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-- Posted Thursday, 28 August 2008 | Digg This Article | Source: GoldSeek.com

The Metals:

Gold and silver traded roughly 0.5% to 1.0% higher in Asia and London and rose to see nearly 2% and 4% gains at as high as $844 and $14.012 by midmorning in New York before they fell back off to see slight losses at $825.05 and $13.47 by about noon EST, but they then rallied back higher in the last hour and a half of trade and ended with gains of 0.44% and 0.89%.

Euro gold rose to about €566, platinum gained $36.50 to $1473.50, and copper fell over 4 cents to about $3.43.

Gold and silver equities rose over 2% at the open before they fell to see slight losses by early afternoon, but they then rallied back higher in afternoon trade and ended mostly higher.

World's Largest Gold Refiner Runs Out of Krugerrands
Bloomberg

The Economy:

Tomorrow at 8:30AM EST brings Personal Income for July expected at -0.2% and Personal Spending expected at 0.2%.  At 9:45 is Chicago PMI for August expected at 50.0 and at 10AM is Michigan Sentiment for August expected at 62.0.

The Markets:

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

Oil rose over $2 to above $120 in early trade, but it fell back off to close with an over $2 loss as traders began to doubt whether Hurricane Gustav will actually hit rigs in the Gulf of Mexico with enough intensity to cause any significant damage.

The U.S. dollar index erased overnight losses after GDP data came in better than expected and it then turned higher after oil reversed its gains to losses later into the day.

Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on better than expected GDP data and lower oil prices.

Among the big names making news in the market today were Toyota, Sears, Tiffany, MBIA, Oracle, and Boeing.

The Commentary:

“December Gold finished up 3.2 at 837.2, 12 off the high and 5.2 up from the low.

December Silver closed up 0.137 at 13.705. This was 0.095 up from the low and 0.285 off the high.

The gold market tried to extend its recent pattern of strength but apparently another round of favorable US economic information and a slide in oil prices discouraged the bull camp. Perhaps a moderating of US financial sector concerns, persistent nagging strength in the Dollar and the sharp slide in oil was simply too many negatives for the bull camp in gold to absorb in a single trading session. In the end, the sharp slide in oil prices might have been a major element in the trade Thursday but with the Dollar returning to the vicinity of this year's highs, one can't effectively isolate the main force behind the failed rally attempt in gold.

Clearly the inability of gold to hold early gains undermined the silver market. However, renewed strength in the Dollar and weakness in copper probably left silver with a number of disappointing outside market forces to contend with on Thursday. Some players suggested that a slight decline in overall macro economic uncertainty level served to push out some flight to quality longs in silver, while others suggested that sloppy technicals served as an undermine for prices.”- The Hightower Report, Futures Analysis and Forecasting

GATA Posts:

Let them mint paper: Now they're out of Krugerrands too

Two competing silver prices in Never-Never Land

'For every long there is a short' is no argument

Dollar rescue plan was drawn in March, Japanese paper says

The Statistics:

As of close of business: 8//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:

Royal Gold’s (RGLD) presentation, Anglo Gold’s (AU) safety management system, Rusoro’s (RNL.V) response to Gold Reserve’s (GRZ) comments yesterday, South American’s (SAC.TO) drill results, and Hecla’s (HL) preferred dividends 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:

Conway Resources Announces $200,000 Private Placement - More
- August 28, 2008 | Item | E-mail

Royal Gold to Present at the Merrill Lynch Canada 14th Annual Mining Conference - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, announced today that management will present at the Merrill Lynch Canada 14th Annual Mining Conference in Toronto, Canada. The Merrill Lynch Conference is an invitation-only conference for institutional investors, mining analysts and the executive management of North American mining companies." More
- August 28, 2008 | Item | E-mail

Drilling Continues to Confirm Continuity at Victory Nickel's Minago Deposit - More
- August 28, 2008 | Item | E-mail

South American Silver Announces Intersection of New Lead-Zinc-Silver SEDEX Mineralization at Malku Khota - "South American Silver Corp. ("SASC" or the "Company")(Toronto:SAC.TO - News) is pleased to announce the results from the next 12 holes from the Malku Khota Project, Bolivia. All diamond drill holes are from the South Limosna and Wara Wara Zones." More
- August 28, 2008 | Item | E-mail

Houston Lake Reports First Quarter Results - More
- August 28, 2008 | Item | E-mail

Typhoon Shareholders Approve Resolutions at the 2008 Annual Meeting - More
- August 28, 2008 | Item | E-mail

Anglo Gold Ashanti Poised to Reduce Drastically Accident on the Mine - "The Anglo Gold Ashanti (Obuasi) will be implementing the Occupational Health Safety Assessment Series OHSAS), a safety management system, designed to assist the mine to drastically reduce accidents.

Known as OHSAS 18001, the system hopes to achieve a safety standard where every worker would always go home uninjured after work." More
- August 28, 2008 | Item | E-mail

Olympus Plans Toll Treatment of High Grade Phuoc Son Ore - More
- August 28, 2008 | Item | E-mail

Duncan Park Holdings Corporation Acquires Randsburg International Gold Corp.'s Interest in the Elephant Property and Resolves Outstanding Matters - More
- August 28, 2008 | Item | E-mail

Nevada Exploration Inc. ("NGE") announces extension of Series B warrants exercise period up to October 31, 2008 - More
- August 28, 2008 | Item</