Gold Seeker Closing Report: Gold and Silver Fall Nearly 3%

By: Chris Mullen, Gold-Seeker.com -- Posted Wednesday, 23 July 2008 | Gold and silver fell over 1% by midday in before they rebounded some in early Gold and silver equities steadily fell for most of trade and ended about 5% lower. The Beige Book reiterated concerns over a slowing economy and rising inflation. Commercial real estate was described as “decidedly morose” by the Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/19 expected at 380,000. At 10AM is the Existing Home Sales report for June expected at 4.95 million. Charts Courtesy of http://finance.yahoo.com/ Oil fell once again as worries continued to ease over Tropical Storm Dolly and gasoline inventories built more than expected and evidenced the demand destruction taking place in the market. Oil inventories fell 1.5 million barrels, gasoline inventories... [read full story]