Gold Seeker Closing Report: Gold and Silver Fall Modestly

	Close	Gain/Loss
Gold	$1502.00	-$8.20
Silver	$34.64	-$0.14
XAU	201.31	+0.85%
HUI	521.55	+0.38%
GDM	1514.75	+0.35%
JSE Gold	2382.17	-15.98
USD	74.38	-0.27
Euro	145.05	+0.68
Yen	124.25	+0.42
Oil	$95.42	+$0.65
10-Year	3.158%	+0.050
T-Bond	123.03125	-0.53125
Dow	12414.34	+1.25%
Nasdaq	2773.52	+1.21%
S&P	1320.64	+1.01%

Gold saw slight gains in Asia, but it then dipped in London and New York and ended with a loss of 0.54%. Silver dropped to as low as $34.43 in midmorning New york trade before it bounced back higher in the last few hours of trade, but it still ended with a loss of 0.4%.

Euro gold fell to about €1035, platinum lost $5.50 to $1718, and copper gained another 6 cents to about $4.27.

Gold and silver equities waffled on either side of unchanged and ended slightly higher.

Report	For	Reading	Expected	Previous
Initial Claims	6/25	428K	420K	429K
Chicago PMI	June	61.1	54.0	56.6

Tomorrow at 9:55AM EST brings Michigan Sentiment for June expected at 71.8 and at 10AM is the ISM Index for June expected at 51.1 and Construction Spending for May expected at 0.0%.

Oil rose while the U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on more progress with Greece’s debt problems.

Among the big names making news in the market today were Lloyds, BofA, Lehman Brothers, Apple, Citigroup, and Fannie Mae.

“The widely anticipated USDA Crop report came out this AM and stunned the grain world with its much larger than expected corn acreage number. Widespread flooding in combination with much cooler than normal weather across the northern tier of the country had resulted in major planting delays due to excessive ponding and water-logged soils. Farmers simply could not get into their fields to plant in numerous regions.

That is what makes the number given to us by the USDA this morning so incredulous. Either way, the corn market was absolutely devastated as it was swamped with orders from panicked longs trying to get out. The front month July contract, which is in its delivery period is trading without price limits and is currently down over $0.70/bushel while the most active December contract (the new crop) has more than 200K orders to sell at the limit price.

This massive sell off in corn has taken down wheat (over $0.50 as I write this) and soybeans and led to sharply lower prices across the cattle and hog markets.

The result has been to take the CCI (Continuous Commodity Index) lower in spite of the fact that the RISK TRADES are back on again today with the Dollar moving lower. Were it not for the USDA shock numbers, I believe we would have seen strength across the entire commodity complex. As it is, the selling in the grains is leading to margin related selling across some of the other commodity markets this morning which is putting pressure on the entire sector as a whole. This is coming in spite of the fact that the long bond market continues its recent collapse as trader euphoria over the Greek bailout continues to produce what can only be described as more "irrational exuberance" among the equity market bulls. Traders are acting as if inflation is back in the cards and are jettisoning bonds after stampeding into them for the last two months. ( I might note here that the bonds are moving off their worst levels of the session as I write this so perhaps the selling in there is beginning to dry up somewhat - we will have to see how they close today).

Personally I think the rally in stocks borders on insanity but the shorts are all being systematically squeezed out (AGAIN). The short term effect of the political release of oil from the SPR has totally evaporated with the crude oil market higher in price than when the news was released. Gasoline prices have jumped nearly $0.30/gallon off the recent low and are back above $3.00 at the wholesale level on the NYMEX. Clearly energy prices are stubbornly refusing to stay down for long.

If that were not enough, Jobless claims numbers came in at 428,000 for the week, well over analyst expectations of 420,000. That makes 12 straight weeks of reading above 400K, not exactly the thing that signals the economy is improving. Consumer confidence readings continue to weaken. Yet, we get a huge rally from off the critical technical chart support level of 1250 in the S&P, which has gone straight up for 4 days in a row based on what? Greece? It is now trading above the 50 day moving average after having fallen down below that important average only a short month ago. Try as I can I do not see anything of note on the data front that suggests anything has improved to the point of pushing a 50+ point rally in the S&P. Must be a national security issue to keep the stock market levitated. Then again, what else would Goldman and Morgan be doing with their spare time if not propping up the US equity markets.

Either way, the big rally in equities is having the effect of pushing money back into the mining sector shares as those ratio spread trades have seen some unwinding at the expense of the actual metals. I am therefore very hesitant to read too much into the action of the miners since they are currently joined at the hip with the broader equity markets. The downtrending 50 day moving average has been the lid on both the HUI and the XAU since late April of this year. Only if the bulls can push both indices solidly above this level will we be able to conclusively say that the miners have a shot at beginning a trend higher. For the HUI that comes in near 533 and for the XAU the level is near 203. The XAU looks the firmer of the two as the large cap miners are holding better than the juniors in general.

The indices have a bottom in near 490 on the HUI and 190 on the XAU which continues to hold firm but that is a far cry from meaning we are going to see an uptrend develop. That will take more conclusive technical price action.

Gold ran into selling near $1515 as it was unable to get back above $1520. As long as it is unable to climb over its 50 day moving average, rallies will be sold. Lingering worries about sovereign debt issues in the Euro zone coupled with concerns over the US Dollar's fortunes are keeping safe haven flows into the metal but not of sufficient size at this point to flip the technicals to a bit more friendly posture. As was the case yesterday, for starters, gold needs a solid pit session close over $1520 to turn the chart picture more friendly. Downside support in the market remains near this week's low of $1490.

The US Dollar continues to play Yo-Yo with its 50 day moving average, first popping over it back last month, then dropping below it, then moving back above it the middle of this month, and now caving in and losing that level day. Trying to read where it is going next is hopeless for the immediate time being. Basically it is the "picture worth 1000 words" to demonstrate the fickle nature of the hedge fund community and the boy wonders who manage them. I cannot even imagine what some of those guys would come up with were they forced to take one of those ink blot tests.

Oh, one last thing - the Peoples Republic of California just managed to run Amazon out of its borders as the leftists in charge of that place just decided to tax internet sales. Yep - that should really help create some more jobs out there. I am waiting for the day when they begin regulating what color socks and underwear are permitted.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.909 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 144.46: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,580.61: -19.71 change from yesterday’s data.

Freeport’s (FCX) dividend, IAMGOLD’s (IAG) preliminary short form base shelf prospectus, Eldorado’s (EGO) mine start-up, Royal Gold’s and Seabridge Gold’s (SA) private placement, and Bear Creek’s (BCM.V) condolences 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.

Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividend on Common Stock - "Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX - News) today declared a cash dividend of $0.25 per share payable on August 1, 2011 to holders of record as of July 15, 2011 for its common stock." More
- June 30, 2011 | Item | ShareThis

Midlands and Bayfront Capital Partners Announce Agreement - More
- June 30, 2011 | Item | ShareThis

Golden Share Mining Corporation Acquires Band Ore Gold Property From Lake Shore Gold Corp. - More
- June 30, 2011 | Item | ShareThis

Erdene Files National Instrument 43-101 Compliant Technical Report for Zuun Mod Copper-Molybdenum Project on SEDAR - More
- June 30, 2011 | Item | ShareThis

Inter-Rock Subsidiary Completes Asset Purchase - More
- June 30, 2011 | Item | ShareThis

Duncastle Closes Tranche of Private Placements - More
- June 30, 2011 | Item | ShareThis

Gryphon Gold Updates Progress on Borealis Mine Development - More
- June 30, 2011 | Item | ShareThis

Klondex Announces Settlement Agreement and New Proposed Board - More
- June 30, 2011 | Item | ShareThis

IAMGOLD Files Preliminary Base Shelf Prospectus for Renewal of Existing Facility - "IAMGOLD Corporation ("IAMGOLD" or the "Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced it has filed a preliminary short form base shelf prospectus with the securities regulators in each province and territory of Canada except for Quebec and a corresponding registration statement with the United States Securities and Exchange Commission. These filings, when made final or effective, will allow the Company to make offerings of shares, warrants, debt securities, subscription receipts or any combination thereof of up to US$1 billion during the next 25 months in Canada, except for Quebec, and the United States. The proceeds from any such offerings may be used by the Company to further expand and develop its existing mines, advance its development projects, further explore and develop its mineral properties, fund working capital requirements or for other general corporate purposes." More
- June 30, 2011 | Item | ShareThis

Bravada Reports East Manhattan Drill Results, Continued Drilling at Wind Mountain, Nevada - More
- June 30, 2011 | Item | ShareThis

Matamec Announces 63,850 Tonnes of Indicated and 17,780 Tonnes of Inferred TREO at Kipawa - More
- June 30, 2011 | Item | ShareThis

Eldorado Announces Start-up of the Efemcukuru Gold Mine in Turkey - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation (TSX:ELD - News)(NYSE:EGO - News)(ASX:EAU - News) ("Eldorado" the "Company" or "we") is pleased to announce the start-up of the Efemcukuru gold mine in Izmir, Turkey. The necessary permits are in place to allow full mining and processing operations, and low grade ore is currently being fed to the mill. Mining activities continue in the South Ore Shoot, and approximately 16,000 tonnes at 10.5 g/t Au have been stockpiled at the plant site. At full production, Efemcukuru will produce 120,000 ounces of gold per year and Eldorado is currently studying the potential to bring the operation up to 150,000 ounces per year." More
- June 30, 2011 | Item | ShareThis

Hard Creek Nickel Corporation: Amended and Restated March 31, 2011 Financials - More
- June 30, 2011 | Item | ShareThis

Dia Bras Files First Quarter 2011 Financials and MD&A - More
- June 30, 2011 | Item | ShareThis

PAW Signs Extension Agreement for Mrima Hill - More
- June 30, 2011 | Item | ShareThis

Merrex Provides Siribaya Gold Project Exploration Update - More
- June 30, 2011 | Item | ShareThis

GeoMegA re-prices Equity Offering - More
- June 30, 2011 | Item | ShareThis

Timmins Gold Reports Financial Results for Its First Year of Commercial Operations at San Francisco Gold Project - More
- June 30, 2011 | Item | ShareThis

Queenston Completes Private Placement Into Mistango River Resources - More
- June 30, 2011 | Item | ShareThis

MBMI Issues Update on AGM Materials Due to Postal Strike - More
- June 30, 2011 | Item | ShareThis

Anglo Swiss Completes Purchase of Lansdowne House - More
- June 30, 2011 | Item | ShareThis

Central Commences Work on Selwyn Creek Project, Dawson Range, Yukon - More
- June 30, 2011 | Item | ShareThis

INV Metals Completes Sale of Lansdowne House Property - More
- June 30, 2011 | Item | ShareThis

Strategic Minerals plc "Iron Glen Update" - More
- June 30, 2011 | Item | ShareThis

RXE Assures Montana Governor On Jobs and Safety - More
- June 30, 2011 | Item | ShareThis

St. Eugene Signs Letter of Intent for a $12,000,000 Private Placement and Appointment of New Directors - More
- June 30, 2011 | Item | ShareThis

Silver Horn Mining Ltd. Acquires "76" Mine in Arizona's Historic Tip Top Mining District - More
- June 30, 2011 | Item | ShareThis

Graniz Mondal Inc. Enters Into Option Agreement With Nightstar Resources Inc. - More
- June 30, 2011 | Item | ShareThis

New Guinea Gold Announcement: Significant Credits of Silver, Bismuth, Molybdenum, Tellurium and Copper Defined in Kavursuki Hole KUD025, Sinivit Project - More
- June 30, 2011 | Item | ShareThis

Former Inmet Mining Vice-President Joins PBX Board - More
- June 30, 2011 | Item | ShareThis

Focus Metals to Expand Drilling at its Lac Knife Graphite Property - More
- June 30, 2011 | Item | ShareThis

Eagle Star Minerals Appoints New Chief Operating Officer and a Project Manager for Ruth Phosphate Project - More
- June 30, 2011 | Item | ShareThis

First Quantum Minerals Announces Mailing of Materials for Special Meeting of Shareholders - More
- June 30, 2011 | Item | ShareThis

White Tiger Gold's Special Committee Continues to Support Proposed Business Combination with Century Mining - More
- June 30, 2011 | Item | ShareThis

Advanced Explorations Inc. Obtains Shareholder Approval for XinXing Pipes Group Joint Venture Agreement - More
- June 30, 2011 | Item | ShareThis

Golden Predator Continues to Expand Brewery Creek's Bohemian-Schooner Zone - More
- June 30, 2011 | Item | ShareThis

Century Mining Announces Updated NI 43-101 Reserve and Resource Estimates for the Lamaque Project and San Juan Mine - More
- June 30, 2011 | Item | ShareThis

PolyMet Closes IRRRB Loan - More
- June 30, 2011 | Item | ShareThis

Calibre Mining Announces Management Changes - More
- June 30, 2011 | Item | ShareThis

Estrella Drills Colpayoc Gold Project, Peru - More
- June 30, 2011 | Item | ShareThis

Brazilian Gold Continues to Intersect Gold Mineralization Down Dip of the Sao Jorge Deposit in Its Phase One Drill Program - More
- June 30, 2011 | Item | ShareThis

Columbus Gold Closes Transaction to Acquire 1.9 Million Inferred Oz. Paul Isnard Gold Project; Plans Drilling - More
- June 30, 2011 | Item | ShareThis

Serengeti Completes Financing and Commences Drilling at Kwanika - More
- June 30, 2011 | Item | ShareThis

Rusoro Mining Reports Q1 2011 Financial Results - More
- June 30, 2011 | Item | ShareThis

Papuan Precious Metals Corp.: Platinum, Gold and Potassium Anomaly at Dimidi Prospect, Mt. Suckling - More
- June 30, 2011 | Item | ShareThis

Superior Mining Announces Property Ownership Update and Encouraging Gold-Uranium Drilling Results on its Mangalisa Project in South Africa - More
- June 30, 2011 | Item | ShareThis

Eastplats Aware of Notice of Application - More
- June 30, 2011 | Item | ShareThis

Spanish Mountain Announces $15,000,000 Financing - More
- June 30, 2011 | Item | ShareThis

Western Pacific Completes $2.5 Million Private Placement - More
- June 30, 2011 | Item | ShareThis

Inter-Citic Announces Mineral Resource Update for Dachang Gold Project and Filing of Technical Report - More
- June 30, 2011 | Item | ShareThis

Riverside Resources and Partner Guerrero Exploration Inc. Sign Definitive Agreement and Provide Technical Update for Drilling at the Chapalota Project - More
- June 30, 2011 | Item | ShareThis

Great Western Minerals Group Releases 1st Quarter 2011 Financial Results - More
- June 30, 2011 | Item | ShareThis

Rockland Minerals Corp.: Field Mapping Begins at Schefferville Gold Property, Quebec - More
- June 30, 2011 | Item | ShareThis

Kilo Announces 31.70 Metres Grading 4.39 g/t Gold on the Manzako Prospect of the Somituri Project, DRC - More
- June 30, 2011 | Item | ShareThis

Challenger Announces Appointment of Director and Retention of Investor Relations Consultants - More
- June 30, 2011 | Item | ShareThis

LIM Reports Year End Financial Results - More
- June 30, 2011 | Item | ShareThis

Mineral Mountain Records Exceptional Silver Assays Up To 12,187 g/t Ag (355.5 Ounces); Drilling Begins To Test Black Warrior Anomaly - More
- June 30, 2011 | Item | ShareThis

Willow Creek's President Visits Drill Program at Hercules Gold & Silver Property, Nevada - More
- June 30, 2011 | Item | ShareThis

Meadow Bay Gold Enters Into Purchase Agreement for the ATNA Resources NBI Claim Group in the Atlanta Mining District, Nevada - More
- June 30, 2011 | Item | ShareThis

Bear Creek Expresses Condolences Over the Loss of Karen Swarthout - "Bear Creek Mining (TSX Venture:BCM.v - News) ("Bear Creek" or the "Company") is deeply saddened to learn of the accidental death of Karen Swarthout, the wife of Chief Executive Officer Andrew Swarthout, in Tucson, Arizona. The Company would like to express its sincere sympathy on behalf of the entire team at Bear Creek Mining." More
- June 30, 2011 | Item | ShareThis

Royal Gold and Seabridge Close Private Placement/Royalty Partnership in KSM - "Seabridge Gold Inc. (TSX:SEA - News)(AMEX:SA - News) announced today that it has closed its previously announced private placement with Royal Gold Inc. whereby Royal Gold has purchased 1,019,000 common shares of Seabridge at C$29.44 per share (US$30.39), totaling C$30 million in cash. The purchase price for the shares is equal to a 15% premium over the volume weighted average trading price of Seabridge shares on the TSX for the five day trading period ending June 14, 2011." More
- June 30, 2011 | Item | ShareThis

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