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-- Posted Tuesday, 8 July 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose to $933.20 by late trade in Asia before it fell over $20 to $912.45 by late morning in New York, but it then rallied back higher in the last two hours of trade and ended with a loss of just 0.6%.  Silver rose to $17.95 and fell to $17.44 before it also rallied back higher and ended with a loss of just 0.14%.

Euro gold remained at about €588, platinum lost $28 to $1944, and copper fell over 15 cents to about $3.71.

Gold and silver equities fell roughly 3% by late morning before they rebounded in afternoon trade, but they still ended with over 1% losses.

The Economy:

Bernanke spoke at a conference this morning and said that the fed is “considering several options, including extending the duration of our facilities for primary dealers beyond year-end.”  JPMorgan CEO Jamie Dimon spoke midday and defended their fed coordinated bailout of Bear Stearns, noting that a bankruptcy could have been a disaster for the financial markets.  Finally Treasury Secretary Paulson spoke in the final hour of trading and mentioned a few ideas to help out the housing industry.  There are no major economic reports due out tomorrow.

The Markets:

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

Oil fell over 3% after a report from the EIA showed that world demand finally fell off due to recent high prices.

The U.S. dollar index and treasuries rose after Bernanke calmed the markets by saying the Fed may extend its lending facilities.

The Dow, Nasdaq, and S&P eventually rose as oil fell markedly again and closed almost $10 off its record made late last week.

Among the big names making news in the market today were ConocoPhillips, Siemens, and Office Depot.

The Commentary:

“August Gold finished down 5.5 at 923.3, 2.7 off the high and 9.3 up from the low.

September Silver closed up 0.035 at 17.955. This was 0.335 up from the low and 0.015 off the high.

The gold market forged a rather wide trading range and settled lower in the face of a persistently strong Dollar. The fact that oil prices have now forged a pattern of noted declines might be prompting some flight to quality longs to move to the sidelines but it is also possible that comments from the Fed that in turn supported the Dollar were the real source of the selling pressure on Tuesday. With the Fed's Lacker suggesting that the US could actually end up hiking interest rates in the face of a rising unemployment rate probably served to discourage some would be gold buyers as that highlights the Fed's growing interest in fighting inflation, even at a potentially great cost to the US economy.

The silver market also forged a fresh new low for the move but managed to reject that push to lower levels into the close. Perhaps the recovery in the stock market off the T Boone Pickens alternative energy plan inspired the recovery in silver or perhaps the market simply benefited from classic technical short covering.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Vietnam real estate trade sees some shift to gold

Bingo! The money's no good anymore

Ted Butler: The sole silver price depressant

Fed considers extending emergency loans for Wall Street

The Statistics:

As of close of business: 7/07/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: Change in Total Tonnes from yesterday’s data:  SPDR added 0.61 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:

Goldcorp’s (GG) extended expiration date for share exchanges, Harmony’s (HMY) halved cash element, Rubicon’s (RBY) drill results, Midway’s (MDW) drill results, Claude’s (CGR) first half production results, DRDGOLD’s (DROOY) lay offs, MAG’s (MVG) drill results, U.S. Silver’s (USA.V) management changes, and Arian’s (AGQ.V) scoping study 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:

Goldcorp Announcement Regarding Francisco Gold Corp. Shares - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) ("Goldcorp") announced today a 90-day extension of the right of former shareholders of Francisco Gold Corp. to exchange their shares under the Plan of Arrangement effective July 12, 2002 (the "Plan")." More
- July 08, 2008 | Item | E-mail

Largo Provides Project Updates - More
- July 08, 2008 | Item | E-mail

Six Holes Completed at Okeover copper/molybdenum project in B.C. - More
- July 08, 2008 | Item | E-mail

Golden Arrow Completes Drilling on San Jose and Provides Exploration Update - More
- July 08, 2008 | Item | E-mail

Intercept Averaging 0.361 oz/ton Gold over 18 Feet True Width Extends Klondex's Fire Creek New North Zone - More
- July 08, 2008 | Item | E-mail

Urex Updates on Argentina Exploration - More
- July 08, 2008 | Item | E-mail

Ireland Inc. Receives Approval for Amended Production Permit - More
- July 08, 2008 | Item | E-mail

Gold Port Resources Announces Guyana Property Acquisitions - More
- July 08, 2008 | Item | E-mail

Exploration Update on Espiritu, El Cuervo, Suzanne & Ofelia - More
- July 08, 2008 | Item | E-mail

MacMillan Gold Retraction and Clarification - More
- July 08, 2008 | Item | E-mail