Gold Seeker Closing Report: Gold and Silver Gain Nearly 1% and 2%

	Close	Gain/Loss
Gold	$922.00	+$8.05
Silver	$17.70	+$0.32
XAU	185.81	-0.30%
HUI	443.51	-1.04%
GDM	1327.59	-1.04%
JSE Gold	2495.29	-28.93
USD	71.32	-0.31
Euro	159.72	+0.61
Yen	97.01	+0.12
Oil	$119.37	+$1.89
10-Year	3.720%	+0.008
T-Bond	117.15625	+0.078125
Dow	12720.23	-0.82%
Nasdaq	2376.94	-1.29%
S&P	1375.94	-0.88%

Gold fell to $911.65 in Asia, but it then rose throughout most of trade in London and New York and ended near its high of $925.40 with a gain of 0.88%. Silver fell to $17.275 and rose to $17.945 before it closed with a gain of 1.8%.

Euro gold rose to about €577, platinum gained $14.50 to $2020.50, and copper gained over 10 cents to about $4.00.

Gold and silver equities rose over 1% by about 2 hours into trade, but they then fell back off and ended slightly lower as the major indices dropped and gold and silver started off access hours access trade on a weaker note.

Report	For	Reading	Expected	Previous
Existing Home Sales	Mar	4.93M	4.92M	5.03M

Oil rose to a new record intraday high of $119.90 and also made a new closing high on continued supply concerns and a lower U.S. dollar that fell to a new record low versus the euro above 1.60 as the ECB talked about inflation and lessened expectations for interest rate cuts anytime soon in Europe.

Treasuries rose as the Dow, Nasdaq, and S&P fell about 1% on mostly disappointing earnings reports and record high oil.

Among the big names making news in the market today were McDonald’s, AT&T, United Air, UnitedHealth, SunTrust, Fifth Third, News Corp. and Newsday, National City, and AirTran.

1. We are already into what the Fed will do. The going opinion amongst the gold people who always seems to want to be wrong about being bullish is what will the effect of a 1/4 point drop be? Will that not strengthen the dollar and then hurt gold?

What they seem not to note is that there is little room between the present discount level and zero. Interest rates are useless in the present situation outside of a short period of spin. If the Fed sliced hard there would be little room to do it again. It does not take a genius to know they will have to keep some ammunition for emergency drops and shock PR.

The dollar and the euro know the expectations and therefore have priced in the 1/4 point reduction. Outside of no change in rates I see no dollar rally with even one leg on a 1/4 drop. It should be a non-event.

2. Seasonality is quite meaningful to gold when it is a commodity and meaningless when gold is a currency. Jeweler's demand is no factor when gold is running as a currency. Other than a modest impact from those in anticipation of commodity demand running the market, I see seasonality as a non-factor in the present gold market.

The prime mover of gold will be the US dollar which has not done much of anything as a result of the "Please listen to us" G7 meeting.

Whatever Gold has to do on the downside is done by early May.” - Jim Sinclair, JSMineset.com

“June Gold finished up 7.6 at 925.2, 3.2 off the high and 5.5 up from the low.

May Silver closed up 0.35 at 17.71. This was 0.09 up from the low and 0.225 off the high.

The gold market mostly managed an inside day on Tuesday and that might be disappointing to some gold bulls in the face of a new low in the Dollar and a new high in the crude oil market. While the gold bulls didn't see the energy complex close in record high ground nor did the trade see the Dollar finish at new lows, the gold bulls might take the action Tuesday as a sign that pre-existing trends in those markets remain in place. Surprisingly the gold market wasn't overly undermined by the fact that US economic data depicted more slowing in the US economy. Even more surprising is the fact that moderate weakness in the US equity market didn't seem to drag the metals markets down into negative territory.

The silver market managed an impressive recovery bounce into mid session Tuesday but bullish sentiment did seem to wane into the afternoon action. However, silver and the quasi industrially demand driven metals markets on Tuesday were clearly able to benefit from residual strength in the energy market and another new low probe in the US Dollar. In short, the silver market clearly seemed to be in a position to track gold and the financial sector themes, instead of classic physical commodity market issues.”- The Hightower Report, Futures Analysis and Forecasting

Cardero’s (CDY) test results, Aurizon’s (AZK) drill results, Newcrest’s (NCM.AX) gold venture with Harmony (HMY), First Majestic’s (FR.TO) flotation circuit, Aquiline’s (AQI.TO) updated mineral resource estimate, and Oro Silver’s (OSR.V) sampling results 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.

General Moly Reports on Recent Drilling Results at Hall-Tonopah - More
- April 22, 2008 | Item | E-mail

Prior Drilling on AAA Energy's LiJiaWa Moly Prospect Report Assays Up to 19.84 Meters of 0.34% Mo - More
- April 22, 2008 | Item | E-mail

Platinum Group Metals Ltd.: Project 2 Resources Increase Western Bushveld Joint Venture - More
- April 22, 2008 | Item | E-mail

Timberline Resources Corporation to Present At the Chicago Resource Expo - More
- April 22, 2008 | Item | E-mail

Tantalum and Niobium Expert Becomes Chairman of Commerce Resources Corp. - More
- April 22, 2008 | Item | E-mail

Anaconda Mining Inc.: Q3-2008 - More
- April 22, 2008 | Item | E-mail

Skyline Initiates Iron Magnetite Study - More
- April 22, 2008 | Item | E-mail

Coro Announces Conclusions From NI 43-101 Technical Report on San Jorge Float Only Copper Gold Project Preliminary Economic Assessment - More
- April 22, 2008 | Item | E-mail

Queensland Minerals Ltd. Commences Diamond Core Drilling at Sulphide Cap and Firegrass Creek Prospects - More
- April 22, 2008 | Item | E-mail

Wallbridge Annual General Meeting to be held at Science North, Sudbury - More
- April 22, 2008 | Item | E-mail

Cardero Receives Positive Metallurgical Test Results for Pampa de Pongo Iron Ore Deposit - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce it has received from Rio Tinto Exploration a copy of a positive metallurgical test report on two samples from the Pampa de Pongo iron deposit." More
- April 22, 2008 | Item | E-mail

Vior Completes First Drilling Program on Buteux Property - More
- April 22, 2008 | Item | E-mail

American Uranium Announces the Completion of the Southwest Reno Creek, Wyoming NI 43-101 Technical Report: Mineral Resource Increased to 3.5 Million Pounds U3O8 - More
- April 22, 2008 | Item | E-mail

Oromonte acts on Ecuador Government news - More
- April 22, 2008 | Item | E-mail

Full Metal Commences 15,000 Meter Drill Program at 40 Mile Zinc-Lead-Silver Project - More
- April 22, 2008 | Item | E-mail

Baffinland Reports Signficant Progress on Its Bulk Sample Program - More
- April 22, 2008 | Item | E-mail

Lero Gold Corp. Announces 43-101 Compliant Resource Estimate for Karchiga VMS Project, Kazakhstan - More
- April 22, 2008 | Item | E-mail

Baja Mining Launches New Multimedia Presentations - More
- April 22, 2008 | Item | E-mail

Atlanta Gold Inc. completes MSHA training and prepares for underground work and surface exploration at its Atlanta property in Idaho - More
- April 22, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Peru Drilling Update - More
- April 22, 2008 | Item | E-mail

Rocmec Intercepts Boucher Vein and Cuts 132.21 g/t Over 51 cm - More
- April 22, 2008 | Item | E-mail

Richmond Minerals Inc. - Exploration Update - More
- April 22, 2008 | Item | E-mail

Uranium Bay Receives Technical Report on its Uskawanis Uranium Property, Prospectivity of the Property is Considered Very Good - More
- April 22, 2008 | Item | E-mail

War Eagle Mining Company Inc.: 9 Hole Core Drilling Program Started on the Nacional Target Tres Marias Mine Chihuahua, Mexico - More
- April 22, 2008 | Item | E-mail

AmMex Completes Geophysical Program and Plans Drilling at La Concha - More
- April 22, 2008 | Item | E-mail

North American Palladium Announces First Quarter 2008 Production Results - More
- April 22, 2008 | Item | E-mail

Atomic appoints Peter Chadwick as Vice-President Exploration, Africa - More
- April 22, 2008 | Item | E-mail

MDN: Tulawaka Mine Produces 62,085 Ounces of Gold During the First Quarter of 2008 - More
- April 22, 2008 | Item | E-mail

Simberi Sells Interest in Australian Lignite Project - More
- April 22, 2008 | Item | E-mail

First Majestic Silver Corp.: Commissioning of Flotation Circuit at the San Martin Silver Mine - "First Majestic Silver Corp. (Toronto:FR.TO - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) is pleased to announce that it has completed the commissioning of a new flotation circuit at its San Martin Silver Mine in Jalisco Mexico. Historically, the San Martin mill, which has a capacity of 800 tonnes per day (tpd), has been processing oxide ores from the mine through a cyanidation plant to produce Dore bars." More
- April 22, 2008 | Item | E-mail

Aquiline Reports Updated Mineral Resource Estimate on Calcatreu - "Aquiline Resources Inc. (Toronto:AQI.TO - News) ("Aquiline" or "the Company") is pleased to report that Micon International Limited ("Micon") of Toronto have completed a revised independent mineral resource estimate on the Calcatreu Gold Project located in Rio Negro Province, Argentina." More
- April 22, 2008 | Item | E-mail

Buffalo Gold Ltd.: Bondi Mining Starts Drilling at Murphy Uranium Project, Australia - More
- April 22, 2008 | Item | E-mail

Platinex adds Ontario properties to its portfolio: Six new PGE prospects and one gold property - More
- April 22, 2008 | Item | E-mail

RX Exploration Inc. and Spruce Ridge Resources Ltd. Announce Agreement in Principle to Form a Joint Venture on Ground Adjacent to the Drumlummon Mine in Montana - More
- April 22, 2008 | Item | E-mail

Constitution Mining Initiates Phase II Exploration at Atena Gold Project in Salta Province, Argentina - More
- April 22, 2008 | Item | E-mail

Murgor releases further high grade gold assays from the Hudvam copper-gold-zinc deposit, Manitoba - More
- April 22, 2008 | Item | E-mail

Update on the Paraiso-Pambil Mine: C2C Intends to Close the Acquisition - More
- April 22, 2008 | Item | E-mail

La Mancha Reports Wide High-Grade Intercepts 150 Meters Below Current Resource at Frog's Leg - More
- April 22, 2008 | Item | E-mail

Latin American Minerals Adds a Second Drill on Its Tendal VMS Project La Rioja, Argentina - More
- April 22, 2008 | Item | E-mail

Creston expands land position at Creston Molybdenum deposit, Sonora, Mexico - More
- April 22, 2008 | Item | E-mail

Klondike Star Completes First Exploration Mission in Egypt - More
- April 22, 2008 | Item | E-mail

Serengeti Continues to Expand Copper-Gold Zone at Kwanika - More
- April 22, 2008 | Item | E-mail

Mustang Tests Chromite Horizon at Maskwa Property - More
- April 22, 2008 | Item | E-mail

Avalon Provides Update on Thor Lake Drilling Program - More
- April 22, 2008 | Item | E-mail

Piedmont Mining Reports Exploration Plans for PPM Gold Project - More
- April 22, 2008 | Item | E-mail

Melkior Flies 1700 Km Megatem East of McFauld's - More
- April 22, 2008 | Item | E-mail

Osisko Confirms New Gold Zone South of Main Canadian Malartic Deposit - More
- April 22, 2008 | Item | E-mail

Drilling Begins at Miranda Gold Corp.'s Iron Point Project - More
- April 22, 2008 | Item | E-mail

First quarter gold production on target - Wesdome Gold Mines Ltd. - More
- April 22, 2008 | Item | E-mail

Houston Lake Mining Intersects 256.94 g/mt Gold Over a Core Length of 3.0 Metres at West Cedartree - More
- April 22, 2008 | Item | E-mail

International Minerals Comments on New Ecuadorian Mining Mandate - More
- April 22, 2008 | Item | E-mail

Royal Roads extends Daniels Pond deposit to depth - More
- April 22, 2008 | Item | E-mail

Diamond Discoveries Acquires Quebec Property with Platinum-Palladium-Rhodium Potential - More
- April 22, 2008 | Item | E-mail

Aurora's Winter Drill Program Enhances Continuity of Michelin Deposit - More
- April 22, 2008 | Item | E-mail

Forum Uranium Drills Into a Major Basement-Hosted Hydrothermal Alteration Zone at Maurice Point, Athabasca Basin, Saskatchewan - More
- April 22, 2008 | Item | E-mail

Silver Spruce and Azimut Identify Highly Anomalous Lake Sediments and Radiometric Anomalies on Hudson Bay Uranium Project - More
- April 22, 2008 | Item | E-mail

Strathmore Completes Southwest Reno Creek, Wyoming NI 43-101 Technical Report: Mineral Resource Increased to 3.5 Million Pounds U3O8 - More
- April 22, 2008 | Item | E-mail

Tournigan Continues Reporting High Grade Uranium Assays at Kuriskova, Retains SRK for Preliminary Assessment - More
- April 22, 2008 | Item | E-mail

Purepoint Uranium Group Inc: Hits 3.03% U3O8 at Osprey Zone on Red Willow - More
- April 22, 2008 | Item | E-mail

Mega and Forum Complete Winter Drill Program at Maurice Point Uranium Project, Athabasca Basin, Saskatchewan - More
- April 22, 2008 | Item | E-mail

Azimut and Silver Spruce identify uranium targets on the Hudson Bay property in northern Quebec - More
- April 22, 2008 | Item | E-mail

Oro Silver Surface Sampling Returns 1,062 g/t Silver at Vetagrande Mine, Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) has received additional encouraging results from its systematic surface sampling and mapping program at the Vetagrande mine, Zacatecas, Mexico. The results further demonstrate the potential for high-grade silver from at least five sub-parallel veins on the property, including the Veta Grande vein that extends over 1.9 kilometres in length. Oro Silver is currently focusing on defining and developing surface and underground targets to be tested by drilling." More
- April 22, 2008 | Item | E-mail

Aurizon Reports Further Results From Its Joanna Property Including 3.1 Grams of Gold Over 51.2 Metres and 4.7 Grams of Gold Over 29.5 Metres - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce additional drill results from the East Block of its Joanna project, located 20 kilometres from Rouyn-Noranda, in north-western, Quebec." More
- April 22, 2008 | Item | E-mail

Newcrest plans $525 mln PNG gold venture with Harmony - "Newcrest Mining Ltd (NCM.AX: Quote, Profile, Research), Australia's largest gold producer, said on Tuesday it will pay up to $525 million to co-develop gold mines in Papua New Guinea with Harmony Gold Mining Ltd (HARJ.J: Quote, Profile, Research) of South Africa." More
- April 22, 2008 | Item | E-mail

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