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

	Close	Gain/Loss
Gold	$887.20	-$18.40
Silver	$16.695	-$0.49
XAU	172.61	-3.77%
HUI	407.28	-4.22%
GDM	1224.04	-4.13%
JSE Gold	2422.36	-23.33
USD	72.57	+0.75
Euro	156.82	-2.04
Yen	95.82	-0.86
Oil	$116.06	-$2.24
10-Year	3.827%	+0.097
T-Bond	116.109375	-0.875
Dow	12848.95	+0.67%
Nasdaq	2428.92	+0.99%
S&P	1388.82	+0.64%

Gold briefly rose to $906.95 at the New York open, but it then sold off for most of the rest of trade and ended $5 off its low of $882.70 with a loss of 2.03%. Silver rose to $17.19 and fell to $16.62 before it closed with a loss of 2.85%.

Euro gold fell to about €567, platinum lost $33.50 to $1962.50, and copper fell over 5 cents to about $3.90.

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

Report	For	Reading	Expected	Previous
Durable Orders	Mar	-0.3%	0.0%	-0.9%
Initial Claims	4/19	342K	375K	375K
New Home Sales	Mar	526K	580K	575K

Oil and treasuries fell as the U.S. dollar index rose on speculation that the fed may be close to halting its recent slew of interest rate cuts. A 25 basis point cut is still expected by most at the fed’s meeting next week, but many are looking for language that signals steady or even rising rates heading forward.

The Dow, Nasdaq, and S&P also rose on the strength in the dollar as confidence seems to have returned over the health of the financial system. A bigger than expected drop in jobless claims and a surprise profit from Ford also had stock bulls cheering.

Among the big names making news in the market today were Ford, Triarc and Wendy’s, Bristol-Myers, T. Rowe Price, Northrop, Motorola, ConocoPhillips, AutoNation, and US Airways.

“June Gold finished down 19.6 at 889.4, 18.1 off the high and 4.1 up from the low.

May Silver closed down 0.505 at 16.66. This was 0.01 up from the low and 0.47 off the high.

The gold market saw another big range down extension with a sharp rise in the US Dollar at the top of many lists as the main cause for the slide. However, seeing the US equity market discount evidence of slowing from the US housing sector and seeing a sharp rise in the Dollar in the wake of the economic news probably spooked a number of flight to quality longs out of gold positions. With the slide below an even number price level on the charts it is also possible that technically orientated selling was present throughout the trading session. With the US equity market also on the rise it would appear that some investors were becoming more comfortable with the outlook for the US economy and were moving money back toward the stock market. In the end, the combination of a soaring Dollar and sharp losses in energy prices dominated market psychology.

A big range down extension in silver pressed the July contract down to the lowest level since the big spike down washout on April 1st. With a sea of moderate physical commodity losses on Thursday and the gold market also under heavy pressure, the silver market was facing a number of bearish themes. While copper prices avoided a major washout, platinum prices were hit hard and that in turn seemed drag silver down from an industrial demand perspective. As in the gold market, the silver market in the end seemed to be dominated by the upside breakout action in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 11.66 tonnes.

Newmont’s (NEM) first quarter results, Metalline’s (MMG) mineralization evaluation, Arian’s (AGQ.V) private placement, Avino’s (ASM.V) test results, and Scorpio’s (SPM.TO) commenced production 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.

United Reef Commences Option Earn-In for McFauld's Lake Property and Closes $300,000 Private Placement - More
- April 24, 2008 | Item | E-mail

Phoenix Matachewan Mines Inc.: Agnico-Eagle Buys Swanson Deposit and Exploration Claims - More
- April 24, 2008 | Item | E-mail

Sheffield Resources Ltd. Enters Into Agreement With Nevoro Inc. - More
- April 24, 2008 | Item | E-mail

Nevoro to Acquire Sheffield Resources Ltd. and the Moonlight Copper Project With Current NI 43-101 Copper, Gold and Silver Resources - More
- April 24, 2008 | Item | E-mail

Sage Gold Inc.: 1.38 oz/t-New Gold Zone-Gold Hill-Arizona - More
- April 24, 2008 | Item | E-mail

Inspiration Mining Corporation to Extend Warrant Expiry Date - More
- April 24, 2008 | Item | E-mail

Duran Ventures and MacMillan Gold Report 0.17 g Au/t, 69.1 g Ag/t, 0.6% Pb and 0.9% Zn Across 384 Metres at Pasacancha in Peru - More
- April 24, 2008 | Item | E-mail

Golden Dawn Initiates Gold Confirmation Diamond Drilling Campaign - More
- April 24, 2008 | Item | E-mail

Western Troy Publishes and Files NI 43-101 Compliant MacLeod Lake Preliminary Assessment (Scoping Study) - More
- April 24, 2008 | Item | E-mail

Ivernia Inc. Announces Changes to Board of Directors - More
- April 24, 2008 | Item | E-mail

Ivernia Inc. and Yunnan Metallurgical Group Close Private Placement Investment as Part of Long-Term Strategic Relationship - More
- April 24, 2008 | Item | E-mail

Metalline Mining Announces Evaluation of Silver Copper Mineralization at Sierra Mojada - "Metalline Mining Company (Amex: MMG - News) has completed an initial evaluation of the silver and copper content of the Silver Polymetallic Manto, at its project located at Sierra Mojada, Coahuila, Mexico." More
- April 24, 2008 | Item | E-mail

Gold miner Newmont's profit surges on price jump - "Newmont Mining Corp (NEM.N: Quote, Profile, Research), the world's No. 2 gold producer, reported a five-fold jump in first-quarter profit on Thursday, driven by record high prices for the precious metal.

Chief Executive Richard O'Brien, who took over as head of the Denver-based miner last July, said the results, which easily beat Wall Street estimates, were testimony to his moves to turn around the company's performance by containing costs and dumping the hedge book." More
- April 24, 2008 | Item | E-mail

Karmin Exploration Receives Drilling Results for the Aripuana Zinc/Lead Project, Brazil: Includes 24.1 Metres Grading 8.9% Zinc, 3.7% Lead and 88 g/t Silver - More
- April 24, 2008 | Item | E-mail

Murgor Resources announces maximum $2.3 million private placement - More
- April 24, 2008 | Item | E-mail

Chapleau Drills High Grade Gold in Coringa, Brazil-3 m (56 to 59 m) of 65.77 g/t (1.92 oz/t) Au Intersected in Hole 62 - More
- April 24, 2008 | Item | E-mail

Gold Canyon Starts Environmetal Planning and Geo-Hydrological Studies at the Cordero Gallium Property - More
- April 24, 2008 | Item | E-mail

Polar Star to Acquire Chepica Copper-Gold Mine in Chile - More
- April 24, 2008 | Item | E-mail

Pan African Mining Corp. Receives Additional $4.367 Million From Exercise of Warrants - More
- April 24, 2008 | Item | E-mail

Arian Silver Corporation: Private Placement to Raise Up to Cdn$3,000,000 - "Arian Silver Corporation (the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(PLUS:AGQ)(FRANKFURT:I3A - News) announces that it proposes to raise up to Cdn$3,000,000 by way of a non-brokered private placement of up to 10,000,000 units of securities of the Company (each, a "Unit") at Cdn$0.30 per Unit." More
- April 24, 2008 | Item | E-mail

Full Metal Acquires Two Extensive Zinc-Lead-Silver Projects, Yukon - More
- April 24, 2008 | Item | E-mail

USEC Shareholders Hear Update on American Centrifuge - More
- April 24, 2008 | Item | E-mail

Mountain Boy Minerals LTD - Total of 33,500 meters of Drilling in Proposed 2008 Exploration Program - More
- April 24, 2008 | Item | E-mail

Inspiration Intersects Wide Nickel Mineralization - More
- April 24, 2008 | Item | E-mail

Flag Resources (1985) limited reports the results of new helicopter airborne magnetic and electromagnetic surveys - More
- April 24, 2008 | Item | E-mail

Slam Exploration Ltd.: Drilling Continues to Expand Nash Creek Zinc-Lead-Silver Deposit - More
- April 24, 2008 | Item | E-mail

War Eagle Completes Successful First Phase Investigation Into the Recovery of Germanium and Gallium From Coal Flyash in Spain - More
- April 24, 2008 | Item | E-mail

Tao Minerals Receives First Payment From $1,000,000 Financing - More
- April 24, 2008 | Item | E-mail

Atna Reports Accelerated Development at Pinson Gold Project - More
- April 24, 2008 | Item | E-mail

Silver Shield Resources Reports on Activities at the Welsh Silver Mine and Wilder Duggan Properties, Elk Lake, Ontario - More
- April 24, 2008 | Item | E-mail

Cline Drilling Discovers Potential New Gold Bearing Zones at Cline Lake Gold Property and Extends Known 88-60 Gold Zone to Depth - More
- April 24, 2008 | Item | E-mail

Intrepid Announces Details of First Quarter 2008 Results and Conference Call - More
- April 24, 2008 | Item | E-mail

Metanor Pours More Gold, Moves 2nd Drill to Promising Barry Property - More
- April 24, 2008 | Item | E-mail

Atlanta Gold Inc. Stakes Additional Ground in Idaho at Rocky Bar, Quadrupling its Land Position - More
- April 24, 2008 | Item | E-mail

Uranium 308 Corp.: Company Starts 2008 Drilling at Janchivlan - More
- April 24, 2008 | Item | E-mail

Trevali Defines Significant Zinc Mineralization at Santander Tailings Dam - More
- April 24, 2008 | Item | E-mail

Canadian Mining to Undertake Phase 1 Work Program on Raquel 3 San Bernardo Project - More
- April 24, 2008 | Item | E-mail

RSM Activities at the Goldwedge Project, Nye County, Nevada - More
- April 24, 2008 | Item | E-mail

Canadian Shield Expands Mineralization at La Estrella Intersecting 99 Metres of 36 g/t Silver Equivalent - More
- April 24, 2008 | Item | E-mail

Stratabound Reports Results of Six More Holes at Captain Copper-Cobalt Deposit - More
- April 24, 2008 | Item | E-mail

Extract Resources Announces Ida Dome Definition Drilling Update - More
- April 24, 2008 | Item | E-mail

Explorator Intercepts Additional High Grade Copper-Gold Mineralization Outside of Resource Block at El Espino-Venus - More
- April 24, 2008 | Item | E-mail

Midlands Minerals Continues to Generate Encouraging Results on Sian-Ghana - More
- April 24, 2008 | Item | E-mail

Tinka Defines 20 Million Ounce Silver Resource at Colquipucro, Peru - More
- April 24, 2008 | Item | E-mail

First Gold to Begin 5,000 Meter Diamond Drill Program at Croinor - More
- April 24, 2008 | Item | E-mail

Ventura Begins Second Drilling Program at Inmaculada Gold-Silver Project in Peru - More
- April 24, 2008 | Item | E-mail

High River Provides Taparko-Bouroum Gold Mine Update - More
- April 24, 2008 | Item | E-mail

Sunridge Gold Intercepts 21.4 Metres of 4.68% Copper in Expansion Drilling at Emba Derho - More
- April 24, 2008 | Item | E-mail

VenCan Gold Intersects Significant Gold Values on Fern Elizabeth Property, Atikokan Area - More
- April 24, 2008 | Item | E-mail

Laramide Intersects 58 Metres @ 0.12 % U3O8 at Westmoreland - More
- April 24, 2008 | Item | E-mail

Silver Spruce Encounters Wide Zones of Uranium Mineralization on Snegamook Property - More
- April 24, 2008 | Item | E-mail

Avino's San Gonzalo Vein Yields 93% Silver Recovery by Bulk Flotation - "Avino Silver & Gold Mines Ltd. ("Avino" or the "Company") (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News) is pleased to report that preliminary metallurgical testing on a composite sample of San Gonzalo ore has been completed at SGS Minerals Services ("SGS"), Durango, Mexico. The results indicate the silver and gold minerals will respond favourably to flotation with gold recoveries of 89 to 90% and silver recoveries of 92 to 93%." More
- April 24, 2008 | Item | E-mail

Scorpio Commences Production Mining at the Nuestra Senora Project, Mexico - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to announce the commencement of production mining from the first stope in the Hoag Zone at its 100% owned Nuestra Senora project, Sinaloa State, Mexico. The Hoag Zone has been developed on three levels and stope preparation is virtually complete for long-hole mining." More
- April 24, 2008 | Item | E-mail

Newmont's First Quarter Adjusted Net Income(1) Rises to $0.85 per Share While Operating Cash Flow From Continuing Operations Climbs to $594 Million - "Newmont Mining Corporation (NYSE: NEM - News) today announced strong first quarter results, with gold sales of 1.29 million equity ounces at an average realized gold price of $933 per ounce and costs applicable to sales of $396 per ounce, resulting in Adjusted Net income(1) of approximately $386 million ($0.85 per share), compared to Adjusted Net income(1) of $40 million ($0.09 per share) in the year ago quarter." More
- April 24, 2008 | Item | E-mail

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