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-- Posted Tuesday, 17 June 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose $5 to $888.50 by late trade in Asia before it fell over 1% to $874.20 by about 9AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.13%.  Silver rose over 1% to $17.40 by late trade in Asia before it saw a roughly 2% loss at $16.83 by about 9AM EST in New York, but it then rallied back higher into the close and ended lower by just 0.76%.

Euro gold remained at about €570, platinum gained $14 to $2057.50, and copper fell a couple of cents to about $3.66.

Gold and silver equities rose over 1% by midmorning before they fell back off a bit as the major indices dropped, but the miners still ended with about 1% gains.

The Economy:

There are no major economic reports due out tomorrow.

The Markets:

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

Oil traded mostly slightly lower on demand concerns and Saudi Arabia’s recent pledges for increased output as traders prepared for tomorrow’s inventory reports.

The U.S. dollar index fell slightly and treasuries rose a bit on doubts that the fed will actually raise interest rates anytime soon.

The Dow, Nasdaq, and S&P fell on evidence that higher energy prices are working their way through the rest of the economy.  Banking stocks were a notable weak note as Goldman Sachs reported better then expected earnings but also expressed the need for banks to raise additional capital.

Among the big names making news in the market today were Best Buy, Air Canada, Goldman Sachs, United Airlines, Rohm & Haas, and Cadence Design Systems and Mentor.

The Commentary:

“Gold is reacting to the disappointment of the G-8 conference at the weekend where some sort of agreement was hoped for to ensure a strong $, but none came.  Instead more words left the market in the air.  Now the $ is slipping, while still in its trading range of $1.53 to $1.59 against the Euro.  But with no action impending where to now?  

Gold has established a pattern of moving in the opposite direction to the $ and so it is stronger, with silver which is even more robust.

With Joseph Lieberman about to reveal what regulations he proposes this week we are entering an environment where 'stability' is to come from regulation.  That shows for sure we have entered crisis days.   This can only be positive for gold and silver” - Julian D.W. Phillips, www.goldforecaster.com

“August Gold finished up 0.6 at 886.9, 2.2 off the high and 10.2 up from the low.

July Silver closed down 0.157 at 17.075. This was 0.15 up from the low and 0.125 off the high.

The gold market was once again buffeted by the ebb and flow of the US Dollar. In fact, it also seemed as if weakness in oil prices and weaker than expected US economic readings served to keep the gold market off balance. Certainly weaker than expected US numbers undermined the Dollar and that initially provided a recovery bounce in the gold market, bit it is also possible that ongoing fears of US slowing cast a shadow over all the metals markets on Tuesday. It is possible that the failure to get a definitively bullish inflationary reaction to the US PPI report discouraged some in the bull camp.

While the silver market seemed to outperform the gold market during the trade Tuesday and it generally managed to hold most of the gains from the prior session, it seemed as if the rest of the metals markets were serving to undermine the silver trade. As in the gold market the weaker than expected US scheduled numbers undermined the Dollar and that served to boost silver just ahead of mid session, but slow US economic readings could be a double edged sword for the silver bulls.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

'Catastrophic' event feared as Fed fights ECB on rates

Bernanke said to worry more about recession than inflation

Ted Butler: A hidden silver default?

The Statistics:

As of close of business: 6/16/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

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:

Frontier’s (FRP.V) withdrawn rejection to Eldorado’s (EGO) bid, Crystallex’s (KRY) filed rebuttal, and Centerra’s (CG.TO) reorganized management team and cancelled gold licenses 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:

Uranium City Resources Inc. welcomes Malcolm Bucholtz as a Director - More
- June 17, 2008 | Item | E-mail

Incumbent Genco Board receives institutional support - More
- June 17, 2008 | Item | E-mail

International Kirkland ("IKI") Private Placement and Cosby-Walker Gold Base Metal Property, Ontario, Update - More
- June 17, 2008 | Item | E-mail

Goldcliff Resource Corporation: York-Viking Zone-Main Block-Gold Results - More
- June 17, 2008 | Item | E-mail

Forsys Receives Notice of Mining Licence - More
- June 17, 2008 | Item | E-mail

Melkior to Drill 56 Hole Program at Timmins - More
- June 17, 2008 | Item<