Gold Seeker Closing Report: Gold Gains Over 1% to a New Record High and Silver Surges Over 2%

	Close	Gain/Loss
Gold	$1642.40	+$23.90
Silver	$40.12	+$0.90
XAU	208.23	+0.60%
HUI	558.03	+1.76%
GDM	1621.39	+1.90%
JSE Gold	2499.86	+57.32
USD	74.46	+0.17
Euro	142.05	-0.45
Yen	129.73	+0.27
Oil	$93.79	-$1.10
10-Year	2.624%	-0.116
T-Bond	130.8125	+1.8125
Dow	11866.62	-2.19%
Nasdaq	2669.24	-2.75%
S&P	1254.05	-2.56%

Gold saw decent gains in Asia and London, but it then accelerated even higher in New York and ended near its late session high of $1643.79 with a gain of 1.48% at a new all-time high. Silver soared to as high as $40.355 and ended with a gain of 2.29%. Both have risen to new highs in afterhours access trade as well.

Euro gold climbed to a new all-time high above €1157, platinum gained $1 to $1788.25, and copper fell slightly to about $4.39.

Gold and silver equities rose about 2% by midday and remained near that level for the rest of the day.

Report	For	Reading	Expected	Previous
Personal Income	June	0.1%	0.1%	0.2%
Personal Spending	June	-0.2%	0.1%	0.1%
PCE Prices - Core	June	0.1%	0.2%	0.2%

Tomorrow at 8:15AM EST brings ADP Employment for July expected at 100,000 and at 10AM is the ISM Services report for July expected at 53.7 and Factory Orders for June expected at -1.0%.

The U.S. dollar index found slight gains as the euro dropped to a new record low versus the Swiss franc.

Treasuries added to early gains after the senate passed the debt-limit increase as expected.

The Dow, Nasdaq, and S&P fell over 2% on worries about debt and slow economic growth.

Among the big names making news in the market today were GM, Toyota, Pfizer, Fresenius Medical and Liberty Dialysis, and McGraw-Hill.

“Since late 2008, gold has been rising in a strong and steady fashion within the confines of a channel that I have marked out on the weekly price chart. As mentioned previously, its rise has been orderly and solid unlike silver which burned itself out by rising too quickly at one point earlier this year and is just now attempting to re-establish a solid uptrend.

Since the year 2011 has begun, a new and steeper price channel appears to be forming as the fundamental factors that have driven the metal onto new record highs show no sign of ameliorating; if anything they are growing worse.

These three factors are:

(1.) Sovereign debt woes out of the Eurozone
(2.) Raging inflation across China and other parts of Asia
(3.) Anemic economic growth in the US guaranteeing accommodative monetary policy for the foreseeable future

One can add to this a 4th factor which is the enormous amount of indebtedness being heaped upon the citizens of the US by politicians which is sinking the nation into an inescapable mire of perpetual debt slavery and has now set the stage for an inevitable downgrade of US debt worthiness. It seems to me that this recent travesty of a spectacle, in which lawmakers actually cheered plunging the nation further into bondage has brought home the gravity of the situation to an increasing number of citizens/investors.

In the West this has resulted in a loss of confidence in the monetary authorities and political leaders which has resulted in surging demand for gold as a safe haven and vehicle to protect the earning power of accumulated wealth. In the East it has led to gold buying as a hedge against soaring food and energy costs. All of this has now come together and is feeding the bullish sentiment for the metal.

Gold has been able to better the price cap near the $1625 level and is now in the process of attacking the $1650, the level which my good friend Jim Sinclair long predicted it would approach. Should it take out this level, it looks to be on a path to $1680 based on what I can from this newer channel. Downside support is initially at yesterday's low of $1608 followed by $1600.

Aiding its upward progress in US Dollar terms is the fact that it has once again scored new all time highs priced in both the Euro and the British Pound.

The bond market is acting as if it has totally dismissed any rating agency potential downgrades. The Long bond continues moving vertically shoving rates lower putting a huge smile on the face of Federal Reserve officials and other assorted policy makers who are gleefully watching the fools who would entrust their wealth to paper IOU's of the federal government. I do not care whether US bonds are considered safe compared to the bonds of many EU member countries' or not - buying Treasuries is a fool's game especially when the US government is spitting them out faster than a Persian cat can spit out hairballs. They are utterly and completely worthless. Even China is sick to death of the things.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.62: +0.46 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,824.93: -90.93 change from yesterday’s data.

AuRico’s (AUQ) drill results, IAMGOLD’s (IAG) mine strike, Almaden’s (AAU) drill results, Northgate’s’ (NXG) Preliminary Assessment results, and Silver Bear’s (SBR.TO) new VP of exploration 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.

Esperanza and Silver Standard Close San Luis Sale - More
- August 02, 2011 | Item | ShareThis

Duncastle Grants Incentive Stock Options - More
- August 02, 2011 | Item | ShareThis

SilverCrest's Form 40-F Registration Statement Effective - More
- August 02, 2011 | Item | ShareThis

SilverCrest Mines Announces Grant of Stock Options - More
- August 02, 2011 | Item | ShareThis

International Enexco Adds to Its Copper Position in Nevada, but is Biding Its Time as Far as Uranium in Saskatchewan is Concerned - More
- August 02, 2011 | Item | ShareThis

Avanti Partnership Discussions Regarding Kitsault Mine With SeAH Terminated - More
- August 02, 2011 | Item | ShareThis

New Guinea Gold Provides Update - More
- August 02, 2011 | Item | ShareThis

AuRico Gold Reports New Drill Results Including 5.1 metres grading 11.80 Grams Per Tonne Gold Equivalent(1) at the La Balleza Vein, Venus Project - "AuRico Gold Inc. (TSX:AUQ.to - News) (NYSE:AUQ - News), ("AuRico") is pleased to provide an update of drill results at its Venus Project located three kilometres north of the Company's flagship Ocampo mine. Continued drilling on the La Balleza Vein system has shown that the vein has multiple parallel mineralized splits with high grade drill intercepts. 700 metres of mineralized strike length has been delineated and the discovery is open to expansion laterally and at depth with wide zones of low-grade mineralization. To date the Company has completed 18 drill holes with nine holes reporting intercepts in excess of the underground cut-off grades at the nearby Ocampo mine. Some of the drill holes have multiple parallel mineralized veins that further enhance the potential of this project." More
- August 02, 2011 | Item | ShareThis

Operations resume at Mine Waste Solutions - More
- August 02, 2011 | Item | ShareThis

Vantex Receives $1,060,012 From Exercise of Warrants - More
- August 02, 2011 | Item | ShareThis

UPDATE: Alto Group Holdings Announces Geological Team Completes Site Visit of the La Cienega Properties - More
- August 02, 2011 | Item | ShareThis

Driven Retains Investor Relations Firm, Closes $525,000 Private Placement - More
- August 02, 2011 | Item | ShareThis

Diamond Drilling at Abcourt-Barvue Property Continues to Intersect Excellent Silver Values - More
- August 02, 2011 | Item | ShareThis

Grizzly Provides Update on Greenwood Gold Project- Anomalous Gold in Rock Grab Samples up to 37.9 g/t and in Soils from the Overlander Target Area - More
- August 02, 2011 | Item | ShareThis

Mill City Announces Positive Results From Tombstone Gold Project - More
- August 02, 2011 | Item | ShareThis

Taku Samples Up to 746ppb Gold in Soil on Wounded Moose Property in Yukon - More
- August 02, 2011 | Item | ShareThis

Strateco's Matoush Uranium Project: The Federal Review Panel South Releases Its Recommendations - More
- August 02, 2011 | Item | ShareThis

Galahad Metals Inc.: Surface Geophysical Survey Outlines Additional Drill Targets at Regcourt Property - More
- August 02, 2011 | Item | ShareThis

Fancamp Pleased With Magpie Metallurgy Test Results - More
- August 02, 2011 | Item | ShareThis

MBMI Reports on Annual General Meeting, Board of Directors and Management Changes - More
- August 02, 2011 | Item | ShareThis

Alto Group Holdings Announces Geological Team Completed Site Visit of the La Cienega Properties - More
- August 02, 2011 | Item | ShareThis

Colorado Rare Earths, Inc. Awards Boeing Contract for Remote Sensing - More
- August 02, 2011 | Item | ShareThis

GeoMegA Announces Final Results of Phase 1 at Montviel. Highlights Include 2.15% TREO over 250.65 m in MVL 11-18 and 1.51% TREO over 520.65 m in MVL 11-15 - More
- August 02, 2011 | Item | ShareThis

Mundoro Announces Strategic Transaction With China National Gold Hong Kong Limited - More
- August 02, 2011 | Item | ShareThis

Bravada Indentifies Additional Shallow Mineralization at Wind Mountain, Nevada - More
- August 02, 2011 | Item | ShareThis

Platinum Group Metals Ltd.: Mandate for $260 Million WBJV Project Loan Completed - More
- August 02, 2011 | Item | ShareThis

Workers stage strike at Iamgold mine in Suriname - "Workers at Iamgold Corp's (IMG.TO) gold mine in Suriname, one of the Canadian company's largest, have begun a strike to protest work schedules, a union leader said on Tuesday.

Workers at the Rosebel mine, which last year produced 395,000 ounces of gold, walked off the job at midnight on Monday, union activist Freddy Brug told Reuters." More
- August 02, 2011 | Item | ShareThis

Linux Gold Corp. to Identify Drill Targets at the Trout Claim Group in Rampart Mining District, Alaska - More
- August 02, 2011 | Item | ShareThis

Zazu Hits More High Grade Zinc at Lik - More
- August 02, 2011 | Item | ShareThis

Gold Reach Resources Progress Report at Ootsa (TSX VENTURE: GRV) - More
- August 02, 2011 | Item | ShareThis

Woulfe Mining Secures Permits to Develop Production Adit at Sangdong - More
- August 02, 2011 | Item | ShareThis

CuOro Announces Results of Annual General Meeting - More
- August 02, 2011 | Item | ShareThis

Gryphon Gold Updates Progress on Borealis Mine Development - More
- August 02, 2011 | Item | ShareThis

Lithium Exploration Group Stakes Additional Land at Valleyview Project - More
- August 02, 2011 | Item | ShareThis

KWG to Sell 1% NSR to Anglo Pacific Group for $18 Million - More
- August 02, 2011 | Item | ShareThis

Ruby Creek's Gold Standard Acquisition Update - More
- August 02, 2011 | Item | ShareThis

Brazil Resources Inc. commences trading on the U.S. OTCQX - More
- August 02, 2011 | Item | ShareThis

Pershimco Intersects Additional Gold Intervals at the LaPava Target, Including 130 Metres Grading 1.26 g/t Gold Equivalent, and at the Quema-Quemita Target - More
- August 02, 2011 | Item | ShareThis

Southern Arc Announces Latest Drilling Results From the Pelangan Prospect, West Lombok, Indonesia - More
- August 02, 2011 | Item | ShareThis

Denison Announces Drilling at Wheeler River Intersects 38.5% eU3O8 Over 8.4 Metres and Expands Phoenix Zone A Deposit - More
- August 02, 2011 | Item | ShareThis

AXMIN Sells 51% Interest in Its Sierra Leone Assets to Polo Resources for US$7.5 Million - More
- August 02, 2011 | Item | ShareThis

PPM Makes Significant New Discovery: KUD007 Intersects 189m with Visible Copper at Kuliuta Gold-Copper Prospect - More
- August 02, 2011 | Item | ShareThis

Rare Earth Industries Expands Its Land Position in Colorado with Acquisition of Former Tantalum/Beryllium Producing Property - More
- August 02, 2011 | Item | ShareThis

Quaterra Announces Multi-Ounce Gold Intercepts by Partner Grande Portage at Herbert Glacier in Alaska - More
- August 02, 2011 | Item | ShareThis

Sono Resources Makes Final Cash Payment on First Year Obligation for the Acquisition of Copper and Silver Licenses in Botswana, Africa - More
- August 02, 2011 | Item | ShareThis

Soltoro's El Rayo Silver Deposit NI 43-101 Resource Report Filed on SEDAR - More
- August 02, 2011 | Item | ShareThis

Energy Fuels Announces Acquisition of Additional Uranium and Vanadium Property in Utah's Sage Plain District - More
- August 02, 2011 | Item | ShareThis

Oceanic Iron Ore Corp. Provides an Update on 2011 Drill Program and Fast-Track PEA Process and Reports March 31, 2011 Year End Results - More
- August 02, 2011 | Item | ShareThis

New Pacific Metals Corp.: Surface Drilling Intercepts 1,280 Grams Per Tonne Silver and 1.9 Gram Per Tonne Gold Over 1.58 Metres at the Raca, Tagish Lake - More
- August 02, 2011 | Item | ShareThis

Avion Gold Djambaye II Zone, Tabakoto Project, Mali, Returns High Grade Intercepts of 7.56 g/t Au Over 7.0 Metres and 26.39 g/t Au Over 3.0 Metres - More
- August 02, 2011 | Item | ShareThis

Jean-Pierre Chauvin Joins Board of PC Gold in Support of Development Push at Pickle Crow - More
- August 02, 2011 | Item | ShareThis

Bellhaven Expands Mineralization Footprint at the La Mina Project with New Gold-Copper Intercepts at the Middle Zone and Filo de Oro Prospects - More
- August 02, 2011 | Item | ShareThis

Treasury Metals Reports Pico Machay Gold Project Acquisition Update - More
- August 02, 2011 | Item | ShareThis

Colossus Minerals Appoints Antenor Silva and Mel Leiderman to its Board of Directors - More
- August 02, 2011 | Item | ShareThis

Search Minerals Continues $4.1 Million Exploration Program in Port Hope Simpson REE District, Labrador - More
- August 02, 2011 | Item | ShareThis

Duluth Metals Commences Drilling Program on Platinum Targets on the Land O'Dixie Property - More
- August 02, 2011 | Item | ShareThis

Canaco Drills 31.3 Metres Grading 3.11 Grams per Tonne Gold at Magambazi Main Lode and Extends Western Lodes with 17.5 Metres at 2.95 Grams per Tonne Gold - More
- August 02, 2011 | Item | ShareThis

GGG Resources plc: Final US$3,273,200 Sale Proceeds Received - More
- August 02, 2011 | Item | ShareThis

First Quantum Shareholders Approve Five-For-One Stock Split - More
- August 02, 2011 | Item | ShareThis

Landslide at Indonesian gold mine kills Australian - "Torrential rains triggered a landslide that killed an Australian engineer at a gold and copper mine in eastern Indonesia, officials said Tuesday.

The man had been driving near the sprawling Grasberg mine in eastern Papua province Monday when a wall of mud pushed his car into a 450-foot-deep (150-meter-deep) ravine, police spokesman Col. Wachyono said.

The mine is owned by Freeport-McMoRan Copper & Gold Inc., which holds some of the world's largest gold and copper reserves." More
- August 02, 2011 | Item | ShareThis

Silver Bear Announces Appointment of Vice President of Exploration and Provides Exploration Update - "Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR - News) is pleased to announce that effective August 1, Mr. Nick Fox has been appointed Vice President, Exploration of Silver Bear. Mr. Fox was educated as a Geologist in South Africa and graduated from the University of Cape Town. He has spent most of his 28 year geological career with AngloGold Ashanti. Most recently, Nick spent the last five years in Russia, much involved in an AngloGold Ashanti Joint Venture with Polymetal in the role of Exploration Director." More
- August 02, 2011 | Item | ShareThis

Almaden Cuts 25.46 m of 2.28 g/t Au and 134.5 g/t Ag (5.0 g/t Au Eq.) at Ixtaca Zone - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX: AMM - News)(AMEX: AAU - News) is pleased to announce results from drilling within the currently defined Ixtaca Zone with holes TU-11-27, TU-11-29, TU-11-31, TU-11-35 and TU-11-36." More
- August 02, 2011 | Item | ShareThis

Northgate Minerals Announces Positive Preliminary Assessment for its Kemess Underground Project - "Northgate Minerals Corporation (TSX:NGX.to - News) is pleased to announce positive results from the NI 43-101 Preliminary Assessment Report (the "Preliminary Assessment") for its 100% owned Kemess Underground Project located in north-central British Columbia, approximately five kilometres ("km") from the Kemess South mine. The results from the Preliminary Assessment outline the development of an underground block/panel cave operation with average annual production of 95,000 ounces of gold at a below-industry cash cost of $115 per ounce over a mine-life of approximately 12 years." More
- August 02, 2011 | Item | ShareThis

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


	LIVE Gold Prices $ \| E-Mail Subscriptions \| Update GoldSeek \| GoldSeek Radio