Gold Seeker Closing Report: Gold and Silver Gain Over 1%

	Close	Gain/Loss
Gold	$880.40	+$10.80
Silver	$16.80	+$0.17
XAU	182.15	+4.20%
HUI	425.31	+4.37%
GDM	1275.07	+3.98%
JSE Gold	2460.31	+50.29
USD	73.48	-0.01
Euro	153.95	-0.03
Yen	96.32	+0.79
Oil	$123.69	+$0.16
10-Year	3.805%	-0.062
T-Bond	116.765625	+1.015625
Dow	12866.78	+0.41%
Nasdaq	2451.24	+0.52%
S&P	1397.68	+0.37%

Gold fell nearly $5 to as low as $865 by late trade in Asia, but it then rose throughout most of the rest of trade in London and New York and ended near its high of $885.60 with a gain of 1.24%. Silver fell to $16.44 and rose to $16.895 before it closed with a gain of 1.02%.

Euro gold rose near €572, platinum gained $56 to $2012, and copper lost over 4 cents to about $3.82.

Gold and silver equities gained over 3% by midmorning and rose to find about 4% gains by the close.

Report	For	Reading	Expected	Previous
Initial Claims	5/03	365K	375K	383K
Wholesale Inventories	Mar	-0.1%	0.5%	0.9%

Tomorrow at 8:30AM EST brings the Trade Balance for March expected at -$61.3 billion.

Oil rose to a new record intraday high of $123.93 late last night in electronic trade before it fell back off in New York today on profit taking after the OPEC secretary general said there is no shortage of oil in the market and prices are being driven higher by other factors like a weak dollar, but prices marched back higher to a new record by the close as that weak dollar eventually fell slightly after the Bank of England and European Central Bank both held interest rates steady and ECB President Trichet spoke about inflation risks. In after hours electronic trade today oil has so far climbed to a new peak at $124.57 at the time of writing.

Treasuries rose on worries over the economy as traders reinvested a large amount of maturing bonds after a positive 30-year note auction.

The Dow, Nasdaq, and S&P traded mixed, bust mostly slightly higher, as traders debated fluctuating oil prices and varied retail sales reports.

Among the big names making news in the market today were Toyota, Nasdaq, Cablevision, Wal-Mart, Costco, Illinois Tool and Enodis, Best Buy, and Warner Music.

“The entire reason for gold's price decline from its high was first the suspicion then the universal opinion that the ECB would race with the Fed to drop interest rates. The euro tanked against the US dollar.

Pundits declared a bull market was in place. This dollar bull news was blasted over the airwaves 24 hours a day to every corner of the globe.

Gold has bottomed in this reaction. It will go to a minimum of $1650. The euro will trade at USD $2.”- Jim Sinclair, JSMineset.com

“June Gold finished up 10.9 at 882.1, 4.4 off the high and 8.6 up from the low.

May Silver closed up 0.177 at 16.794. This was equal to the low and equal to the high.

The gold market managed to reject the prior session's low and also at times Thursday managed to climb above the prior session's high. Clearly the gold market was initially undermined by the strength in the Dollar, but seeing the Dollar at least initially fall back from another new high for the move seemed to prompt some currency related buying. Perhaps the buying Thursday was short covering buying interest, but with Wednesday being the first lower close in several trading sessions, the short covering action was probably limited. However, it did seem as if renewed Hawkish dialogue from the ECB toward inflation resurrected the Euro and that in turn took some of the currency pressure off the gold market. Even more surprising is the fact that the gold market maintained its strength in the face of a mid day energy market slide and a recovery in the US Treasury and equity markets.

The silver market mostly underperformed or lagged behind the gold market during the morning trade. However, seeing the stock market re-gather itself just after mid session and seeing energy prices return to their highs in the early afternoon with the Dollar marginally lower seemed to put the outside market condition into perfect storm status again. However, weak copper price action and some lingering global slowing fears seemed to keep silver from fully embracing the bull's case.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS added 6.13 tonnes.

Yamana’s (AUY) first quarter result’s released after the close yesterday, IAMGOLD’s (IAG) project sale, New Gold’s (NGD) passed resolution, Allied Nevada’s (ANV) inferred resources estimate, Gold Fields’ (GFI) resumed mining operation at South Deep, ECU’s (ECU.TO) new vein, Aquiline’s (AQI.TO) drill results, and Bear Creek’s (BCM.V) drill 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.

Freeport Defines High Molybdenite Zones in Q's Adit 2 - More
- May 08, 2008 | Item | E-mail

Stillwater Mining Reports First Quarter 2008 Profit - More
- May 08, 2008 | Item | E-mail

Newport Gold Inc. Announces New High Grade Gold Values Located - More
- May 08, 2008 | Item | E-mail

Denison Mines Corp. First Quarter 2008 Results Conference Call Thursday, May 15, 2008 - More
- May 08, 2008 | Item | E-mail

Canadian Orebodies Inc. Completes Private Placement Financing - More
- May 08, 2008 | Item | E-mail

Yamana surges on earnings; says M&A spree "done" - "Yamana Gold's (YRI.TO: Quote, Profile, Research) shares surged 8 percent on Thursday on stronger earnings and a dividend hike, while the gold miner's chief executive made it clear the company's aggressive acquisition spree of the past two years is a thing of the past." More
- May 08, 2008 | Item | E-mail

Inmet Mining Presentation at Merrill Lynch 2008 Global Metals, Mining & Steel Conference - More
- May 08, 2008 | Item | E-mail

Baja Mining Welcomes Tom Ogryzlo as Chairman of the Board - More
- May 08, 2008 | Item | E-mail

ASA Limited Declares Dividend - "ASA Limited (NYSE:ASA - News) today declared a dividend of $.30 per share on the common shares of the Company payable May 30, 2008 to shareholders of record on May 23, 2008." More
- May 08, 2008 | Item | E-mail

Six Drill Rigs Turning for Ur-Energy - More
- May 08, 2008 | Item | E-mail

Sunridge Gold Announces Exploration and Development Programs - More
- May 08, 2008 | Item | E-mail

IAMGOLD to Receive in Excess of $48 Million From Sale of La Arena - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) announced today it has entered into an agreement for the sale of its Peruvian development copper / gold project, La Arena, to Rio Alto Mining Limited ("Rio Alto") for US$47.55 million in cash and a 5.5% interest in Rio Alto. This transaction is expected to close in the coming months." More
- May 08, 2008 | Item | E-mail

New Gold Inc.: Noteholders Extraordinary Resolution Passed-Meeting Cancelled - "New Gold Inc. (the "Company" or "New Gold") (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that the Extraordinary Resolution amending certain provisions of the Note Indenture dated as of June 27, 2007, as described in its release of April 25, 2008, has been approved by written resolution of holders of more than 66 2/3% of the principal amount of the Notes. Accordingly, the meeting of Noteholders scheduled for May 9, 2008 has been cancelled." More
- May 08, 2008 | Item | E-mail

Timminco Announces Solar Silicon Operational Review by PHOTON Consulting - More
- May 08, 2008 | Item | E-mail

Skyharbour Updates Drilling at South Bay Mine Project, NW Ontario - More
- May 08, 2008 | Item | E-mail

Opawica Explorations Inc. Announces Atikwa Lake, Ontario, Assay Results and Update - More
- May 08, 2008 | Item | E-mail

Copper Reef Completes VTEM Survey Over Hanson Lake Properties - More
- May 08, 2008 | Item | E-mail

High-Grade Results from the North Delta Zone Nithi Mountain Moly Project - More
- May 08, 2008 | Item | E-mail

Hana Mining Confirms Large Potential of Ghanzi Copper-Silver Project in Botswana - More
- May 08, 2008 | Item | E-mail

Murgor's new discovery yields significant grades over mineable width and confirms the potential for expansion of the Hudvam deposit. - More
- May 08, 2008 | Item | E-mail

Baffinland Reports on Regulatory Review for Proposed Mary River Project - More
- May 08, 2008 | Item | E-mail

Blue Note Reports Robust Production in April - More
- May 08, 2008 | Item | E-mail

New Potential at Depth on Langmuir Nickel Property - More
- May 08, 2008 | Item | E-mail

Campbell Resources announces first quarter 2008 financial results - More
- May 08, 2008 | Item | E-mail

Alberta Star Intersects 40.50 Meters of 0.36% Copper at the K2-IOCG Discovery at Contact Lake, NT - More
- May 08, 2008 | Item | E-mail

Bonaventure Enterprises Inc.: Second Update on Winter Drill Program at K9 Uranium Property - More
- May 08, 2008 | Item | E-mail

Soho Resources Corp. Reports More Positive Drill Results From Several Zones at Tahuehueto - More
- May 08, 2008 | Item | E-mail

Silver Shield Completes Option Payment and Expands Drilling to 3,000 Metres at Welsh Silver Mine - More
- May 08, 2008 | Item | E-mail

Atna Technical Report Recommends Re-Start of Briggs Mine in California - More
- May 08, 2008 | Item | E-mail

Labrador nickel VTEM survey complete - More
- May 08, 2008 | Item | E-mail

Radius Gold Starts Drilling in Nicaragua - More
- May 08, 2008 | Item | E-mail

Golden Share Provides Update on Malartic Lakeshore Property - More
- May 08, 2008 | Item | E-mail

ECU Silver Cuts New Vein With 3,000 g/t Silver at Chicago - "ECU Silver Mining (Toronto:ECU.TO - News) ("ECU Silver" or "the Company") is pleased to announce that it has discovered a new vein grading 0.52 g/t gold and 3,002 g/t silver over 0.52 metres in a new area of the Chicago Property. To-date, five mineralized veins have been identified on the Chicago Property." More
- May 08, 2008 | Item | E-mail

Minera Andes Announces First Quarter 2008 Production for San Jose Mine Totaled 968,000 Ounces of Silver and 12,140 Ounces of Gold - More
- May 08, 2008 | Item | E-mail

Fortune Minerals announces improved NICO economics - More
- May 08, 2008 | Item | E-mail

Mediterranean commences 2008 drilling campaign in Turkey - More
- May 08, 2008 | Item | E-mail

Explorator Intercepts Additional High Grade Copper-Gold Mineralization in Portugesas Zone at El Espino-Venus - More
- May 08, 2008 | Item | E-mail

Rusoro Awards Scoping and Feasibilty Studies for Choco 10 to Micon International Ltd. - More
- May 08, 2008 | Item | E-mail

Quest Uranium Awards Airborne Geophysical Contract to Survey Its Quebec and Ontario Properties - More
- May 08, 2008 | Item | E-mail

Crowflight Provides Bucko Lake Nickel Project Update - More
- May 08, 2008 | Item | E-mail

Castillian Intersects Near-Surface Nickel Sulphide Mineralization at MS-1 Target, Mangabal Project, Brazil - More
- May 08, 2008 | Item | E-mail

FNX Announces Q1 Results and Declares Commercial Production at Podolsky - More
- May 08, 2008 | Item | E-mail

VMS Ventures Inc.: Reed Lake Discovery Zone Update to Shareholders - More
- May 08, 2008 | Item | E-mail

Canadian Zinc Corporation Announces Normal Course Issuer Bid - More
- May 08, 2008 | Item | E-mail

Upper Canyon Closes Financing With MineralFields Group - More
- May 08, 2008 | Item | E-mail

UME Purchases Its Own Shares - More
- May 08, 2008 | Item | E-mail

Mustang Reports Positive Results From Prefeasibility Study at Maskwa Open Pit Nickel Project - More
- May 08, 2008 | Item | E-mail

Bannerman Resources Announces Initial Drill Results at Oshiveli Prospect - More
- May 08, 2008 | Item | E-mail

Aquiline Adds Fourth Drill Rig as Navidad Drilling Continues to Expand Resource; Results Include 18.5 m Grading 1,058 g/t Ag in New Zone, Valle Esperanza - "Aquiline Resources Inc. ("Aquiline" or the "Company") (Toronto:AQI.TO - News) is pleased to report results of thirty nine holes (10,298 metres) drilled at its 100% owned Navidad silver project in Chubut province, Argentina. Total drilling at Navidad now stands at 122,889 metres in 694 drill holes. Step out drilling at 100 metre intervals continues to intersect wide zones of high grade silver mineralization at its recent Valle Esperanza discovery (see maps attached)." More
- May 08, 2008 | Item | E-mail

Bayswater to Present at New York Investment Conference - More
- May 08, 2008 | Item | E-mail

Pitchstone Exploration Ltd.: Namibia 2008 Uranium Exploration Initiated - More
- May 08, 2008 | Item | E-mail

Yellowcake Mining Corp. Acquires Valuable Drill Hole Data Base at Uravan-Beck Project - More
- May 08, 2008 | Item | E-mail

Bear Creek announces additional high-grade intercepts not included in current resource model, close-spaced drilling demonstrates continuity of structures - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results for 23 additional diamond drill holes (4,579 meters). Drilling at Santa Ana now totals 34,157 meters in 188 drill holes. Santa Ana is located 200 kilometers south of the Company's Corani silver-base metal deposit in southeastern Peru." More
- May 08, 2008 | Item | E-mail

Allied Nevada Gold Corp. Announces an Estimate of Inferred Resources Containing 5.2 Million Ounces of Gold and 75 Million Ounces of Silver - "We are very pleased with the new global resource estimate for the Hycroft property. The oxide ore reserve and measured and indicated resource remains unchanged at 50 million tons and the inferred oxide resource has increased by approximately 50 million tons. The oxide mineralized system appears to be consistent with our expectations and all activities associated with the re-opening of the Hycroft oxide mine are on schedule, with gold production expected to commence in the fourth quarter of 2008." More
- May 08, 2008 | Item | E-mail

Gold Fields resumes South Deep ops after accident - "Gold Fields (GFIJ.J: Quote, Profile, Research) said it had resumed mining operations at its South Deep mine on Thursday morning, but it was unable to give a figure of lost output after the mine's closure last week following a deadly accident.

South Africa's Gold Fields said the mining operations were restricted to an area above the level where the accident occurred at the twin-shaft mining complex. Nine workers died after the cage they were riding in plunged down a shaft." More
- May 08, 2008 | Item | E-mail

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