and instead seemed to be locked in tight step with the gold market. Seeing the gold market shake off early weakness and seeing the US Dollar reverse from an early run up probably gave the bull camp a distinct edge but in the end the market seemed to be limited by the even number price zone of $17.00.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Wall Street's liabilities get new math: 2 minus 2 equals 4

James Turk: Waiting for the dollar's next new low

Alex Wallenwein: The end of gold manipulation

Paulson visits Arabs to tell them how to spend their oil money

Credit for Butler and Hommel, but none for the CFTC

Reg Howe: Gold derivatives are moving up again

The Statistics:

As of close of business: 5/30/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The ASX added 10.08 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:

IAMGOLD’s (IAG) Niobec mine reserves, Centerra’s (CG.TO) Kumtor agreements, Eldorado’s (EGO) mine construction, Oro Silver’s (OSR.V) new management structure, Apex Silver’s (SIL) agreement in principle with Sumitomo, U.S. Silver’s (USA.V) first quarter results, and Apogee’s (APE.V) drill results 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:

Sego trenches locates 32 m 1.39% Copper, 0.94 grams/tonne Gold - More
- June 02, 2008 | Item | E-mail

VenCan Gold Corporation Adds Mount Logano Porphyry Property in the Porcupine Gold Camp Near Timmins, Ontario - More
- June 02, 2008 | Item | E-mail

Hawk Announces Launch of Corporate Website - More
- June 02, 2008 | Item | E-mail

Callinan grants stock options - More
- June 02, 2008 | Item | E-mail

Century Mining Files Updated Notice Of Default - More
- June 02, 2008 | Item | E-mail

Intrepid Mines Limited: Chief Financial Officer Appointment - More
- June 02, 2008 | Item | E-mail

Canadian Royalties Announces the Results of its 2008 Annual and Special Shareholders' Meeting - More
- June 02, 2008 | Item | E-mail

Inter-Citic Unveils Two New Communications Initiatives For The Dachang Gold Project - More
- June 02, 2008 | Item | E-mail

Skyline Announces Closing of Private Placement - More
- June 02, 2008 | Item | E-mail

Dissident Board slate of Aberdeen Gould defeated at Golden Dawn Minerals Inc AGM - More
- June 02, 2008 | Item | E-mail

Iamgold says can double reserves at Niobec mine - "Iamgold (IMG.TO: Quote, Profile, Research) can double the reserves at its Niobec niobium mine in Quebec using a paste backfill system to extract more ore, the Canadian company said on Monday." More
- June 02, 2008 | Item | E-mail

Maestro Signs Lease Agreement on the Wallace Canyon Project, Central Nevada - More
- June 02, 2008 | Item | E-mail

Cline Announces Filing of Amended and Restated Quarterly Financial Statements - More
- June 02, 2008 | Item | E-mail

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