Gold Seeker Closing Report: Gold and Silver Fall Slightly

	Close	Gain/Loss
Gold	$1181.90	-$6.60
Silver	$17.55	-$0.22
XAU	165.25	-1.28%
HUI	436.38	-1.69%
GDM	1314.26	-1.89%
JSE Gold	2368.69	-67.33
USD	82.60	+0.04
Euro	129.35	+0.06
Yen	115.18	-0.32
Oil	$76.54	+$0.53
10-Year	2.964%	+0.025
T-Bond	127.59375	-0.50
Dow	10154.43	+0.56%
Nasdaq	2198.23	+0.88%
S&P	1071.25	+0.60%

Gold traded modestly higher in Asia before it fell back off in London and early New York trade to as low as $1177.68 by about 11AM EST and then bounced back higher in afternoon trade, but it still ended with a loss of 0.56%. Silver fell to as low as $17.46 before it also rebounded in late trade, but it still ended with a loss of 1.24%.

Euro gold fell to about €913, platinum remained at $1502, and copper rose slightly to about $2.93.

Gold and silver equities fell roughly 3% by early afternoon before they rebounded in the last couple of hours of trade, but they still ended with about 1.5% losses.

Report	For	Reading	Expected	Previous
National Homebuilders Association Index	July	14	-	16

Tomorrow at 8:30AM EST brings Building Permits for June expected at 572,000 and Housing Starts expected at 575,000.

The U.S. dollar index was held near unchanged on the drop in homebuilder confidence.

Treasuries erased early gains and ended lower as oil and the Dow, Nasdaq, and S&P overcame the disappointing housing data and rose on hopes for positive earnings reports from a slew of different companies this week.

Among the big names making news in the market today were Delta, Goldman Sachs, Hasbro, Nokia, BP, and Halliburton.

“U.S. Stock Market – The Obama aura has disappeared and the majority of Americans now realize the magic carpet some thought he came into power on was just an illusion. In fairness to him, many of the staggering economic, social, political and spiritual problems facing America began long before he took office. Unfortunately, those who thought he could chip away at some of them are now concluding he’s only piling on.

This in turn has IMHO limited any upside in the stock market. While we can still manage to trade in the upper end of the trading range we’ve been in for a few months, I do think as fall approaches the upcoming elections will grip the market’s attention and the pressure will be to the downside.

U.S. Bonds – There’s going to come a day when despite a very weak economy and no real signs of inflation, bonds are going to look unattractive due to the enormous debt America has taken on and concerns of its ability to service it will come every bit as much as it did to some European countries earlier in the year. However, I’m out of the guessing game of when exactly that’s going to take place.

Gold – The July/August seasonally weak period for gold has played out this year and gold is just above some key support. There are likely numerous sell stops in the $1,180 – $1,185 area. A break below this level is likely to bring on a test of the 200-day M.A. around $1,140. While such an event would certainly give the gold perma bears some fodder to peddle to those who believe even a broken clock is right twice a day, I don’t believe it changes any long term objectives. In fact, if it occurs in a sharp wash out fashion, it could end up being a key intermediate bottom.

At the same time, if $1,185 holds, and the market then closes above $1,225 and especially $1,260, we would have put in a triple bottom and likely see acceleration to the upside.

I would sit on the sidelines for now and await either the $1,140 area or above $1,225 to buy.

U.S. Dollar – Where did all the dollar bulls go? The countertrend rally is over and the terminally ill Uncle Sam paper is resuming its death march.

Oil and Gas – No interest on either side.”- Peter Grandich, Grandich Letter

If gold market participants were all tank drivers their machine would have but one gear – reverse. The smallest book in the world is the book of confirmed gold price visionaries.

Someone says deflation and the long gold positions hit the fan. Gold banks make their short covers even though the fuel in Bernanke’s Helicopter Money Drop is founded in the dreaded use of the “D” word.

People are so fixed in present time that they cannot picture a euro back towards its high and the dollar back towards its low because the financial condition of the USA dwarfs the problems of the USA.

Hyperinflation is always the product of a loss of confidence in currency resulting in a “Currency Produced Cost-Push Hyperinflation.”

No one with a synapse talking to another synapse expects a “Demand-Pull Inflation.”

All hyperinflation in modern history has occurred for one reason, and one reason only. That is loss of confidence in currency.

Loss of confidence in a currency can be brought about by many reasons, but there is one constant factor. When hyperinflation has occurred in modern history EVERY economy involved was decimated as and when it occurred.

It has never been caused by “Demand-Pull,” but always and without exception caused by “Currency Induced Cost Push Hyperinflation.”

The nonsense being spread by the F-TV taking heads is that the Fed is out of ammunition to fight deflation. That is raving BS. The Fed can and will do QE to infinity which is restricted as a tool by nothing whatsoever. The ECB will not be far behind the Fed.

Argue all you want, but this is exactly what is going to happen starting now. Stop being glib. Study hyperinflation in modern times listed below before you ask me to explain it one more time.

What is out there today QE wise is enough to result in hyperinflation as confidence falls in currencies due to two characteristics, QE and volatility.

Try meditating on the concept of “Currency Induced Cost Push Hyperinflation,” rather than loading your pants over gold banks manipulation full of sound and fury, but meaningless in the great scheme of things.

Angola, Argentina, Belarus, Bolivia, Bosnia-Herzegovina, Brazil, Bulgaria, Chile, China, Congo, Free City of Danzig, Georgia, Germany, Greece, Hungary, Israel, Japan, Madagascar, Mozambique, Nicaragua, Peru, Philippines, Poland, Russia, Taiwan, Turkey, Ukraine, United States, Yugoslavia, Zaire, and Zimbabwe.”- Jim Sinclair, JSMineset.com

Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.80 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 89.66: +0.46 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9185.29 - No change from yesterday’s data.

US Gold’s (UXG) options, Ivanhoe’s (IVN) core lender group, Allied Nevada’s (ANV) metallurgical programs update, and Vista Gold’s (VGZ) project update were among the big stories in the gold and silver mining industry making headlines today.

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Avalon Announces Remaining Assay Results From Winter Drilling on the Nechalacho REE Deposit, Thor Lake, NWT: Deposit Size Continues to Grow - More
- July 19, 2010 | Item | ShareThis

Premium Exploration Announces Stock Option Grant - More
- July 19, 2010 | Item | ShareThis

Virginia Grants 153,250 Stock Options - More
- July 19, 2010 | Item | ShareThis

Castle Resources Exercises Option to Acquire the Granduc Copper Mine and Completes Financing - More
- July 19, 2010 | Item | ShareThis

Granduc Option Agreement - More
- July 19, 2010 | Item | ShareThis

Silver Falcon Mining, Inc. (SFMI) Appoints Its Sixth Board of Director Member - More
- July 19, 2010 | Item | ShareThis

Cadillac Mining Corporation commences drilling on Break Project near Rouyn-Noranda, Quebec - More
- July 19, 2010 | Item | ShareThis

Zaruma Resources Reports on Shareholder Meeting - More
- July 19, 2010 | Item | ShareThis

Khan Wins Mongolian Court Case - More
- July 19, 2010 | Item | ShareThis

New Gold Discovery at Riverside's Libertad Gold Project in Sonora, Mexico - More
- July 19, 2010 | Item | ShareThis

ICN Resources Ltd.: Rockland-Pine Grove Property Acquired - More
- July 19, 2010 | Item | ShareThis

Macusani Yellowcake Intersects More High-Grade Uranium Over Long Intervals at Corachapi Property, Peru - More
- July 19, 2010 | Item | ShareThis

Arehada Announces New Meeting Date - More
- July 19, 2010 | Item | ShareThis

ASX/TSX Announcement: Orocobre Appoints General Manager in Argentina - More
- July 19, 2010 | Item | ShareThis

Blue Note Mining signs binding agreement with First Gold to acquire 100% of Croinor gold project - More
- July 19, 2010 | Item | ShareThis

Dia Bras Secures 33 Millon Peso Term Loan From Fomento Minero (FIFOMI) - More
- July 19, 2010 | Item | ShareThis

Great Western Minerals Group Assesses Latest Chinese Rare Earths Export Reduction - More
- July 19, 2010 | Item | ShareThis

Southern Hemisphere Mining Limited: Positive Results from Manganese Beneficiation Testwork as Los Pumas Feasibility Study Nears Completion - More
- July 19, 2010 | Item | ShareThis

Bravo Announces Corporate Appointments - More
- July 19, 2010 | Item | ShareThis

Golden Predator Acquires Priority Drill Project: The Cynthia Gold Property, Yukon Territory - More
- July 19, 2010 | Item | ShareThis

Aura Silver Drills Deeper and Discovers Gold Below Near-Surface Silver, Higo Blanco - More
- July 19, 2010 | Item | ShareThis

Geologix Explorations Inc.: First Two Drill Holes at Libertad Discover Significant New Gold and Silver Structure Near Surface - More
- July 19, 2010 | Item | ShareThis

Calibre Intersects 9.0 g/t Gold and 30.0 g/t Silver Over 4.14 Metres at the Riscos de Oro Gold-Silver Property, Nicaragua - More
- July 19, 2010 | Item | ShareThis

Andean Defines Wide Bonanza-Grade Mineralization at Mariana Central - More
- July 19, 2010 | Item | ShareThis

Hana Mining Announces Appointment of Pat Donnelly, Former Mining Analyst, as VP Corporate Development - More
- July 19, 2010 | Item | ShareThis

TintinaGold Releases Initial Drill Results From Kugruk Copper-Gold-Silver-Iron Project, Alaska - More
- July 19, 2010 | Item | ShareThis

Platinum Group Metals Update - More
- July 19, 2010 | Item | ShareThis

Amerigo Q2 2010 Copper Production Up 34% - More
- July 19, 2010 | Item | ShareThis

Andean Resources Announces New Management Appointments - More
- July 19, 2010 | Item | ShareThis

Gold Canyon Receives Exchange Approval to Reduce Royalties Related to Certain Springpole Project Claims - More
- July 19, 2010 | Item | ShareThis

Augyva Mining Announces New Board Member - More
- July 19, 2010 | Item | ShareThis

Mexus Gold U.S. Announces Company Executed Agreement to Process Mineralized Material From the 8 Brother's Mine - More
- July 19, 2010 | Item | ShareThis

North Country Gold Corp. Extends High Grade Hinge Zone At Three Bluffs. (Including 5.88 g/t Au Over 42.14 Metres And 4.17 g/t Au Over 25.00 Metres.) - More
- July 19, 2010 | Item | ShareThis

The Honourable J. Trevor Eyton Joins American Paramount Gold Corp. as Chairman of the Board - More
- July 19, 2010 | Item | ShareThis

Uranium Energy Corp Announces Historical Resource of 1.5 Million Pounds eU3O8 at the Company's Salvo Project in South Texas - More
- July 19, 2010 | Item | ShareThis

Paladin Energy uranium output more than doubles - More
- July 19, 2010 | Item | ShareThis

Advanced Explorations Concludes Memorandum of Understanding With China Xinxing Pipes Group Co. Ltd. - More
- July 19, 2010 | Item | ShareThis

Lara Exploration Ltd.: Further High-Grade Iron Intercepts from Serra Morena Target - More
- July 19, 2010 | Item | ShareThis

X-Cal Resources Ltd.: Mailing to Shareholders - More
- July 19, 2010 | Item | ShareThis

Glen Eagle Resources Inc.: La Motte Lithium Project - More
- July 19, 2010 | Item | ShareThis

Arcus Increases Financing and Starts Trenching Program - More
- July 19, 2010 | Item | ShareThis

Grande Portage Resources Ltd. Begins Mobilization for Drill Program - More
- July 19, 2010 | Item | ShareThis

Capstone Reports Production & Cash Operating Costs for the First Half of 2010 - More
- July 19, 2010 | Item | ShareThis

PC Gold Considerably Expands No. 19 Vein Discovery; Multiple New Gold Zones Discovered - More
- July 19, 2010 | Item | ShareThis

Bulk Sampling Commences at 007 Zone, Drilling Confirms High Grade Corridor, Operational Update and Outlook Including Expansion Plans - More
- July 19, 2010 | Item | ShareThis

Mineral Mountain Increases Kootenay Arc Land Position to Over 89,000 Hectares (220,000 Acres) and Launches a Systematic Exploration Program Over Entire Holdings - More
- July 19, 2010 | Item | ShareThis

Lara Exploration Ltd.: Further High-Grade Iron Intercepts from Serra Morena Target - More
- July 19, 2010 | Item | ShareThis

Kria Resources Issues Common Shares and Warrants to Xstrata Canada Corporation-Xstrata Zinc Canada Division - More
- July 19, 2010 | Item | ShareThis

Bellhaven Hires Exploration Manager for Panama - More
- July 19, 2010 | Item | ShareThis

Esperanza Resources Corp. Is the New Name - More
- July 19, 2010 | Item | ShareThis

Tres-Or Exploration Update and Drill Program in Quebec - More
- July 19, 2010 | Item | ShareThis

Paladin Energy Ltd: Quarterly Activities Report For Period Ending-30 June 2010 - More
- July 19, 2010 | Item | ShareThis

Candente Copper Appoints Michael Thicke as VP Exploration - More
- July 19, 2010 | Item | ShareThis

African Queen Mines Commences Field Exploration at Rongo Gold Field Project in Kenya's Lake Victoria Greenstone Belt - More
- July 19, 2010 | Item | ShareThis

Black Hawk Receives Coarse Gold Results From Dun Glen Project - More
- July 19, 2010 | Item | ShareThis

US Gold Options Listed on Chicago Board of Options Exchange (CBOE) Visibility and Liquidity Increased - "US GOLD CORPORATION (AMEX:UXG - News)(TSX:UXG - News) is pleased to announce that options on the company started trading on July 9, 2010 on the Chicago Board of Options Exchange (CBOE) under the symbol UXG." More
- July 19, 2010 | Item | ShareThis

Ivanhoe Mines Adds BNP Paribas, Standard Chartered and Export Development Canada to Core Lender Group Arranging Financing for Oyu Tolgoi Copper-Gold Project - "Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:IVN - News)(NYSE:IVN - News)(NASDAQ:IVN - News), and John Macken, President and Chief Executive Officer, announced today that Ivanhoe Mines has appointed BNP Paribas, Standard Chartered and Export Development Canada to the core lender group of five financial institutions that will lead the arrangement of a project finance debt package for the Oyu Tolgoi copper and gold mining complex in Mongolia." More
- July 19, 2010 | Item | ShareThis

Allied Nevada Updates on Metallurgical Programs for Oxide and Sulfide Mineralization - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX:ANV - News)(AMEX:ANV - News) provides an update for its ongoing metallurgical programs on oxide and sulfide mineralization at its wholly owned Hycroft mine, located near Winnemucca, Nevada." More
- July 19, 2010 | Item | ShareThis

Vista Gold Corp. Provides Comprehensive Update for the Paredones Amarillos Gold Project - "Vista Gold Corp. ("Vista" or the "Company") (TSX & NYSE Amex: VGZ) announced an update on its wholly owned Paredones Amarillos gold project (the "Project") located in Baja California Sur, Mexico ("BCS"). The update discusses the status of the Change of Forest Land Use ("CUSF") permit application, technical programs in progress, and a general overview of the development of the Project. The Project is held by Vista's wholly owned Mexican subsidiary, Minera Paredones Amarillos, S.A. de C.V. ("MPA")." More
- July 19, 2010 | Item | ShareThis

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