Gold Seeker Closing Report – Gold & Silver Bounce Back

	Close	Gain/Loss
Gold	$566.80	+$4.60
Silver	$9.97	+$0.28
XAU	129.16	+5.26%
HUI	297.84	+6.42%
GDM	949.69	+6.11%
JSE Gold	2514.86	+2.14%
USD	85.93	-0.22
Euro	126.11	+0.03
Yen	86.93	-0.03
Oil	$69.50	+$0.36
10-Year	5.098%	+0.048
T-Bond	107.03125	-0.46875
Dow	11015.19	+1.83%
Nasdaq	2144.15	+2.79%
S&P	1256.16	+2.12%

Gold fell to under $560 in after hours trade late yesterday, rallied back near $565 in Asia, and rose near $575 in London before it fell off slightly into the New York close, but it still ended with a 0.82% gain on the day. Silver fell near $9.50 in after hours trade late yesterday, rose near $10 in Asia, and traded above $10 in London before it also fell slightly off of its highs in New York, but it still ended with a gain of 2.89%.

Euro gold rose above €455, platinum gained $24 to $1,158, palladium gained $10 to $299, and copper gained over 20 cents to over $3.10 per pound.

Gold and silver equities rose 3-4% at the open and remained near their highs for most of trade before they extended their gains in the last 2 hours of trade and closed with over 5-6% gains.

Report	For	Reading	Expected	Previous
Initial Claims	6/10	295K	320K	303K
NY Empire State Index	Jun	29.0	11.0	12.9
Net Foreign Purchases	Apr	$46.7B	$60B-$72B	$70.4B
Capacity Utilization	May	81.7%	82.0%	81.9%
Industrial Production	May	-0.1%	0.2%	0.8%
Philadelphia Fed	Jun	13.1	11.0	14.4

Net Foreign Purchases came in at the lowest in over a year and did not cover April’s trade deficit of $63.4 billion reported last week. Bernanke also spoke again today and commented about high energy prices and their impact on inflation. He noted that inflation expectations have edged up in recent months and that the fed will remain vigilant against inflation, but traders interpreted his remarks as not quite as worrisome as some of his more “hawkish” comments in the recent past.

Tomorrow at 8:30AM EST brings the Current Account for the 1^st quarter expected at $223.0 billion. At 9:50AM is the preliminary reading for June Michigan Sentiment expected at 79.0.

Oil gained on the heels of impressive gains in natural gas as supplies built by a less than expected 77 billion cubic feet.

The U.S. dollar index fell as Net Foreign Purchases came in less than expected and did not cover April’s trade deficit, but it did pare its losses by the end of trade.

Treasuries fell as interest rates rose on mostly strong economic data that indicated further interest rate hikes.

The Dow, Nasdaq, and S&P accomplished impressive gains on indications of mostly strong economic growth and reduced inflation fears.

In international news, the Bank of Japan noted economic recovery, but kept interest rates unchanged near 0%.

Among the big names making news in the market today were Adobe, Fannie May, Pier 1, and Bear Stearns.

“Because it is now more than clear that The Gold Cartel and friends bombed the gold market with physical gold, it will take some time for the physical market to absorb the new supply. That does not preclude gold from moving back up. We should have bottomed. It is just that hopes should not be raised too high too quickly.

While this past month was painful, as mentioned yesterday, the big picture is now even more bullish. For those who have cash, now is the time to be all over the quality gold shares … with fire sale bargains everywhere.”

“June Gold closed up 4.2 at 566.5. This was equal to the low and 10.5 off the high.

July Silver finished up 0.235 at 9.97, 0.24 off the high and 0.01 up from the low.

The gold market showed signs of a significant recovery bounce on Thursday but into the late afternoon action the bullishness seemed to wane. While the equity market was mostly strong during the session and that served to countervail the weak economic stats there continued to be ongoing concern of renewed commodity selling interest. The gold market should have been supported by news that net foreign investment into the US contracted and that the inflow of foreign capital was insufficient to offset the deficits. In other words, concerns for the viability of the Dollar returned but yet gold actually slumped back from its highs in the wake of that revelation. With the rest of the metals markets mostly positive on the day and oil prices holding firm the deflationary type dialogue was not nearly as prevalent as in recent sessions. Old news that the Bank of Spain actually sold 65.6 tons of gold in 2005 might have undermined prices but we suspect that central banks are mostly holding their gold positions steady.

Unfortunately for the bull camp in silver, the Press labeled the gains in silver on Thursday mostly technical in nature. However, there was certainly a number of outside markets providing support to silver prices, with the sometime stellar gains in the equity at the top of the list of supportive developments. Some traders suggest that conformation of an upward tilt in prices will require evidence of rising volume and open interest on rallies and so far that would seem to be the case. It was also supportive of the bull track to see copper prices mounting the biggest single days gain since May 23rd.”

Aurizon’s (AZK) board rejection of Northgate’s (NXG) unsolicited takeover bid and talks of alternatives to the bid, Seabridge’s (SA) drill program, Freeport-McMoRan (FCX) announcement of the final mandatory redemption of its Silver-Denominated Preferred Stock, and AngloGold’s (AU) plans to sell six exploration projects to Canada's International Tower Hill Mines 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.

Two Insiders Increase Position in Alhambra to in Excess of 10% Each - More
- June 15, 2006 | Item | E-mail

Consolidated Puma Minerals Corp.: Continued 2006 Exploration Drill Program Results From East Pansky PGE Property - More
- June 15, 2006 | Item | E-mail

La Mancha Announces Completion of C$40.3 Million Private Placement - More
- June 15, 2006 | Item | E-mail

Alturas Minerals Grants Stock Options - More
- June 15, 2006 | Item | E-mail

Kalimantan Gold Corporation Limited - Technical Report filed - More
- June 15, 2006 | Item | E-mail

Aurizon says in talks on Northgate alternatives - "Aurizon Mines Ltd.'s chief executive said on Thursday that the gold producer is in "aggressive" talks with third parties after rejecting a hostile all-stock takeover bid by Northgate Minerals Corp., valued at C$371 million ($331 million). "Northgate needs Aurizon and not vice versa," CEO David Hall told shareholders at the company's annual meeting in Montreal. "Northgate is asking Aurizon shareholders to dilute their 100 percent interest in a permitted and financed project for a 30 percent minority interest in a company with higher risk assets," Hall said." More
- June 15, 2006 | Item | E-mail

Unico, Inc. Announces First Shipment of Samples From Diamond Core Drilling Program at Deer Trail Mine to ALS Chemex for Assay - More
- June 15, 2006 | Item | E-mail

Gold Summit Starts Core Drilling at National - More
- June 15, 2006 | Item | E-mail

Christopher James Acquires Option on Chesapeake Gold's Cucaracha Dorada Gold Property in Durango State, Mexico - More
- June 15, 2006 | Item | E-mail

Oremex launches diamond drilling program - More
- June 15, 2006 | Item | E-mail

Pele Mountain Confirms High-Grade Gold at Farquhar - More
- June 15, 2006 | Item | E-mail

Mill City Gold Corp. - Corporate Update - More
- June 15, 2006 | Item | E-mail

Gold Canyon Announces Summer Programs for Springpole and Cordero Projects - More
- June 15, 2006 | Item | E-mail

Akanani Platinum Project Granted Converted Prospecting Rights - More
- June 15, 2006 | Item | E-mail

Kalimantan Gold Corporation Limited - Technical Advisor retained for Jelai Mewet Project - More
- June 15, 2006 | Item | E-mail

Klondike Star Proceeds with Drill Ready Ultra Property - More
- June 15, 2006 | Item | E-mail

Goldcliff Resource Corporation: Plug Project-Exploration in Progress - More
- June 15, 2006 | Item | E-mail

Vencan Gold Commences 2000 Metre Diamond Drill Program on Its Cayenne East Property, Completes AeroTEM Airborne Survey with Results Indicating New VMS Target Op - More
- June 15, 2006 | Item | E-mail

Remarks By President Bush at Signing of S.2803, The Miner Act - "Thanks for coming. Welcome to the White House and thank you for witnessing this bill signing ceremony. In a few moments, I'm going to sign into law the most sweeping overhaul of federal mine safety law in nearly three decades. The MINER Act of 2006 has strong support of mine workers and the mining industry, and it was overwhelmingly passed by the Congress. I want to thank the members of the United States Congress who have joined us here for their hard work on this important measure." More
- June 15, 2006 | Item | E-mail

Crescent Resources Reports Assay Results from Matupa Gold Project, Brazil - More
- June 15, 2006 | Item | E-mail

Seabridge to Drill Gold Targets at Kerr-Sulphurets - "Seabridge Gold announced today that it will fund a 7,500 meter core drill program this summer at its 100%-owned Kerr-Sulphurets project located in British Columbia, Canada. The program is designed to expand the project's known gold resource by testing for the strike and depth extensions of the Sulphurets deposit and by systematically drilling the promising new Mitchell gold zone identified in previous work. Following the program, a 43-101 Technical Report outlining resources will be prepared for the Mitchell, Sulphurets and Kerr deposits." More
- June 15, 2006 | Item | E-mail

Yorbeau Holds Annual General Meeting: Company Initiates an Exciting Exploration Phase - More
- June 15, 2006 | Item | E-mail

Yukon Gold Corporation, Inc. Begins Drilling High Grade Gold Vein Targets on Its Mount Hinton Property in the Yukon - More
- June 15, 2006 | Item | E-mail

Osisko Intersects 191 m @ 1.54 g/t Au at Canadian Malartic - More
- June 15, 2006 | Item | E-mail

Sulliden Exploration Inc.: Litigation Update on Shahuindo Property, The Arbitration Process Resumes - More
- June 15, 2006 | Item | E-mail

Cash Minerals Announces Commencement of Drilling on Two Uranium Properties in the Yukon - More
- June 15, 2006 | Item | E-mail

Pacific North West Capital Corp. - Exploration Update - Spring / Summer 2006 - More
- June 15, 2006 | Item | E-mail

Golden River Resources Raises US$1,542,000 Through an Equity Raising to Fund Exploration Program - More
- June 15, 2006 | Item | E-mail

Aurizon's Board of Directors Unanimously Recommends Shareholders Reject Northgate's Unsolicited Takeover Bid - "Our Board is of the unanimous view that Northgate's offer is inadequate, opportunistic and fails to recognize the value of Aurizon's future prospects. Northgate's offer is not an attractive proposition for Aurizon shareholders. It would dilute their ownership in Casa Berardi just as it is about to go into production, while exposing our shareholders to a host of new risks and uncertainties. We don't believe the current offer adequately compensates Aurizon shareholders for this dilution and the new risks and uncertainties associated with owning Northgate shares." More
- June 15, 2006 | Item | E-mail

Bear Creek Announces Significant Expansion of Mineralization at Corani - More
- June 15, 2006 | Item | E-mail

Alexis Develops $3.6 Million Financing Through Investissement Quebec - More
- June 15, 2006 | Item | E-mail

Golden China Resolves Matters Causing Delay in Upcoming Amalgamation with Michelago - More
- June 15, 2006 | Item | E-mail

Airborne gravity targets at Garland Lake, Voisey's Bay, Labrador - More
- June 15, 2006 | Item | E-mail

Kimberlite quest continues - More
- June 15, 2006 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Announces Final Mandatory Redemption of its Silver-Denominated Preferred Stock - "Freeport-McMoRan Copper & Gold Inc. announced today the final mandatory redemption, on August 1, 2006, of its Silver-Denominated Preferred Stock and the related redemption of each remaining outstanding depositary share representing 0.003125 shares of its Silver-Denominated Preferred Stock (NYSE: FCX Pr D, CUSIP 35671D865). There are currently 4,760,000 depositary shares of FCX Pr D outstanding." More
- June 15, 2006 | Item | E-mail

AngloGold sells Alaskan projects to Int. Tower Hill - "The world's third biggest gold producer AngloGold Ashanti Ltd plans to sell six exploration projects in the U.S. state of Alaska to Canada's International Tower Hill Mines Ltd. for 20 percent of the firm." More
- June 15, 2006 | Item | E-mail

TTM Resources Engages Investor Relations Consultant in Europe - More
- June 15, 2006 | Item | E-mail

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