Gold Seeker Closing Report: Gold and Silver Gain While Miners Surge Higher

	Close	Gain/Loss
Gold	$878.75	+$12.75
Silver	$16.63	+$0.03
XAU	182.33	+3.88%
HUI	422.66	+3.85%
GDM	1278.04	+3.44%
JSE Gold	2491.64	+5.40
USD	73.30	-0.05
Euro	154.56	-0.08
Yen	95.50	+0.31
Oil	$124.12	-$0.10
10-Year	3.843%	-0.095
T-Bond	116.421875	+0.921875
Dow	12992.66	+0.73%
Nasdaq	2533.73	+1.48%
S&P	1423.57	+1.06%

Gold fell to $862.10 in Asia and traded near unchanged in London before it exploded higher in early New York trade to as high as $887.65 by late morning, but it then fell back off slightly in the last couple of hours of trade and ended about 1% off that high with a gain of 1.47%. Silver fell to $16.48 and rose to $16.965 before it closed with a gain of 0.18%.

Euro gold rose near €570, platinum gained $37.50 to $2063.50, and copper gained nearly 6 cents to about $3.76.

Gold and silver equities rose about 4% by late morning before they fell back off a bit in early afternoon trade, but they still ended with well over 3% gains.

Report	For	Reading	Expected	Previous
Initial Claims	5/10	371K	370K	365K
NY Empire State Index	May	-3.2	0.0	0.6
Net Foreign Purchases	Mar	$80.4B	$62.5B	$64.9B
Capacity Utilization	Apr	79.7%	80.2%	80.4%
Industrial Production	Apr	-0.7%	-0.3%	0.2%
Philadelphia Fed	May	-15.6	-19.0	-24.9

Also making economic news today was Bernanke urging banks to raise capital if needed and the NAHB’s index showing homebuilder sentiment near a record low. Tomorrow at 8:30AM EST brings Housing Starts and Building Permits for April expected at 940,000 and 912,000. At 10AM is Michigan Sentiment for May expected at 62.0.

Oil traded higher around $125 in early trade before it fell back off over $2 in afternoon trade after the senate voted to close the “Enron loophole” in an effort to increase regulation and reduce speculation, but it then rallied back higher into the close and ended just slightly lower.

The U.S. dollar index fell as TIC data showed net purchases by overseas investors fell $48.2 billion in March. Mostly poor economic data also sent treasuries higher while interest rates fell.

The Dow, Nasdaq, and S&P rose on decent earnings reports as oil closed lower and economic data was bad, but not as horrible as some feared.

Among the big names making news in the market today were Icahn and Yahoo, Blackstone, J.C. Penney, GE, Sharper Image, and Chrysler.

“Gold hit the bottom of this reaction on Thursday, April 28th. It has a great deal of work to do, but do it, gold will.

There is no question in my mind but that gold will try $1000 from the April 28th low, fail, come back fast and succeed.

All else is the daily dose of spin and cover up.”- Jim Sinclair, JSMineset.com

July Silver closed up 0.072 at 16.685. This was 0.015 up from the low and 0.285 off the high.

The gold market managed a bigger than expected rally and the gains might have been inspired by technical short covering as the typical outside market forces didn't seem to fully justify the magnitude of the bounce off the recent lows. In fact, the Dollar was weaker but that key outside market influence didn't weaken considerably in the wake of the US data and in turn inspired the run up in gold prices. In fact, despite a reversal and a slide of almost $6.00 per barrel in crude oil the gold market mostly seemed content to sustain its early gains. With the Industrial Production reading and the NAHB housing Index both weak and the Dollar merely holding around unchanged, it is possible that volatility in the currency markets is set to decline and that could leave gold and other markets looking for a fresh theme.

The silver market mostly mirrored the action in the gold market, with minor gains extending rather impressively into early afternoon. However, the silver market seemed to give up a relatively larger portion of its gains as the afternoon progressed. It should be noted that the silver market has seen a series of potentially undermining physical supply side stories this week and therefore the action on Thursday had to leave the bull camp hopeful. In the end strength in the rest of the metals markets seemed to provide the silver market with more support than the marginally weaker action in the US Dollar.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: StreetTRACKS subtracted 6.44 tonnes and the LSE subtracted 1.00 tonnes.

Note: Change in Total Tonnes from yesterday’s data: 61.58 tonnes were added to the trust.

AngloGold’s (AU) mine in Mali, Crystallex’s (KRY) financial results, Almaden’s (AAU) gold recovery, Nevsun’s (NSU) updated capital estimate and financial results, Metallica’s (MRB) technical report, Revett’s (RVM.TO) financial results, MAG’s (MVG) financial results, and Silver Standard’s (SSRI) board appointment and financial 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.

Venezuela shuts door on new gold mines - "Venezuela on Thursday shut the door to new gold projects and threatened other mining and logging concessions, in a new step by left-wing President Hugo Chavez to tighten control of natural resources.

The ban on mining in the mineral-laden Imataca Forest Reserve forest reserve and end to permits for open pits was a blow to Crystallex (KRY.TO: Quote, Profile, Research) and Gold Reserve (GRZ.A: Quote, Profile, Research). The Canadian companies have long been seeking environmental permits to exploit their concessions in the reserve." More
- May 15, 2008 | Item | E-mail

Dynamite Resources to Begin Next Phase of Drilling at Its Mike Lake Project in Yukon, Canada - More
- May 15, 2008 | Item | E-mail

Houston Lake Mining Raises $750,000 in a Flow-Through Financing With the Mineralfields Group - More
- May 15, 2008 | Item | E-mail

Erdene Reports First Quarter Operating and Financial Results - More
- May 15, 2008 | Item | E-mail

Revett Minerals Reports Operating and Financial Results for the Three Months Ended March 31, 2008 - "For the three months ended March 31, 2008, Revett reported a profit of $1.4 million or $0.02 per share on revenue of $12.0 million. This compared to a profit of $0.3 million or $0.00 per share during the three months ended March 31, 2007 on revenues of $10.7 million and a loss of $3.0 million or ($0.04) per share for the three months ended March 31, 2007 on revenues of $3.1 million." More
- May 15, 2008 | Item | E-mail

Geodex Appoints Two New Directors to Its Board and Provides Sisson Brook Progress Update - More
- May 15, 2008 | Item | E-mail

Buffalo Explains Trading Halt - More
- May 15, 2008 | Item | E-mail

East Delta Subsidiary Completes Testing of Its Chinese Facility for Producing Nickel-Copper Aggregate - More
- May 15, 2008 | Item | E-mail

Pinnacle Mines and Mountain Boy Minerals ramp up for a record year of exploration at the Silver Coin project British Columbia - More
- May 15, 2008 | Item | E-mail

Golden Goose hits 5.25 g/t of gold over 13.4 metres at its Magino gold property - More
- May 15, 2008 | Item | E-mail

Lake Shore Gold Announces First Quarter 2008 Results - More
- May 15, 2008 | Item | E-mail

Crescent Resources Outlines Matupa Gold Project Exploration Program for 2008 - More
- May 15, 2008 | Item | E-mail

Pinnacle Mines and Mountain Boy Minerals ramp up for a record year of exploration at the Silver Coin Project British Columbia - More
- May 15, 2008 | Item | E-mail

Crystallex Reports Q1 2008 Financial Results - "First quarter net loss of $11.2 million, or $0.04 per share including $6.1 million unrealized loss on translation of future income taxes. Loss of $0.6 million from operations at El Callao (the loss is inclusive of exploration expenditures of approximately $0.8 million). Expenditures of $5.5 million on Las Cristinas." More
- May 15, 2008 | Item | E-mail

Almaden Minerals Ltd.: Elk Met Test Achieves 95% Gold Recovery - "Almaden Minerals Ltd. ("Almaden", "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it has received a report detailing the metallurgical performance of ore samples from its 100% owned Elk gold property, located near Merritt, British Columbia, Canada. Average gold recoveries of 95% were achieved using a gravity plus cyanidation flowsheet over a range of head grades." More
- May 15, 2008 | Item | E-mail

Tournigan Energy Ltd. Provides Clarification - More
- May 15, 2008 | Item | E-mail

Ivany Mining Meets Zama Lake Phase 1 Work Commitment - More
- May 15, 2008 | Item | E-mail

Aurora Reports 2008 First Quarter Results - More
- May 15, 2008 | Item | E-mail

Nevsun Resources Ltd.: Bisha Update-Capital and Operating Costs - "Nevsun Resources Ltd., (Toronto:NSU.TO - News)(AMEX:NSU - News) ("Nevsun") wishes to announce the completion of an updated capital estimate for the Bisha Project in Eritrea. The new pre-production capital cost estimate of US$246 million and quick project payback confirm that the project is financially robust." More
- May 15, 2008 | Item | E-mail

Nevsun Resources Ltd.: First Quarter 2008 Financial Results - "The Company's cash position at March 31, 2008 was approximately US$39.6 million. The loss for the quarter was US$3.0 million as compared to US$3.6 million for Q1 2007." More
- May 15, 2008 | Item | E-mail

Yellowcake Mining Corp. Signs Memorandum of Understanding with Korean Electric Power Corporation (KEPCO) - More
- May 15, 2008 | Item | E-mail

Mega Uranium Ltd. Releases Unaudited Results for the Three and Six Months Ended March 31, 2008 - More
- May 15, 2008 | Item | E-mail

JNR Provides Update on Newfoundland Uranium Exploration - More
- May 15, 2008 | Item | E-mail

Rusoro Mining Ltd. Appoints VP Finance and Interim CFO - More
- May 15, 2008 | Item | E-mail

Talon Metals reports first quarter 2008 results - More
- May 15, 2008 | Item | E-mail

Murgor drills more high grade gold at Hudvam and prepares for new 43-101 compliant resource estimate - More
- May 15, 2008 | Item | E-mail

Asian Mineral Resources Limited-New Chief Executive Officer - More
- May 15, 2008 | Item | E-mail

New Jersey Mining Company Raises Funds and Plans Exploration - More
- May 15, 2008 | Item | E-mail

Arehada Mining Reports First Quarter Results - More
- May 15, 2008 | Item | E-mail

Globex Reports Record Quarter on Royalties and Other Revenue - More
- May 15, 2008 | Item | E-mail

Pershimco Reports Additional Higher Grades, up to 33.3 g/t Gold, 59.4 g/t Silver and 3.4% Copper From the Magistral Property, Mexico - More
- May 15, 2008 | Item | E-mail

Temex and Nuinsco strike uranium project deal - More
- May 15, 2008 | Item | E-mail

Dia Bras Announces Results From its Bolivar Pilot-Mining Program for the First Quarter 2008 - More
- May 15, 2008 | Item | E-mail

EXMIN Clarifies Cease Trade Order - More
- May 15, 2008 | Item | E-mail

Update on 2008 Drilling at MacLellan Gold Mine, Lynn Lake - More
- May 15, 2008 | Item | E-mail

Lundin Mining Releases First Quarter 2008 Results - More
- May 15, 2008 | Item | E-mail

Amador Gold Corp.: Private Placement - More
- May 15, 2008 | Item | E-mail

DIAGNOS' Targets on the Ariane Property in the Abitibi Confirmed by Ground Geophysics - More
- May 15, 2008 | Item | E-mail

Brazauro Reports Initial Results from New Drilling at Tocantinzinho -- Intersects 125 Meters at 2.31 Grams Per Tonne - More
- May 15, 2008 | Item | E-mail

International Beryllium Corporation Closes Acquisition of Rare Earths Limited, LLC - More
- May 15, 2008 | Item | E-mail

Garibaldi Launches State of the Art Fixed Wing Hyperspectral (Alteration) Mapping Survey in Mexico's Sierra Madre - More
- May 15, 2008 | Item | E-mail

Anaconda Closes $2 Million Private Placement - More
- May 15, 2008 | Item | E-mail

Full Metal Acquires Granite Creek Gold Property, Alaska - More
- May 15, 2008 | Item | E-mail

Redcorp Ventures Ltd.: Corporate and Tulsequah Chief Mine Development Update - More
- May 15, 2008 | Item | E-mail

Asia Now Operates as Usual in Yunnan - More
- May 15, 2008 | Item | E-mail

Golden Share Provides Update On Forsan Property - More
- May 15, 2008 | Item | E-mail

Copper Fox closes Non Brokered Private Placement Financing of $12,398,232.00 - More
- May 15, 2008 | Item | E-mail

Chariot Resources Updates Mina Justa Project Schedule - More
- May 15, 2008 | Item | E-mail

General Moly Announces 4 Million Pound Per Year Off-Take Agreement With SeAH Besteel - More
- May 15, 2008 | Item | E-mail

Caledonia Mining Announces Its First Quarter 2008 Results - More
- May 15, 2008 | Item | E-mail

Frontera Copper Reports on Financial Results and Operational Performance for the First Quarter of 2008 - More
- May 15, 2008 | Item | E-mail

Continental Nickel Updates Exploration Plans for the 2008 Exploration Program on the Nachingwea Nickel-Copper Project, Tanzania - More
- May 15, 2008 | Item | E-mail

Golden Phoenix Releases Q1 Results: Ashdown's Sylvia Vein Yields Outstanding Molybdenum Grades; Mineral Ridge Drilling Advances - More
- May 15, 2008 | Item | E-mail

Ascendant Copper Reports 2008 First Quarter Financial Results - More
- May 15, 2008 | Item | E-mail

Avnel Gold Mining Limited (AVK: TSX) announces first quarter 2008 results - Period ended March 31, 2008 - More
- May 15, 2008 | Item | E-mail

International Nickel Ventures Corporation Reports Q1/2008 Results and Provides Exploration Update - More
- May 15, 2008 | Item | E-mail

Canadian Zinc Reports First Quarter 2008 Results - More
- May 15, 2008 | Item | E-mail

Alhambra To Conduct A 750,000 Tonne Large Scale Semi-Industrial Test At Dombraly - More
- May 15, 2008 | Item | E-mail

Paladin Energy Ltd: March 31, 2008 Third Quarter Report - More
- May 15, 2008 | Item | E-mail

Aurora's 2008 Work Program Aims to Progress Community Efforts and Demonstrate Resource Value - More
- May 15, 2008 | Item | E-mail

Buckingham Exploration Inc. releases a review of progress to date and the proposed 2008 exploration program for its uranium project in Colorado, USA - More
- May 15, 2008 | Item | E-mail

MAG Silver Reports First Quarter Financial Results - "The Company's loss for the three months ended March 31, 2008 amounted to $2.8 million or $0.06 per share as compared to $2.3 million or $0.06 per share for the same period last year. The loss for the three months ended March 31, 2008 includes $1.4 million as a non-cash charge for Stock Based Compensation ($1.7 million for the same period in 2007)." More
- May 15, 2008 | Item | E-mail

Silver Standard Announces the Appointment of Peter Tomsett as Chairman of the Board of Directors - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to announce that following the re-election of all directors at the company's Annual General Meeting held on May 14, 2008, Peter Tomsett was appointed as Chairman of the Board of Directors by the Board." More
- May 15, 2008 | Item | E-mail

Metallica Resources Announces Release of Technical Report With Final Results of El Morro Feasibility Study - "Metallica Resources Inc. (Toronto:MR.TO - News) (AMEX:MRB - News) is pleased to report that Pincock Allen & Holt (PAH) has prepared a Technical Report and completed a detailed review of the Feasibility Study provided to Metallica by Xstrata Copper for the El Morro copper-gold project in Chile." More
- May 15, 2008 | Item | E-mail

Silver Standard Reports First Quarter 2008 Results - "For the three months ended March 31, 2008, property expenditures totalled $32.8 million including $23.1 million for construction and mining equipment and $1.8 million for exploration at the Pirquitas property in Argentina; $3.7 million for exploration at Pitarrilla in Mexico; $1.3 million for exploration at the Diablillos property in Argentina; and $1.3 million for exploration at the San Luis property in Peru." More
- May 15, 2008 | Item | E-mail

AngloGold decides not to sell Morila mine - "South Africa's AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) has decided not to sell its Morila mine in Mali, which is jointly owned with London-listed Randgold Resources (RRS.L: Quote, Profile, Research)." More
- May 15, 2008 | Item | E-mail

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