Gold Seeker Closing Report: Gold and Silver Gain While Financial Worries Sink Stocks

	Close	Gain/Loss
Gold	$893.35	+$5.40
Silver	$16.84	+$0.02
XAU	181.76	+0.18%
HUI	425.28	+0.83%
GDM	1280.13	+0.51%
JSE Gold	2365.43	-0.51
USD	72.96	+0.10
Euro	155.39	-0.18
Yen	95.65	+0.87
Oil	$127.76	+$0.41
10-Year	3.971%	-0.075
T-Bond	115.046875	+0.578125
Dow	12503.82	-1.06%
Nasdaq	2491.53	-1.23%
S&P	1385.67	-1.05%

Gold fell nearly 1% to $880.90 by late trade in Asia, but it then chopped its way higher in London and New York and ended near its high of $897.50 with a gain of 0.61%. Silver rose over 1% to $17.01 by early trade in London before it fell to see an over 1% loss at $16.57 by about 9:30AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.12%.

Euro gold rose to about €574, platinum remained unchanged at $2006, and copper fell a couple of cents to about $3.61.

Gold and silver equities rose over 1% by early afternoon before they pulled back a bit on notable weakness in the major indices, but the miners still ended with slight gains.

Report	For	Reading	Expected	Previous
Construction Spending	April	-0.4%	-0.6%	-0.6%
ISM Index	May	49.6	48.5	48.6

Tomorrow at 10AM EST brings the Factory Orders report for April expected at -0.1%.

Oil eventually rose on worries over a busy storm season despite more indications that demand is falling off. Rumors over a US attack on Iran also brought out buyers.

The U.S. dollar index rose in early trade as economic data was not indicative of a serious recession, but it fell to end with only a small gain while treasuries rose as the Dow, Nasdaq, and S&P fell throughout trade on worries over more shoes to drop in the financial sector as S&P made public their rating cuts and outlook downgrades of banks.

Among the big names making news in the market today were Wachovia, Washington Mutual, and Marriott.

July Silver closed up 0.045 at 16.91. This was 0.2 up from the low and 0.09 off the high.

The gold market held up impressively in the face of an initial rally in the Dollar on Monday morning. However, with the Dollar reversing course and doing so in the face of potentially supportive US scheduled data, the gold market seemed to settle into a beneficial outside market environment. In fact, after some early weakness oil prices recovered and the US equity market was under moderate pressure and that seemed to rekindle flight to quality bargain hunting interest in the gold market. In the end seeing somewhat better than expected US economic readings without seeing a rising Dollar put gold in the best position in several trading sessions. Clearly seeing the subject of potential power problems in Zimbabwe prompted some speculation that ongoing power problems would also be seen in major gold producing areas of South Africa. With the winter period potentially increasing electric demand in the Southern Hemisphere it wasn't a leap of faith on the part of the bull camp to buy gold in the trade Monday.

The silver market managed a somewhat impressive trade on Monday as the market clearly discounted a series of potentially undermining physical supply side developments and instead seemed to be locked in tight step with the gold market. Seeing the gold market shake off early weakness and seeing the US Dollar reverse from an early run up probably gave the bull camp a distinct edge but in the end the market seemed to be limited by the even number price zone of $17.00.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: The ASX added 10.08 tonnes.

IAMGOLD’s (IAG) Niobec mine reserves, Centerra’s (CG.TO) Kumtor agreements, Eldorado’s (EGO) mine construction, Oro Silver’s (OSR.V) new management structure, Apex Silver’s (SIL) agreement in principle with Sumitomo, U.S. Silver’s (USA.V) first quarter results, and Apogee’s (APE.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.

Sego trenches locates 32 m 1.39% Copper, 0.94 grams/tonne Gold - More
- June 02, 2008 | Item | E-mail

VenCan Gold Corporation Adds Mount Logano Porphyry Property in the Porcupine Gold Camp Near Timmins, Ontario - More
- June 02, 2008 | Item | E-mail

Hawk Announces Launch of Corporate Website - More
- June 02, 2008 | Item | E-mail

Callinan grants stock options - More
- June 02, 2008 | Item | E-mail

Century Mining Files Updated Notice Of Default - More
- June 02, 2008 | Item | E-mail

Intrepid Mines Limited: Chief Financial Officer Appointment - More
- June 02, 2008 | Item | E-mail

Canadian Royalties Announces the Results of its 2008 Annual and Special Shareholders' Meeting - More
- June 02, 2008 | Item | E-mail

Inter-Citic Unveils Two New Communications Initiatives For The Dachang Gold Project - More
- June 02, 2008 | Item | E-mail

Skyline Announces Closing of Private Placement - More
- June 02, 2008 | Item | E-mail

Dissident Board slate of Aberdeen Gould defeated at Golden Dawn Minerals Inc AGM - More
- June 02, 2008 | Item | E-mail

Iamgold says can double reserves at Niobec mine - "Iamgold (IMG.TO: Quote, Profile, Research) can double the reserves at its Niobec niobium mine in Quebec using a paste backfill system to extract more ore, the Canadian company said on Monday." More
- June 02, 2008 | Item | E-mail

Maestro Signs Lease Agreement on the Wallace Canyon Project, Central Nevada - More
- June 02, 2008 | Item | E-mail

Cline Announces Filing of Amended and Restated Quarterly Financial Statements - More
- June 02, 2008 | Item | E-mail

Aguas Tenidas Project Finance Facility Completed - More
- June 02, 2008 | Item | E-mail

Goldcorp Declares Sixth Monthly Dividend Payment for 2008 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its sixth monthly dividend payment for 2008 of $0.015 per share. Shareholders of record at the close of business on Thursday, June 12, 2008 will be entitled to receive payment of this dividend on Friday June 20, 2008. Goldcorp has paid a monthly dividend to its shareholders since 2003." More
- June 02, 2008 | Item | E-mail

Newstrike Resources Ltd. Announces Closing of the Acquisition of Patented Claims in Kirkland Lake Area - More
- June 02, 2008 | Item | E-mail

Shoreham to Produce From Second Guyana Project - More
- June 02, 2008 | Item | E-mail

American Copper Corporation: Squaw Peak Drilling Intersects 30 Feet Averaging 5.57 oz/ton Ag, 1.03% Cu, 0.078% Mo - More
- June 02, 2008 | Item | E-mail

Solex Resources Corp. Completes NI 43-101 Technical Report at Princesa - More
- June 02, 2008 | Item | E-mail

Grenville Gold Sells Parkman Diamond to Focus On Peru - More
- June 02, 2008 | Item | E-mail

Timminco Announces Supply Relationship With Canadian Solar Inc. - More
- June 02, 2008 | Item | E-mail

SRA Announces Appointment of John C. McConnell as Chief Operating Officer - More
- June 02, 2008 | Item | E-mail

Mansfield Minerals Inc.: Drilling Expands High Grade Mineralization at Rio Grande - More
- June 02, 2008 | Item | E-mail

MPH Ventures' Phase 2 Drilling Commences on Pidgeon Molybdenum Deposit in NW Ontario - More
- June 02, 2008 | Item | E-mail

Caledonia Concludes the Sale of the Barbrook Mine - More
- June 02, 2008 | Item | E-mail

Midland Exploration Inc.: Discovery of a New Significant Gold Zone on Maritime Cadillac Property in Quebec - More
- June 02, 2008 | Item | E-mail

45,000 Metres With 3 Drills Planned for PC Gold's Pickle Crow Gold Mine Project - More
- June 02, 2008 | Item | E-mail

Merit Mining's Greenwood Mill Reaches Commercial Production - More
- June 02, 2008 | Item | E-mail

Chinese Institute Invests $6 Million in Douglas Lake Minerals - More
- June 02, 2008 | Item | E-mail

Colombia Goldfields updates Marmato resource definition drill program - More
- June 02, 2008 | Item | E-mail

Franconia Minerals Provides Project Updates - More
- June 02, 2008 | Item | E-mail

Garrison International Ltd. Completes Second Closing of Private Placement, Asia Goldworks Limited Increases Investment - More
- June 02, 2008 | Item | E-mail

Pacific Coast Nickel Looks to South America - More
- June 02, 2008 | Item | E-mail

Andina Completes Acquisition of Water Rights for the Volcan Gold Project - More
- June 02, 2008 | Item | E-mail

Aquila Resources Inc.: Drilling at Back Forty Defines New Near Surface Gold Zone - More
- June 02, 2008 | Item | E-mail

SIRIOS: Extension of the Gold Corridor on Kukames Opinaca Area, James Bay, Quebec - More
- June 02, 2008 | Item | E-mail

Latin American Minerals Triples Length of Discovery Zone to 2,000m at Paraguay Gold Project; Begins Resource Definition Drilling and Bulk Sampling - More
- June 02, 2008 | Item | E-mail

GWR Resources Lac La Hache update: Additional Aurizon Zone assays, Peach 1 Zone drilling nears completion, Peach 2 drilling to commence - More
- June 02, 2008 | Item | E-mail

MPH Ventures' Phase 2 Drilling Commences on Pidgeon Molybdenum Deposit in NW Ontario - More
- June 02, 2008 | Item | E-mail

Silver Dragon Resources Inc. -- Senior Management Changes - More
- June 02, 2008 | Item | E-mail

Largo Begins Drilling Program to Test PGM Targets at Maracas, Brazil - More
- June 02, 2008 | Item | E-mail

Amazon Reports Q1 2008 Results - More
- June 02, 2008 | Item | E-mail

Aquarius says illegal strike hurts output at mine - More
- June 02, 2008 | Item | E-mail

Alhambra Resources Ltd. - Financial and Operating Results for First Quarter ending March 31, 2008 - More
- June 02, 2008 | Item | E-mail

Bancroft Uranium Embraces Environmental Principals - More
- June 02, 2008 | Item | E-mail

UME Completes Additional Purchase of Its Own Shares - More
- June 02, 2008 | Item | E-mail

Acadian Mining Corporation announces acquisition of interest in Fifteen Mile Stream gold property - More
- June 02, 2008 | Item | E-mail

HudBay Minerals Reports on U.S. Mine Fatality - More
- June 02, 2008 | Item | E-mail

Mengold Closes $500,000 Private Placement With MineralFields - More
- June 02, 2008 | Item | E-mail

Oromonte announces delayed filing of first quarter financial statements - More
- June 02, 2008 | Item | E-mail

Century Mining Terminates Rosario de Belen And Algamarca Purchases - More
- June 02, 2008 | Item | E-mail

Tamerlane Reports Financial Results For Three Month Period Ended March 31, 2008 - More
- June 02, 2008 | Item | E-mail

New Cantech Ventures Inc.: Finder's Fee Agreement With Sunkwang Lee - More
- June 02, 2008 | Item | E-mail

New Cantech Ventures Inc.: Investor Relations Agreement With Doug Kerr - More
- June 02, 2008 | Item | E-mail

Coronation Announces Wellgreen Mineral Resource Estimate - More
- June 02, 2008 | Item | E-mail

High Desert Gold Corporation Announces Termination of Option Agreement on the Markham Wash Copper Property - More
- June 02, 2008 | Item | E-mail

Jinshan Appoints Vice President of Finance - More
- June 02, 2008 | Item | E-mail

Oro Silver Announces New Management Structure and Grants Stock Options - "Oro Silver Resources Ltd. ("Oro Silver") (TSX VENTURE:OSR - News) announces its new management structure to take effect immediately. These changes reflect current corporate functions in order to meet the company's long-term growth strategy." More
- June 02, 2008 | Item | E-mail

Liberty Star And XState Resources Proceed With Drilling Five Additional Breccia Pipe Targets - More
- June 02, 2008 | Item | E-mail

Centerra Gold Reports on Status of Kumtor Agreements - "Centerra Gold Inc. (TSX:CG - News) reported today that the previously announced framework agreements, entered into between Centerra and Cameco and the Kyrgyz government on August 30, 2007, have not been ratified by the Kyrgyz Parliament within the timeframe agreed by the parties and have therefore expired." More
- June 02, 2008 | Item | E-mail

Apex Silver Mines Announces the Sale of the Rights to Deferred Payments to Sumitomo for $70 Million - "Apex Silver Mines Limited (AMEX:SIL - News) announced today that it had reached an agreement in principle with Sumitomo Corporation in which Sumitomo will purchase from Apex for $70 million Apex’s rights pursuant to a Deferred Payment Agreement dated September 25, 2006." More
- June 02, 2008 | Item | E-mail

U.S. Silver Achieves Profit in First Quarter 2008 Financial Results - "The Company recorded revenues of $7.3 million (vs. $4.2 million in the period ending March 31, 2007 ("Q107")) and earned its first quarterly profit since 2006 with net income, before taxes, of $1.0 million. Revenues for the period were higher than last year primarily due to higher metals prices and higher production volumes." More
- June 02, 2008 | Item | E-mail

IAMGOLD Announces Operational Improvements Impacting Reserve Life and Costs - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) is pleased to announce the positive results from the feasibility study regarding a paste backfill system at its Niobec mining operation, which will double reserves. The Company has also completed changes at its Mupane and Yatela gold operations that will positively impact production costs." More
- June 02, 2008 | Item | E-mail

Eldorado Gold Commences Efemcukuru Construction - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado", the "Company", or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News), is pleased to announce that the Company is in receipt of all permits and approvals necessary to construct its Efemcukuru mine ("Efemcukuru" or the "mine") in Turkey." More
- June 02, 2008 | Item | E-mail

Apogee Intersects More High-Grade at Pulacayo, Bolivia, Including 30.0 Meters Grading 413.87g/t Silver - "Results from eleven (11) diamond drill holes are included in this release (see Table 1 below). Highlights include drill hole PUD-069 which intersected 30 meters grading 413.87 g/t silver, 1.20% lead and 3.59% zinc within an 85.00 meter interval that graded 167.11 g/t silver, 0.74% lead and 2.56% zinc. Drill hole PUD-074 intersected 7.00 meters grading 665.71 g/t silver, 8.59% lead and 3.01% zinc within a 47.00 meter interval that averaged 141.42 g/t silver, 1.55% lead and 2.42% zinc. Results of earlier drill holes from this project were released on April 3, February 14, January 28, and January 8, 2008." More
- June 02, 2008 | Item | E-mail

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