Gold Seeker Closing Report: Gold Gains Nearly $15 and Silver Rises Almost 4%

	Close	Gain/Loss
Gold	$919.55	$14.70
Silver	$17.62	$0.65
XAU	193.67	+2.50%
HUI	449.08	+2.55%
GDM	1351.06	+2.52%
JSE Gold	2534.65	+22.79
USD	72.41	-0.63
Euro	156.65	+1.60
Yen	96.45	+0.55
Oil	$129.07	+$2.02
10-Year	3.776%	-0.063
T-Bond	117.296875	+0.6875
Dow	12828.68	-1.53%
Nasdaq	2492.26	-0.95%
S&P	1413.40	-0.93%

Gold remained near unchanged in Asia and London before it exploded higher in late morning New York trade and ended near its high of $923.40 with a gain of 1.62%. Silver also surged higher in the last four hours of trade and ended near its high of $17.67 with a gain of 3.83%.

Euro gold rose to about €587, platinum lost $9 to $2134, and copper remained at about $3.79.

Gold and silver equities steadily rose throughout most of trade and ended at their session highs with over 2.5% gains despite noticeable weakness in the major indices.

Report	For	Reading	Expected	Previous
PPI	Apr	0.2%	0.4%	1.1%
Core PPI	Apr	0.4%	0.2%	0.2%

Oil rose to a new record high of $129.60 and gasoline reached a new record high average of $3.80. A further weakening U.S. Dollar and strong demand from Asia helped propel energy prices higher as T. Boone Pickens came out with his forecast of $150 a barrel by the end of the year and OPEC's president said they won't raise output before their next meeting in September.

The U.S. dollar index fell markedly as continually poor US economic data keeps the fed’s hands tied from raising interest rates anytime soon while rising inflationary pressures in Europe may influence the ECB to raise rates despite recent pressure from the US to join the fed in cutting rates to levels below what even official inflation numbers are running at.

Treasuries rose as the Dow, Nasdaq, and S&P fell on poor earning reports and worries over the economy as oil rose to yet another new record high.

Among the big names making news in the market today were Home Depot, Target, and AIG Capital.

“As oil nears $130, the historical relative value of gold to oil is now again at extreme lows. This measurement, among with others, places the true value of gold much higher than we are seeing it presently trade at. With today’s very weak US Dollar and with continual prospects of additional expansion of the money supply, gold becomes even that more attractive at this present time. The short-term prospects are encouraging and a return to the mid-$900’s is quite possible over the coming weeks. Despite the appearance of weakness in this market, the short-term bullish factors could become drivers of the gold price higher. Sub-$900 pullbacks are going to look more and more attractive going forward. Capital seeking shelter from monetary debasement will continue to deviate to preservation assets such as gold and silver.” - Peter Spina, www.goldforecaster.com

“June Gold finished up 14.4 at 920.2, 2.2 off the high and 13.9 up from the low.

July Silver closed up 0.697 at 17.725. This was 0.675 up from the low and 0.015 off the high.

The June gold contract managed to reach the highest level since April 23rd in the wake of another sharp decline in the US Dollar Index. Clearly, another new all-time high in energy complex added to the inflationary views and supported gold prices during the session. Apparently some traders were pointing to renewed US financial sector concerns as a development that inspired flight to quality buying of gold. Apparently renewed fears of slowing in the US and talk of rising gold production from Peru was of little concern to the gold trade on Tuesday.

With silver at times Tuesday reaching up to the highest level since April 23rd and at times seeing the silver market outperform the gold market, it was clear that the bulls were seeing support from a number of angles. Certainly the sharp decline in the Dollar provided silver with an initial lift, but seeing oil prices rocket to another new all time high and seeing the US equity market under moderately surprising pressure seemed to kick up the flight to quality interest in silver. Some traders were surprised by the silver markets capacity to rally in the face of mostly weak action in the platinum and copper markets.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.37 tonnes.

Goldcorp’s (GG) investor day, US Gold’s (UXG) updated resource estimate, Barrick’s (ABX) Getchell mine shutdown, Apollo Gold’s (AGT) mill update, Richmont’s (RIC) joint venture with Mountain Lake (MOA.V), Anatolia’s (ANO.TO) mine strategy, Paramount’s (PZG) assay results, Gold Fields’ (GFI) partnership with Sino Gold (ASX: SGX) in China, South American Silver’s (SAC.TO) drill results, and Orko Silver’s (OK.V) private placement 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.

US Gold's Tonkin Resource Estimate Increases to 1.76 Million Oz Gold - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News)(Frankfurt:US8.F - News) is pleased to announce details of the updated resource estimate for its Tonkin property, audited by the independent firm Ore Reserve Engineering of Denver, Colorado in accordance with Canadian National Instrument 43-101 standards. The resource estimate is calculated based on a gold price of US$575 per ounce." More
- May 20, 2008 | Item | E-mail

Goldcorp to Host Investor Day - "The Company's Red Lake mine will present progress of underground infrastructure development that will provide the foundation for the next phase of production growth from the world's richest gold mine. Recent results from the mine's $32 million 2008 drilling program will also be highlighted, with particular emphasis on five priority target areas: the deep high grade zone, deep Campbell, party wall, RLC sulfides, and surface mining targets." More
- May 20, 2008 | Item | E-mail

Explor Start Drilling Kidd Township Property - More
- May 20, 2008 | Item | E-mail

Anooraq Concludes a Binding Credit Approved Term Sheet With Standard Chartered Bank - More
- May 20, 2008 | Item | E-mail

South American Silver Announces Strong Silver Enrichment at Limosna and High Grade Silver-Indium in the Sucre Zone at Malku Khota - "South American Silver Corp. (Toronto:SAC.TO - News) ("SASC" or the "Company) is pleased to announce the results from the next 10 holes at Malku Khota, Bolivia. Five holes are from the Limosna ridge and five are from the Sucre Zone located approximately 800 metres to the east of Wara Wara zone." More
- May 20, 2008 | Item | E-mail

High Desert Gold Corporation Completes Phase 1 Diamond Drilling Program at the Canasta Dorada Property in Sonora, Mexico - More
- May 20, 2008 | Item | E-mail

Golden Dawn Minerals Announces Retraction to the News Release Sent on May 16, 2008 - More
- May 20, 2008 | Item | E-mail

AXMIN Announces Amendments to the Non-Brokered Private Placement Announced on May 12, 2008 - More
- May 20, 2008 | Item | E-mail

Getchell mine on care and maintenance, Barrick says - "Barrick Gold Corp (ABX.TO: Quote, Profile, Research) said on Tuesday it has put its Getchell gold mine in Nevada on "care and maintenance" shutdown status due to safety concerns following three deaths over the past year." More
- May 20, 2008 | Item | E-mail

Bellhaven's Australian JV Partner Provides Panama Drilling Update - More
- May 20, 2008 | Item | E-mail

Peru gold output seen up 10 pct - industry group - "Peru's gold production is expected to rise by 10 percent this year as new mines start operating, the president of the gold committee at the country's mining chamber told a conference in Lima on Tuesday." More
- May 20, 2008 | Item | E-mail

Glass Earth announces changes to executive team - More
- May 20, 2008 | Item | E-mail

Lero Gold Corp. Reports Significant Intersections at its Taldybulak-Talas Copper-Gold Project, Kyrgyzstan - More
- May 20, 2008 | Item | E-mail

Facts on Peruvian metals output - "Executives from mining companies gathered this week in Peru, the world's fifth-largest gold producer, for a conference to make deals, swap information on the global outlook for the precious metal, and talk about new mines and discoveries in the Andean country." More
- May 20, 2008 | Item | E-mail

Iberian Minerals Corp.: Pre-Export Finance Facility Arranged - More
- May 20, 2008 | Item | E-mail

Houston Lake Mining Raises $168,600 in First Tranche of $1.25 Million Flow-Through Private Placement - More
- May 20, 2008 | Item | E-mail

African Gold Group, Inc. Files Initial 43-101 Mineral Resources Estimate for "Zone 1" Kobada, Mali on Sedar - More
- May 20, 2008 | Item | E-mail

Cameron Mingay Appointed as Non-executive Director - More
- May 20, 2008 | Item | E-mail

Two Drill Rigs On-Site and in Operation at Lydian's Amulsar Gold Project in Armenia - More
- May 20, 2008 | Item | E-mail

Mbwemkuru Alluvial Gold Deposit Update - More
- May 20, 2008 | Item | E-mail

New Discovery by Typhoon at More Than 450 Meters of the Fayolle Deposit - More
- May 20, 2008 | Item | E-mail

KINBAURI DRILLS 26.7m Grading 19.6g Au/t, 69.9g Ag/t and 2.57% Cu, Including 1.3m Grading 162.3g Au/t, 516.0g Ag/t and 13.42% Cu - More
- May 20, 2008 | Item | E-mail

Asia Now Resumes Drilling At Habo - More
- May 20, 2008 | Item | E-mail

Luna Gold increases resources by 48% at the Aurizona Gold Project, in Brazil - More
- May 20, 2008 | Item | E-mail

Freegold Readies for Summer Drilling at Vinasale and Secures $1.8 million in Equipment Financing - More
- May 20, 2008 | Item | E-mail

Goldrich Releases Chandalar Independent Technical Study - More
- May 20, 2008 | Item | E-mail

Cancor Mines acquires another major Gold property in Algeria - More
- May 20, 2008 | Item | E-mail

Brazil threatens to nationalize fertilizer mines - "Brazil may nationalize privately held mineral deposits used to make fertilizer to bring down farm production costs, Agriculture Minister Reinhold Stephanes said.

The threat from Latin America's farming powerhouse, which is heavily dependent on fertilizer imports, is the latest in a regional trend to bring natural resources under greater state control as world oil and food prices push new highs." More
- May 20, 2008 | Item | E-mail

Millrock Announces Claim Staking of the Galiuro Porphyry Prospect in the San Manuel Copper District, Arizona - More
- May 20, 2008 | Item | E-mail

Semafo Receives 2008 Alpha Award - Award of Distinction for Environmental Protection - More
- May 20, 2008 | Item | E-mail

Centamin Egypt Appointment of Non-Executive Director - More
- May 20, 2008 | Item | E-mail

Goldcliff Resource Corporation: High-Grade Gold Minerals Identified at Bonanza Trench - More
- May 20, 2008 | Item | E-mail

Southern Hemisphere Mining Limited: Further Drilling Results from the Las Santas Project and Sampling at the San Jose Project - More
- May 20, 2008 | Item | E-mail

Bannerman Resources Commissions GRD Minproc For Full Feasibility Study - More
- May 20, 2008 | Item | E-mail

Silver Reserve Corp. - Drill indicated resource acquired - More
- May 20, 2008 | Item | E-mail

Knight Resources Ltd.: $8 Million 2008 Program Planned at West Raglan - More
- May 20, 2008 | Item | E-mail

Cardero Completes Processing of 40-Tonne Concentrate at the Pampa El Toro Iron Sands Project, Reaching Project Milestone Ahead of Schedule - More
- May 20, 2008 | Item | E-mail

Universal Uranium Ltd. Acquires Strategic Potash Property and Announces $3.15 Million Financing - More
- May 20, 2008 | Item | E-mail

East West and Temex Option/Joint Venture Agreement Accepted for Filing by TSX Venture Exchange - More
- May 20, 2008 | Item | E-mail

Argentex continues to expand mineralized system at Pinguino, new drill results include 10.8 meters of 3.1 g/t gold and 679 g/t silver at Marta Este - More
- May 20, 2008 | Item | E-mail

Temex and East West identify several high priority drill targets - More
- May 20, 2008 | Item | E-mail

Canadian Mining appoints former Director of Mining as advisor - More
- May 20, 2008 | Item | E-mail

Pacific Coast Nickel Corp. Options Yukon Property - More
- May 20, 2008 | Item | E-mail

Orbite Appoints a New Chairman - More
- May 20, 2008 | Item | E-mail

Crowflight's Final Results From Winter Exploration Drilling Further Indicate Potential to Expand Bucko Project and Satellite Deposits - More
- May 20, 2008 | Item | E-mail

2008 Exploration Begins. 50,000 Metre Drilling Program Now Underway at Inter-Citic's Dachang Gold Project - More
- May 20, 2008 | Item | E-mail

PolyMet Updates Capital and Operating Costs - More
- May 20, 2008 | Item | E-mail

Lake Shore Gold Provides 2008/2009 Budget Plan - More
- May 20, 2008 | Item | E-mail

Piedmont Mining Signs Letter of Intent on Gold Discovery at Morgan Pass - More
- May 20, 2008 | Item | E-mail

Mexivada makes new discoveries at Bouawsa and Lepindzi gold target areas in ROC Republic of Congo - More
- May 20, 2008 | Item | E-mail

International Minerals Realizes $4.12 Million ($0.04 per Share) in Net Income for Third Quarter - More
- May 20, 2008 | Item | E-mail

Western Copper Corporation: The Carmacks Copper Project Advances in the Permitting Process - More
- May 20, 2008 | Item | E-mail

GMV Minerals Inc. receives enhanced 3D IP data on Nechako property - drilling to commence - More
- May 20, 2008 | Item | E-mail

El Capitan Precious Metals, Inc. Reports on Metallurgical R&D Efforts - More
- May 20, 2008 | Item | E-mail

Orko Silver Announces $10.0 Million Bought Deal Private Placement - "Orko Silver Corp. (TSX VENTURE:OK) announces that it has entered into an agreement with a syndicate of underwriters co-led by GMP Securities L.P. and BMO Capital Markets Inc., and including Haywood Securities Inc. and Macquarie Capital Markets Canada Ltd. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on an underwritten private placement basis, 6,100,000 common shares of Orko (the "Shares") at a price of $1.65 per Share (the "Issue Price") for aggregate gross proceeds of $10,065,000." More
- May 20, 2008 | Item | E-mail

Bayswater Completes Phase 3 Drilling at Elkhorn Project, Wyoming - More
- May 20, 2008 | Item | E-mail

Montana Tunnels Update: - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News) (AMEX: AGT - News) announced today that following the shutdown of the mill at Montana Tunnels on April 27, 2008, which was announced in the press release dated April 28, 2008, and updated on May 2, 2008 the ball mill repair was completed ahead of the announced schedule and the mill recommenced production on May 17, 2008." More
- May 20, 2008 | Item | E-mail

Richmont Mines and Mountain Lake Resources to Advance the Valentine Lake Gold Project in Central Newfoundland - "Mountain Lake Resources Inc. (CDNX:MOA.V - News) ("Mountain Lake") and Richmont Mines Inc. (Toronto:RIC.TO - News) (AMEX:RIC - News) ("Richmont") have finalized the parameters of the joint venture agreement between the two companies, which will govern the terms and conditions of future work programs on the Valentine Lake Project." More
- May 20, 2008 | Item | E-mail

Anatolia outlines strategy for Copler mine development - "Anatolia Minerals Development Limited ("Anatolia" or the "Company") (TSX: ANO - News) today announces a disciplined strategy for bringing the Copler gold mine into production. Anatolia plans a staged approach for the development of the Copler gold mine by first building a heap leach operation for the near-surface oxide mineralization." More
- May 20, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Intersects Mineralization at 300m Expanding 'Clavo 99' at Depth at its San Miguel Project - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) has received the assay results from 3 additional drill holes in the San Miguel Vein. Drill hole SM-36 intersected the main structure 100 meters below hole SM-35, near the center of the 'Clavo 99' zone." More
- May 20, 2008 | Item | E-mail

Sino Raises AU$136 Million to Close out its Gold Hedge Book, Gold Fields Agrees to Increase its Stake to 19.9% - "The alliance is of strong strategic importance to Gold Fields which has long recognised China and the Australasian region as highly prospective. Gold Fields views Sino Gold as the best partner, in China, to help us unlock that value for our shareholders. Increasing our shareholding in Sino Gold naturally strengthens our commitment to Sino Gold, but further strengthens our commitment to the alliance and our exposure to the Australasian region." More
- May 20, 2008 | Item | E-mail

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