-- Posted Thursday, 17 June 2010 | Digg This Article | | Source: GoldSeek.com

The Metals:

Gold climbed to as high as $1250.80 (just shy of its all time intraday record high of $1251.68 set this past June 8^th) by early afternoon in New York before it fell back off a bit in the last hour of trade, but it still made a new record closing high and ended with a gain of 1.43%.  Silver climbed to as high as $18.86 by about 9:20AM EST before it pared its gains a bit, but it still ended with a gain of 1.68%.

Euro gold rose to almost €1009, platinum gained $4 to $1567.50, and copper fell over 9 cents to about $2.90.

Gold and silver equities rose roughly 2% by midday and remained near their highs into the close.

The Economy:

There are no major economic reports due out tomorrow.

The Markets:

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

The U.S. dollar index fell as the euro rose after a successful debt auction in Spain.

Oil fell and treasuries rose on worse than expected economic data that sent the Dow, Nasdaq, and S&P modestly lower for most of the day, but easing worries over European debt problems seemed to raise confidence late in the day and all three indices ended with slight gains.

Among the big names making news in the market today were AOL, Apple, and BP.

The Commentary:

“Dear CIGAs,

Gold is running as the “anti-Dollar” once again in today’s session moving higher as the greenback drops lower. This comes on the heels of the US equity market showing weakness as a result of the horrific unemployment numbers and a very disappointing Philly Fed Factory Index reading. Two weeks ago, this would have sent the Dollar higher as a “risk averse” trade but now the Dollar is moving lower on lousy US economic news. My how fickle the sentiments of investors has become – “She loves me; she loves me not”. All of this is serving to reinforce the skepticism that abounds in regards to any so-called “recovery”.

One gets the distinct impression in watching the gold price action that the metal is beginning to simply trade on its own merits, independent of the conflicting cross currents swirling hither, thither and yon. As mentioned previously, nervous, uncertain investors want something tangible and fixed in the midst of this maze of perplexity. Gold is what it is – the pinnacle of safe havens and the ultimate in wealth preservation. Were it not for the price capping game that continues at the Comex, it would be considerably higher for in real terms (adjusted for inflation) it remains nearly 45% below its all time high priced in US Dollars.

Gold made several attempts to crack $1250 and hold above that level but the price riggers were busy absorbing all of the bids in their efforts to contain the metal. There was good buying throughout the entirety of the session, with decent volume although it tapered off when the metal could not push convincingly past $1250. I would like to see a 100,000 + volume reading during the New York pit session on any upside breakout. That would indicate that we have buyers serious enough to take on the infernal bullion banks and their pestilential non-stop selling charade. Open interest indicates that we have some room for new buying as we are still well below the recent peak above 600,000.

I should point out here that gold did put in a RECORD HIGH CLOSING PRICE for a continuous front month contract. That is impressive technically and favors the bullish cause, in spite of the obvious capping attempt by the banks.

The silver chart looks like it is managing an upside break of the recent congestion range trade but I would like to see it get above $19 to feel more confident about it. Copper can at times work to pull silver lower when the red metal moves down so silver’s strength is especially noteworthy.

I like the chart action of the HUI as it garnered additional upside follow through after it was able to poke its head through the top of the recent congestion zone near 470. It looks like it has a pretty clear path towards 490 – 491 where sellers can be expected to show up as that is the initial resistance zone on the price chart. It will need to push through that to set up a run towards the May high just above 500. That level is going to be a tough nut to crack. However, if it gives way, the shares are going to force a lot of shorts out. Think of those ratio trades of the hedgies… As I write this commentary another wave of buying is coming into the mining shares even as bullion moves a bit lower – looks like some of those spread trades are coming off.

Initial downside support is at this week’s low in the 452 region, followed by stronger support near 440. Technically the momentum indicators look good. I will be especially interested in seeing how these things close for the week. A close over 487 will worry a large number of short sellers and would hasten further unwinding of the ratio trades.”- Dan Norcini, More at JSMineset.com

GATA Posts:

Fed escaping toughest scrutiny as audit bill is negotiated

The Statistics:

Activity from: 6/15/2010

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) Total Tonnes in Trust: 84.96 - No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9208.83 - No change from yesterday’s data.

The Miners:

A free, new stock report on Rainy River Resources Ltd. by Peter Zihlmann, Tanzanian Royalty’s (TRE) gravity plant arrival, Eldorado’s (EGO) exploration programs update, SEMAFO’s (SMF.TO) discovery, Paramount’s (PZG) drill results, Gammon Gold’s (GRS) operational shutdown, Allied Nevada’s (ANV) drill results, Seabridge’s (SA) drilling, Revett’s (RVM.TO) AGM results and board appointment, Bear Creek’s (BCM.V) infill results, and Excellon’s (EXN.TO) operational update 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:

BVT Clarifies Disclosure - More
- June 17, 2010 | Item | ShareThis

Bellzone Mining Signs Infrastructure Accord With Republic Of Guinea - More
- June 17, 2010 | Item | ShareThis

United Mining Group, Inc.: Crescent Silver Mine-Amended Disclosure - More
- June 17, 2010 | Item | ShareThis

Revett Announces Results of AGM and Appointment of Albert Appleton to the Board of Directors - "Mr. Appleton, a native of Spokane, Washington, currently resides in New York City where he is an international environmental and public finance consultant with global engagements in China, the North Andes, Canada, Hungary and the USA. From 1994 to 2005, Mr. Appleton was the Senior Fellow for Infrastructure at the Regional Plan Association (RPA) in New York. From 1990 to 1993 Mr. Appleton served as Commissioner of the New York City Department of Environmental Protection and Director of the New York City Water and Sewer System where he was noted for his groundbreaking accomplishments in watershed protection, water conservation and water resource management and finance. Mr. Appleton is a graduate of Gonzaga University and Yale Law School." More
- June 17, 2010 | Item | ShareThis

Delta Uranium Bi-Weekly Status Report - More
- June 17, 2010 | Item | ShareThis

Mengold Announces Proposed Share Consolidation and Name Change - More
- June 17, 2010 | Item | ShareThis

Rae Wallace Mining Company Begins Trading on Pink Sheets - More
- June 17, 2010 | Item | ShareThis

Rainy River Appoints Two Independent Directors - More
- June 17, 2010 | Item | ShareThis

Tanzanian Royalty Announces Arrival of Gravity Plant at Kigosi Gold Project - "Tanzanian Royalty Exploration Corporation is pleased to announce that a 20 ton per hour mobile gravity separation plant has arrived at the Company’s Kigosi Gold Project in Tanzania. Initial testing has confirmed the functionality of the plant and fine tuning will take place over the next month to optimize performance and metal recoveries." More
- June 17, 2010 | Item | ShareThis

Pelangio Exploration Reports Results of Annual Meeting of Shareholders - More
- June 17, 2010 | Item | ShareThis

Eldorado Exploration Programs Update - "Eldorado Gold Corporation (TSX:ELD - News)(NYSE:EGO - News)(ASX:EAU - News) ("Eldorado" the "Company" or "we") is pleased to provide an update on our 2010 exploration programs, including partial results of drilling programs completed through the end of May." More
- June 17, 2010 | Item | ShareThis

Nevada Sunrise Gold Corp Shareholder Update - More
- June 17, 2010 | Item | ShareThis

NWM Mining Corporation Announces US $6,000,000 Standby Facility - More
- June 17, 2010 | Item | ShareThis

Caldera Resources and Global Gold Receive Final TSX-V Approval to Proceed with Joint Venture Agreement - More
- June 17, 2010 | Item | ShareThis

Bravo Starts 2010 Exploration Program at Homestake Ridge - More
- June 17, 2010 | Item | ShareThis

Royal Roads & Benton announce completion of airborne geophysics on the Long Range JV - More
- June 17, 2010 | Item | ShareThis

Maya Gold & Silver Updates Diamond Drilling and Surface Works Activity on TRNA Zone - More
- June 17, 2010 | Item | ShareThis

GWR Closes Remaining $113,000 Over-Allotment of Brokered Private Placement - More
- June 17, 2010 | Item | ShareThis

Samaranta Mining Corporation Announces Engagement Agreement with Max Capital Markets, Ltd. - More
- June 17, 2010 | Item | ShareThis

Cantex update on Nevada and Yemen - More
- June 17, 2010 | Item | ShareThis

Appeals Tribunal Leaves Injunction in Place at Crucitas Gold Project - More
- June 17, 2010 | Item | ShareThis

Cardero Announces Normal Course Issuer Bid - More
- June 17, 2010 | Item | ShareThis

Stellar Announces Results From the Balandougou (Guinea) Project and Plans a 5000 M Drilling Program - More
- June 17, 2010 | Item | ShareThis

Ventana Announces Additional Drill Results at La Mascota-50 Metres of 6.25 Grams Per Tonne Gold Intercepted - More
- June 17, 2010 | Item | ShareThis

Alexandria Continues to Hit Shallow High Grade Gold at Akasaba with 7.41 g/t Au over 4 m - More
- June 17, 2010 | Item | ShareThis

Advanced Explorations Inc. Identifies Additional Mineral Opportunities - More
- June 17, 2010 | Item | ShareThis

Argex prepares for scoping study - More
- June 17, 2010 | Item | ShareThis

Osisko and Clifton Star Report 4.19 G/T Au Over 27.5 Metres at Duparquet - More
- June 17, 2010 | Item | ShareThis

Mantis acquires interest in claim CLM266 of the Chester-3 Gold Zone currently under evaluation by Trelawney Mining and Exploration Inc. - More
- June 17, 2010 | Item | ShareThis

Quaterra Signs Option Agreement With Grande Portage Resources for Herbert Glacier High-Grade Gold Project in Alaska - More
- June 17, 2010 | Item | ShareThis

Grande Portage Resources Ltd. Signs Agreement to explore the Herbert Glacier High Grade Gold Project in Alaska - More
- June 17, 2010 | Item | ShareThis

Pacific Ridge Exploration Crews On-Site at the Mariposa Gold Property, Yukon - More
- June 17, 2010 | Item | ShareThis

Gold-Ore Reports Record Gold Production in Second Quarter - More
- June 17, 2010 | Item | ShareThis

Tonogold Resources, Inc: Drilling Commences at Tonopah Divide Gold Project - More
- June 17, 2010 | Item | ShareThis

Star Gold Corp. Announces That It Has Completed the Permitting and Bonding Process With the U.S. Bureau of Land Management - More
- June 17, 2010 | Item | ShareThis

AQM Copper Announces Appointment of Ron Simkus to Board - More
- June 17, 2010 | Item | ShareThis

Evolving Gold Initiates Drilling at its 100% Controlled Humboldt Gold Project, Carlin, NV - More
- June 17, 2010 | Item | ShareThis

Jinshan Announces New Drill Program for Its CSH 217 Gold Mine, China - More
- June 17, 2010 | Item | ShareThis

Maya Gold & Silver Holds Annual Shareholders Meeting and Appoints Noureddine Mokaddem as Vice President & COO - More
- June 17, 2010 | Item | ShareThis

Tahoe Resources Inc. Announces Closing of Over-Allotment Option - More
- June 17, 2010 | Item | ShareThis

Anaconda Announces Commencement of US$2.2 Million Drill Program on MHA Iron Concessions, Chile - More
- June 17, 2010 | Item | ShareThis

Tiex Inc. Announces Appointment of New Director - More
- June 17, 2010 | Item | ShareThis

Daulton Capital Corp. Institutes Three Phase Work Program - More
- June 17, 2010 | Item | ShareThis

RB Milestone Initiates Coverage Explor Resources - More
- June 17, 2010 | Item | ShareThis

MBMI Proceeds With Nickel Projects Plans and Activities - More
- June 17, 2010 | Item | ShareThis

Lydian Commences Drilling at Its Amulsar Gold Project; Armenia - More
- June 17, 2010 | Item | ShareThis

Western Pacific Begins Exploring Mineral Gulch Project - More
- June 17, 2010 | Item | ShareThis

Serengeti Resources Inc.: Major Drill Campaign Commences at Kwanika Project - More
- June 17, 2010 | Item | ShareThis

Exploration Update; Golden Hope Mines Limited - More
- June 17, 2010 | Item | ShareThis

Cadillac Options Pickle Gold Claims to Newcastle - More
- June 17, 2010 | Item | ShareThis

Strongbow Starts Exploration at the Shovelnose Gold Property, BC - More
- June 17, 2010 | Item | ShareThis

Newcastle Options Claims Adjoining PC Gold's Pickle Crow Gold Property - More
- June 17, 2010 | Item | ShareThis

JNR Extends Uranium Mineralization at Way Lake - More
- June 17, 2010 | Item | ShareThis

Matamec Evaluates its Potential Rare Earths-Yttrium and Zirconium Markets and Investigates the Possibility to Be a Potential Supplier of Strategic and Green Met - More
- June 17, 2010 | Item | ShareThis

Laramide as Royalty Holder Comments on Favourable 10th Circuit Ruling for Section 8 of Church Rock Uranium Project, New Mexico - More
- June 17, 2010 | Item | ShareThis

Cogitore Intersects 26.7 Metres of 2.1% Copper and 5.2% Zinc at Scott Lake: New Massive Sulphide Discovery Expanded - More
- June 17, 2010 | Item | ShareThis

Crowflight Announces May Production Results - More
- June 17, 2010 | Item | ShareThis

Rodinia Minerals Inc. Sets New Work Program to Further Test High-Grade Lithium-Potash Horizons at Salar de Diablillos - More
- June 17, 2010 | Item | ShareThis

Landen Capital Discovers Two New Mineralized Zones Located 1.3 km From Its Main Poly-Metallic Samapleu Deposit in Cote d'Ivoire - More
- June 17, 2010 | Item | ShareThis

Riverside Resources Signs $1.5 Million IOCG Exploration Alliance With Cliffs Natural Resources Exploration Inc. for the Western Region of Mexico - More
- June 17, 2010 | Item | ShareThis

Bell Copper Corporation - Shares Issued to Macquarie, Expiration and Exercise of Share Purchase Warrants - More
- June 17, 2010 | Item | ShareThis

Big Bear Mining Corp. Provides Corporate Strategy and Update to Shareholders - More
- June 17, 2010 | Item | ShareThis

Ashburton Drilling Program Underway for Deep Creek, Nevada - More
- June 17, 2010 | Item | ShareThis

Candente Gold Appoints Andres Milla to Board of Directors and Applies for Listing on the Lima Stock Exchange - More
- June 17, 2010 | Item | ShareThis

SEMAFO Discovers New Fofina Gold Zone at Mana with Intersects of up to 4.12 g/t Au Over 30 Meters, Including 9.12 g/t Au Over 10 Meters - "SEMAFO (TSX:SMF - News) today announced the discovery of several new gold mineralized zones at its Mana property in Burkina Faso confirming the effectiveness of the Company's systematic exploration methodology. The first reverse-circulation ("RC") drilling results from the new Fofina Zone returned gold values of up to 4.12 g/t over 30 meters, including 9.12 g/t over 10 meters. The discovery stems from this year's ongoing $9 million exploration program at Mana, which currently includes core drilling (3 rigs), RC drilling (2 rigs) and auger drilling for geochemical sampling (5 rigs)." More
- June 17, 2010 | Item | ShareThis

Bear Creek announces infill results at its Santa Ana silver deposit; mineralization remains open to north and at depth - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results for 43 additional diamond drill holes (4,567.8 meters) that will be incorporated into an updated resource/reserve estimation in the next month. Drilling at Santa Ana, a pure silver, heap leachable deposit capable of producing close to 5 million ounces per year (see news release dated 20 April 2009), now totals 64,761 meters in 393 drill holes including 45 holes engineering holes totaling of 4,303 meters. Santa Ana is located 200 kilometers south of the Company's world-class Corani silver-base metal deposit in southeastern Peru." More
- June 17, 2010 | Item | ShareThis

Excellon Provides Operational Update - "Platosa continues to produce consistent volumes in excess of the 2010 mining plan. Year to date the mine has produced above the planned 200 tonnes per day due to the application of disciplined mining methods and the effective control of water inflows. The Company will provide a formal 2010 guidance update with the second quarter results due in August but management expects this favourable volume trend to continue." More
- June 17, 2010 | Item | ShareThis

Paramount Gold and Silver Corp.: Drilling Expands New Gold/Silver Target at San Miguel - "Resource definition drilling continues to progress successfully on bulk-mineable gold targets discovered by Paramount in December and January in the South San Francisco area of the San Miguel Project. Exploration work is also finding additional similar targets on the large San Miguel land package." More
- June 17, 2010 | Item | ShareThis

Gammon Gold Announces Shutdown of the El Cubo Operations - "Gammon Gold Inc. ("Gammon") (TSX:GAM.to - News): Gammon Gold announced today that due to continued illegal labour disruptions at its El Cubo operation as well as the untenable financial demands made by the union workforce, as reported on June 3, 2010, it has terminated 397 union workers as of June 16, 2010 and is in the process of filing criminal charges against seven union executives. Operations at the El Cubo mine have been suspended indefinitely." More
- June 17, 2010 | Item | ShareThis

Allied Nevada Announces Drill Results at Hasbrouck Mountain Project of 120 Meters Grading 2.22 g/t Gold Equivalent - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) is pleased to announce assays results of the recently completed three core hole program for its Hasbrouck Mountain project located approximately five miles south of Tonopah, Nevada. Finalized assays for the previously released (14 May 2010) drill hole HSB10-001 resulted in an improved intercept of 120 meters grading 1.57 g/t Au(1) and 36.71 g/t Ag(1) (2.22 g/t AuEq(1)(2)) compared with the originally released intercept which did not include silver data. In addition, final assays for hole HSB10-002 and preliminary assays for hole HSB10-003 have been received. HSB10-002 intercepted 123 meters, starting from surface, grading 0.81 g/t Au and 19.25 g/t Ag (1.15 g/t AuEq) and HSB10-003 intercepted 108 meters grading 0.85 g/t Au and 20.14 g/t Ag (1.2 g/t AuEq). All three holes have encountered gold and silver mineralization which is higher grade than the average resource grade of 0.79 g/t Au and 10.97 g/t Ag." More
- June 17, 2010 | Item | ShareThis

Black Hawk Exploration to Release Summary Report with Recommendations for Dun Glen Project - More
- June 17, 2010 | Item | ShareThis

Lucky Boy Silver Corp. Receives Favorable Report at Black Butte - More
- June 17, 2010 | Item | ShareThis

Orocobre Successfully Completes Dual Listing on Toronto Stock Exchange - More
- June 17, 2010 | Item | ShareThis

Golden Dawn pursues bulk tonnage gold target - More
- June 17, 2010 | Item | ShareThis

Coastal Pacific Mining Corp. Appoints New Director, Restructures and Retires Debt, and Enters into Negotiation on Property Acquisition - More
- June 17, 2010 | Item | ShareThis

Source Appoints Interim Chief Financial Officer - More
- June 17, 2010 | Item | ShareThis

SLAM Acquires Additional Interest in Gold Properties - Completes Purchase Agreement to Own 100%; Gold Assays Pending On Samples - More
- June 17, 2010 | Item | ShareThis

Conway Resources Completes First $150,000 Tranche of a $500,000 Private Placement - More
- June 17, 2010 | Item | ShareThis

Crown Closes Transactions With Trelawney on Two Mineral Properties Near Chester Project - More
- June 17, 2010 | Item | ShareThis

RJK Explorations Announces Shares for Debt Agreement - More
- June 17, 2010 | Item | ShareThis

Drilling Underway at Seabridge's Courageous Lake Gold Project - "Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today that drilling is now underway at its 100% owned Courageous Lake gold project. The main objective of the 2010 drill program is to upgrade a substantial portion of the existing inferred resource to the measured and indicated resource categories. The 2010 program also includes environmental and permitting work, metallurgical research and geotechnical drilling." More
- June 17, 2010 | Item | ShareThis

Entourage Mining Completes First Milestone and Earns a 40% Interest in the Pires Gold Project - More
- June 17, 2010 | Item |

- Chris Mullen, Gold Seeker Report

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-- Posted Thursday, 17 June 2010 | Digg This Article | Source: GoldSeek.com

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