Gold Seeker Closing Report: Gold and Silver Lose Nearly 2% and 3%

	Close	Gain/Loss
Gold	$905.60	-$16.40
Silver	$17.185	-$0.515
XAU	179.38	-3.46%
HUI	425.21	-4.13%
GDM	1276.79	-3.83%
JSE Gold	2445.69	-49.60
USD	71.82	+0.50
Euro	158.90	-0.98
Yen	96.61	-0.48
Oil	$118.30	+$0.23
10-Year	3.730%	+0.010
T-Bond	116.984375	-0.171875
Dow	12763.22	+0.34%
Nasdaq	2405.21	+1.19%
S&P	1379.93	+0.29%

Gold remained near unchanged in Asia before it fell in London and early New York trade to as low as $896.80 by about 10AM EST, but it then rallied back higher into the close and ended almost $10 of its low with a loss of 1.8%. Silver dropped to as low as $16.965 before it also rallied back higher into the close, but it still ended with a loss of 2.9%.

Euro gold fell to about €570, platinum lost $24.50 to $1996, and copper fell over 5 cents to about $3.95.

Gold and silver equities steadily fell for most of trade and ended with about 4% losses.

There were no major economic reports today, but the Mortgage Bankers Association's index of applications to buy a home or refinance a loan fell 14.2% and did have some talking. Tomorrow at 8:30AM EST brings Durable Goods Orders for March expected at 0.0% and Initial Jobless Claims for 4/19 expected at 375,000. At 10AM is the New Home Sales report for March expected at 580,000.

Oil traded mixed and ended slightly higher as traders debated the implications of an inventory report that brought both a bigger than expected rise in crude stocks and a bigger than expected fall in gasoline supplies. Crude inventories rose 2.4 million barrels, gasoline inventories fell 3.2 million barrels, distillates fell 1.4 million barrels, and refinery utilization was 85.6%.

The U.S. dollar index rebounded from yesterday’s record low as the euro dropped from its new peak above 1.60 on ECB talk and weaker than expected manufacturing data in Europe.

Treasuries fell while the Dow, Nasdaq, and S&P rose on mostly better than expected earnings reports.

Among the big names making news in the market today were Boeing, Liberty Mutual and Safeco, Schering-Plough, WellPoint, Microsoft, Northwest Airlines, Fannie Mae, and Freddie Mac.

“June Gold finished down 16.2 at 909, 2.2 off the high and 9.7 up from the low.

May Silver closed down 0.545 at 17.165. This was 0.165 up from the low and 0.135 off the high.

The gold market was under moderate pressure for most of the trading session Wednesday. Certainly strength in the Dollar was a large portion of the bear case but at times it appeared as if a liquidation wave was settling into a range of physical commodity markets. It is also possible that trade expectations for a minor rise in the Thursday morning US Durable Goods report inspired the Dollar rally and that in turn increased the liquidation pressure in the gold market. While some energy prices were firm on Wednesday, periodic weakness in the headline market (crude oil) probably served to discourage some would-be gold bulls. Surprisingly the gold market didn't seem to garner any support from up beat gold price forecasts from a major metals miner and that also highlighted the markets prevailing bearish attitude.

The silver market started out weak in sympathy with other metals markets and saw the selling pressure increase as the day progressed. In fact, with a host of physical commodity markets under pressure on Wednesday it certainly appeared as if some type of liquidation wave was being felt. Certainly the rise in the Dollar contributed to the selling pressure in silver, which at times fell below the psychological even number zone of $17.00.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 18.41 tonnes.

Claude’s (CGR) drill results, Orezone’s (OZN) project update, Freeport’s (FCX) first quarter results, Minco Silver’s (MSV.TO) bankable feasibility study, and Excellon’s (EXN.TO) assay 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.

Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE: NEM - News) today declared a regular quarterly dividend of $0.10 per share, payable June 27, 2008 to holders of record at the close of business on June 6, 2008." More
- April 23, 2008 | Item | E-mail

Gold Crest Mines, Inc. and Electrum Ltd. Form an Alaskan Joint Venture - More
- April 23, 2008 | Item | E-mail

SearchGold Hires New CFO - More
- April 23, 2008 | Item | E-mail

Golden Share Mining Corp. Hires New CFO - More
- April 23, 2008 | Item | E-mail

Los Andes Copper Begins Vizcachitas Metallurgical Program - More
- April 23, 2008 | Item | E-mail

GWR Reports on 2008 Annual General Meeting - More
- April 23, 2008 | Item | E-mail

Dia Bras: New Agreement With Compania Minera Cusi - More
- April 23, 2008 | Item | E-mail

La Quinta Signs Final Agreements for the Acquisition of 7,010 Sq Km in Maniema South Kivu Gold Belt-DRC - More
- April 23, 2008 | Item | E-mail

GBS Gold Releases New Drilling Results - More
- April 23, 2008 | Item | E-mail

Freeport-McMoRan profit more than doubles - "Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research) said on Wednesday first-quarter profit more than doubled, topping Wall Street estimates, as the miner benefited from higher metals prices.

The company lowered slightly its estimate for copper sales this year, and raised its estimate for gold sales.

"They were good (earnings) numbers, but their (copper production) guidance was down slightly," said Amir Arif, a mining industry analyst with Friedman Billings Ramsey." More
- April 23, 2008 | Item | E-mail

Marathon PGM Competes 17-Hole Drill Program at Gossan's Bird River Property - More
- April 23, 2008 | Item | E-mail

Trelawney Announces Drilling Results Indicating Wide Spread Gold Mineralization in Wawa, Ontario - More
- April 23, 2008 | Item | E-mail

Consolidated Puma Minerals Corp.: Reporting on 2007 Exploration Program - More
- April 23, 2008 | Item | E-mail

Stingray Copper Inc.-21 Metwork Drill Hole Results: Delivered to Metcon - More
- April 23, 2008 | Item | E-mail

HuntMountain's La Josefina Drilling Continues to Hit Strong Gold and Silver Intercepts - More
- April 23, 2008 | Item | E-mail

Mantis signs amendment to option agreement on Rottenstone Property and awaits data interpretation from completed VTEM Airborne Survey - More
- April 23, 2008 | Item | E-mail

Kodiak Identifies Multiple Drill Targets on West Millennium and Big Yellow Uranium Prospects in Athabasca; Plans to Drill in Otish - More
- April 23, 2008 | Item | E-mail

Kinbauri Announces $1 Million Strategic Investment by Anglo Pacific to Compliment $7.5m Royalty Financing and Accelerated Drill Program - More
- April 23, 2008 | Item | E-mail

Virginia Mines to Nominate Mr. Pierre Labbe to its Board of Directors - More
- April 23, 2008 | Item | E-mail

MDN Adopts Shareholder Rights Plan - More
- April 23, 2008 | Item | E-mail

VIOR Uses CARDS for Its Douay Project in Abitibi - More
- April 23, 2008 | Item | E-mail

Typhoon: New Targets Defined by a Structural Survey on Fayolle - More
- April 23, 2008 | Item | E-mail

North American Palladium Added to S&P/TSX Global Mining Index - More
- April 23, 2008 | Item | E-mail

Armistice Resources Corp. commissions mining plan and resource update - More
- April 23, 2008 | Item | E-mail

Manicouagan Completes Airborne Survey of Mouchalagane Nickel-Copper-PGE Project and Other Mid-North Quebec Projects - More
- April 23, 2008 | Item | E-mail

Claude Resources Inc. Intercepts 32.52 g/t Au Over 4.80 Meters (1.05 oz./t over 15.75 ft.) at Seabee - "The results being reported today extend the mineralization of several ore blocks at Seabee adjacent to existing mine infrastructure and ore reserves," stated Philip Ng, Vice-President Mining Operations. "The true widths of these intercepts are significant as they are wider than the average widths of our existing reserves. This creates the potential for delivery of higher grade feed to the central mill facility at Seabee due to lower dilution, on a percentage basis." More
- April 23, 2008 | Item | E-mail

Rare Element Summarizes Results of Bear Lodge REE Exploration and Provides an Initial 2008 REE Expansion Plan - More
- April 23, 2008 | Item | E-mail

Aldridge Minerals reports on progress of Yenipazar program (VMS, Central Turkey) - More
- April 23, 2008 | Item | E-mail

Atna Receives Court Opinion on Its McDonald Takings Claim - More
- April 23, 2008 | Item | E-mail

Minco Silver Initiates Bankable Feasibility at Fuwan - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that the Company has retained Wardrop Engineering Inc. ("Wardrop") to prepare a 43-101 compliant Bankable Feasibility study for its Fuwan Silver Project located in Guangdong Province, China." More
- April 23, 2008 | Item | E-mail

Fission Energy Updates 2008 Exploration Program at Waterbury Lake - More
- April 23, 2008 | Item | E-mail

Caledonia Grants an Extension for the Fulfilment of a Suspensive Condition of the Barbrook Sale Agreement - More
- April 23, 2008 | Item | E-mail

Klondike Silver Retains AGORACOM to Provide Investor Relations, Social Network and Google Search Engine Program - More
- April 23, 2008 | Item | E-mail

Golden Chalice Resources Retains AGORACOM to Provide Investor Relations, Social Network and Google Search Engine Program - More
- April 23, 2008 | Item | E-mail

Amador Gold Retains AGORACOM to Provide Investor Relations, Social Network and Google Search Engine Program - More
- April 23, 2008 | Item | E-mail

Argentex intersects 19 meters of 384 g/t silver and 3.1% lead-zinc at Pinguino's Marta Este zone, Argentina - More
- April 23, 2008 | Item | E-mail

Canadian Mining Completes 43-101 Technical Report Identifying Past Producer - More
- April 23, 2008 | Item | E-mail

Como and Nivloc Projects show promise - More
- April 23, 2008 | Item | E-mail

Osisko Announces US$83 Million Financing From Cat Financial and Acquires Canadian Malartic Mining Fleet - More
- April 23, 2008 | Item | E-mail

Millrock Announces Exploration Agreement With Bering Straits Native Corporation, Seward Peninsula, Alaska - More
- April 23, 2008 | Item | E-mail

Rusoro Reports on Positive Meetings and Tour of Projects With Venezuela Mines Minister - More
- April 23, 2008 | Item | E-mail

Mexivada diamond and gold concessions approved and signed by President Denis SASSOU N'GUESSO of the Republic of Congo; Diamond exploration program begins - More
- April 23, 2008 | Item | E-mail

U.S. Precious Metals Appoints New CEO/Director - More
- April 23, 2008 | Item | E-mail

Aquila Resources Inc.: Drilling Continues to Intersect Gold and Base Metals - More
- April 23, 2008 | Item | E-mail

Colorado Goldfields Announces Intent to Assist Financing of Additional Mexican Property Acquisitions - More
- April 23, 2008 | Item | E-mail

Wallbridge Announces $2.7 Million Program for Xstrata Nickel JV Properties - More
- April 23, 2008 | Item | E-mail

Probe Mines Completes AeroTEM III Airborne Geophysical Survey on the Victory Project, McFauld's Lake Area, Ontario - More
- April 23, 2008 | Item | E-mail

Pure Nickel Inc. Announces Granting of Stock Options - More
- April 23, 2008 | Item | E-mail

Galway Resources files scoping study for Victorio molybdenum-tungsten project - More
- April 23, 2008 | Item | E-mail

VMS Reports 35.8m of 2.69% Copper at Reed Lake, Manitoba; Dr. Mark Fedikow Joins Management Team - More
- April 23, 2008 | Item | E-mail

1st Quarter Results - correction - More
- April 23, 2008 | Item | E-mail

Freegold Intersects New High Grade Structures (2 m of 54 g/t Gold) and Multiple Shear Zones in 700 m Step-Out Drilling at Golden Summit - More
- April 23, 2008 | Item | E-mail

Lundin Mining Advised of Revised Capital Cost Projections on Tenke Project - More
- April 23, 2008 | Item | E-mail

Serabi Mining plc: 1st Quarter Results - More
- April 23, 2008 | Item | E-mail

Excellon Reports High-Grade Assays and Additional Sulphide Intersections - "Excellon Resources Inc. (TSX:EXN - News) announces massive and semi-massive sulphide, and sulphide breccia assays for six holes in the Platosa Test-mine area, as well as 16 new important sulphide intercepts, ranging from 0.30 to 3.05 metres (m) estimated true thickness, made in ongoing drilling of the Rodilla, NE-1 and Guadalupe mantos." More
- April 23, 2008 | Item | E-mail

Equigold and Lihir Gold Proposed Merger Scheme Meeting to Be Held on 30 May 2008 - "Lihir Gold Ltd (TSX:LGG - News; ASX:LGL - News; NASDAQ:LIHR - News; "LGL" or "Lihir") and Equigold NL ("Equigold") (ASX:EQI - News) are pleased to announce that the Federal Court of Australia today has made orders convening a meeting of Equigold shareholders (Scheme Meeting) to consider the Scheme of Arrangement (Scheme) for the company's proposed merger with Lihir Gold Limited that was announced on 20 March 2008." More
- April 23, 2008 | Item | E-mail

Orezone Bombore Gold Project Update - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) is pleased to announce the results of a recently completed 57 hole, 5,700m diamond drilling (DD) program on its Bombore Gold Project in Burkina Faso, West Africa. More than 13km of the mineralized trend was tested to a vertical depth of 75m with numerous holes ending in mineralization." More
- April 23, 2008 | Item | E-mail

Freeport-McMoRan Copper & Gold Inc. Reports First-Quarter 2008 Results - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) reported first-quarter 2008 net income applicable to common stock of $1.1 billion, $2.64 per share, compared with $476 million, $2.02 per share, for the first quarter of 2007. FCX’s results included net losses on early debt extinguishments totaling $6 million ($5 million to net income or $0.01 per share) for first-quarter 2008 and $88 million ($75 million to net income or $0.31 per share) for first-quarter 2007. The results for the 2007 quarter include the operations of Phelps Dodge beginning March 20, 2007." More
- April 23, 2008 | Item | E-mail

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