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-- Posted Monday, 21 July 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold rose over 1% to $968.50 by late trade in Asia before it dropped back near unchanged at $957.92 by a little before 10AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.69%.  Silver held nicely higher throughout most of world trade and ended near its high of $18.47 with a gain of 1.3%.

Euro gold rose to about €607, platinum lost $12.50 to $1838, and copper gained a couple of cents to about $3.71.

Gold and silver equities steadily rose for most of trade and ended with over 2% gains.

The Economy:

There are no major economic reports due out tomorrow.

The Markets:

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

Oil rose for the first session in five on worries that Tropical Storm Dolly may turn into a hurricane and disrupt operations in the Gulf of Mexico.  The US meeting with Iran over the weekend that ended in deadlock also raised some concern.

The U.S. dollar index fell and treasuries rose on worries over the health of banks and other financial stocks that also dragged the Dow, Nasdaq, and S&P modestly lower for most of the day.

Among the big names making news in the market today were Bank of America, Roche and Genentech, Yahoo, Citigroup, Hasbro, and Apple.

The Commentary:

“August Gold finished up 5.7 at 963.7, 2.8 off the high and 4.7 up from the low.

September Silver closed up 0.225 at 18.425. This was 0.05 up from the low and 0.105 off the high.

The gold market initially managed another new high for the move Monday but seemed to be partially unable to hold all of the gains. Lingering strength in the US equity market seemed to tamp down the flight to quality angle that generally fueled the gold market higher in the prior week. However, with the higher gold action Monday, the trade was apparently still seeing lingering safe haven psychology. Certainly the latest twist in the Iranian situation provided the bull camp with a fresh lift, especially since the energy complex confirmed the anxiety with a generally strong trade. In the end the US economic information failed to give off a definitive view on the economy and therefore the currency market impact on gold was minimal for the first trading session of the week.

Like the gold market, the silver market did manage a slightly positive trading session, with prices mostly holding above the prior closing value. As opposed to last week, the silver market saw periodic support instead of spillover pressure from the copper and platinum markets. In the end, a weak Dollar, rising oil and positive gold market action seemed to prompt a measure of short covering buying in the wake of last week's steep declines.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Ted Butler: A modest proposal -- ban ALL short selling

John Lee: A primer in mining equity investment

Gold price manipulation is spelled out to CFTC

Ambrose Evans-Pritchard: World economy in greatest danger

U.S. food companies plan more hefty price increases

Asia may benefit as sovereign funds shun U.S. dollar

The Statistics:

As of close of business: 7/18/2008

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.12 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:

Barrick’s (ABX) offer for Cadence, NovaGold’s (NG) director death, Claude’s (CGR) dewatering process, Pacific Rim’s (PMU) year end results, Silverstone’s (SST.V) second quarter silver sales, and Bear Creek’s (BCM.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:

International Kirkland ("IKI") Private Placement Closes and Cosby-Walker Gold-Base Metal Property, Ontario, Update - More
- July 21, 2008 | Item | E-mail

Western Copper Corporation: YESAB Recommends That the Carmacks Copper Project Proceeds - More
- July 21, 2008 | Item | E-mail

New Vice President of Operations Appointed to Lions Gate Metals - More
- July 21, 2008 | Item | E-mail

Mexivada expands Goldstorm property, Nevada, and finds midas-style gold-silver mineralization - More
- July 21, 2008 | Item | E-mail

Silverstone Provides Q2-2008 Silver Sales - "Silverstone Resources Corp. (CDNX:SST.V - News) ("Silverstone") reports sales of 462,000 ounces of silver in the second quarter of 2008. Silverstone has forecast fiscal 2008 silver sales of 2,155,000 ounces. Silverstone purchased Q2 - 2008 production at an average cost of US$3.97 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010." More
- July 21, 2008 | Item | E-mail

Freewest Resources Canada Inc.: Drilling Resumes on Nickel Chrome Prospect 3.5 km North-East of the Noront Nickel Discovery, McFaulds Lake Area - More
- July 21, 2008 | Item | E-mail

Notice: DPM 2008 Second Quarter Financial Results - More
- July 21, 2008 | Item | E-mail

Western Troy Files Claims on Six Quebec Prospects - More
- July 21, 2008 | Item | E-mail

Western Troy Completes Drilling Program at MacLeod Lake - More
- July 21, 2008 | Item | E-mail

Bison Gold Reports 42.5gAu/t/2.43m in Drilling on New Tene East Discovery at Central Manitoba - More
- July 21, 2008 | Item | E-mail

Canadian Arrow Completes $1.5 Million Private Placement - More
- July 21, 2008 | Item | E-mail

Newstrike Resources Ltd.-Press Release - More
- July 21, 2008 | Item | E-mail

Bingo Gold deposit underground exploration update and updated summary of all NI 43-101 compliant resources - More