Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged

	Close	Gain/Loss
Gold	$880.40	-$1.55
Silver	$16.84	+$0.05
XAU	174.97	-1.91%
HUI	409.96	-1.66%
GDM	1233.01	-1.70%
JSE Gold	2340.87	-18.67
USD	73.49	+0.20
Euro	154.35	-0.17
Yen	95.06	-0.10
Oil	$122.30	-$2.01
10-Year	3.940%	+0.042
T-Bond	115.25	-0.640625
Dow	12390.48	-0.10%
Nasdaq	2503.14	+0.91%
S&P	1377.20	-0.03%

Gold fell over $5 to $875.80 by late trade in Asia before it saw an over $3 gain at $885.40 by early trade in New York, but it then fell back off into the close and ended with a minor loss of 0.18%. Silver rose to find a slight gain at $16.81 by about 9AM EST in New York before it quickly fell over 1% to a new session low of $16.57 by about 10AM EST, but it then rallied back higher into the close and ended near its session high of $16.905 with a gain of 0.3%.

Euro gold fell to about €570, platinum lost $0.50 to $1991.50, and copper fell over 3 cents to about $3.55.

Gold and silver equities fell almost 1.5% by late morning before they rallied back near unchanged by about 2PM EST, but they then fell back off into the close and ended with nearly 2% losses.

Report	For	Reading	Expected	Previous
ADP Employment	May	40K	-30K	10K
Productivity	Q1	2.6%	2.5%	2.2%
ISM Services	May	51.7	51.0	52.0

Bernanke spoke at Harvard late in the day and said that inflation is significantly higher than the fed wants, but he also said that the fed sees little indication today’s situation is like the “1970s-style wage-price spiral, in which wages and prices chased each other ever upward.” Indeed, for it seems that it is only prices that are rising, and at much higher rates than the statistics the fed supposedly watches to monitor them say they are!

Tomorrow at 8:30AM EST is the Initial Jobless Claims report for 5/31 expected at 372,000, but most are already looking ahead to Friday’s Nonfarm Payrolls report.

Oil fell $2 despite another large and unexpected drop in crude inventories as the Energy Department said gasoline demand dropped sharply last week. Crude inventories fell 4.8 million barrels, gasoline inventories built 2.9 million barrels, distillate inventories built 2.3 million barrels, and refinery utilization rose 1.8% to 89.7%.

The U.S. dollar index rose slightly and treasuries fell as interest rates rose on better than expected economic reports, but bond and currency markets were relatively quiet ahead of tomorrow’s European Central Bank and Bank of England meetings that are expected to leave interest rates unchanged at 4.0% and 5.0% respectively.

The Dow, Nasdaq, and S&P rose modestly for most of trade on decent economic data and lower oil prices, but the Dow and S&P then turned lower in the last two hours of trade after Moody’s raised more credit market worries when it placed bond insurers Ambac and MBIA on review for possible downgrades.

Among the big names making news in the market today were Verizon and Alltel, American Express, George Soros, Lehman Brothers, J.M. Smucker and Folgers, United, and Harry Winston.

"Lehman over shot its market value point yesterday," according to Merrill whose debt (Merrill) was downgraded yesterday, today (Merrill) upgraded the investment quality of Lehman's shares.”

There was not much mention of the 91% of Lehman's assets being securities, with 1% cash position.

Securities are a buzz word that now includes OTC derivative structured products.

What happens if Lehman needs to revalue the mark to model of their derivative products by say 10%?

Maybe Lehman goes to the Begging Bowl loan window of the Fed, putting up the junk as collateral.

Do you think Lehman pays back that loan in 28 days? Be real, all those Begging Bowl loans are perma-roll over.

Remember when the first few people lined up at the Fed Begging Bowl loan window? The Spin was that it was to show that there is no Stigma to that borrowing and they really did not need the money.

“August Gold finished down 1.7 at 883.8, 6.2 off the high and 1.3 up from the low.

July Silver closed up 0.105 at 16.94. This was 0.24 up from the low and equal to the high.

With the Dollar marginally higher, oil prices weak and US equity prices at times on Wednesday showing strength, it wasn't a very supportive environment for gold prices. With US Productivity coming in with solid readings and some of the pressure from high energy prices being mitigated by the slide in oil prices it isn't a shock to see flight to quality instruments like gold fall out of favor. In fact, about the only fresh flow of classic fundamental information in gold is centering on the prospect of deteriorating investment demand and that in conjunction with mostly bearish outside market forces seems to have given the bear camp the edge.

The silver market seemed to exhibit a weaker morning trade than the gold market. However, in the end the silver market actually managed to firm its trade late in the session and in turn outperformed the gold market on the day. Certainly seeing a slightly improvement in classic macro economic views, provided silver and platinum prices a lift, but with gold and copper prices finishing sluggish and weak it was clear that the improvement in economic expectations wasn't a universal sentiment in the metals markets.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 2.56 tonnes were removed from the trust.

Newmont’s (NEM) senior VP appointment, Seabridge’s (SA) drill program, Centerra’s (CG.TO) mine share and taxes in Kyrgyzstan, Kinross Gold’s (KGC) agreement with Brett Resources on the Hammond Reef Project, Eldorado’s (EGO) offer for Frontier, Sterling’s (SRLM.OB) litigation and company update, and Aura’s (AUU.V) director appointment 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.

Newmont Appoints Alan R. Blank as Senior Vice President of Legal and External Affairs - "During my tenure as an executive at PacifiCorp, I had the privilege of working closely with Alan on numerous legal, business and strategic initiatives," said Newmont President and Chief Executive Officer, Richard O'Brien. "Over the years I developed a strong appreciation for his ability to provide sound counsel and decisive leadership on a number of complex legal and business matters. His proven critical-thinking, people skills, judgment and high ethical standards will serve Newmont well." More
- June 04, 2008 | Item | E-mail

Geoinformatics Identifies Extensive Silver and Copper-Molybdenum Anomalies at its La Noria Project in Mexico - More
- June 04, 2008 | Item | E-mail

Metals Creek Resources Hires First Canadian Capital Corp for Investor Relations - More
- June 04, 2008 | Item | E-mail

Sterling Mining Issues Update - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) is pleased to issue an update regarding recent developments at the Company following on the recent appointment of Ken Berscht as interim President/CEO of the Company. The Board of Directors met on the weekend with senior management and Sterling's professional advisors to review current status and strategic issues." More
- June 04, 2008 | Item | E-mail

Yorbeau Raises $2,916,353 Pursuant to its Rights Offering - More
- June 04, 2008 | Item | E-mail

North American Gem Brings Mr. Alan Johnson, Distinguished Coal Geologist, to Board of Advisors - More
- June 04, 2008 | Item | E-mail

Melkior Obtains Private Placement for Mcfauld's Area - More
- June 04, 2008 | Item | E-mail

Cameco and Kazakhstan push ahead on fuel plant - More
- June 04, 2008 | Item | E-mail

Coronado Signs Copper Sales Contract; Production to Increase - More
- June 04, 2008 | Item | E-mail

Getty Copper solvent extraction update - More
- June 04, 2008 | Item | E-mail

WSR-METALEX-Arctic Star Joint Venture Intersects 95.0 Meters of Semi-Massive to Near-Massive Sulphides on Anomaly 5.01, James Bay Lowlands, Ontario - More
- June 04, 2008 | Item | E-mail

Gold Bullion Development Corp.: Confirmation Issued from TSX Venture Exchange for Shareholder Gold Program - More
- June 04, 2008 | Item | E-mail

15,000 Meter Drill Program Begins at Seabridge Gold's KSM Project - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that drilling has commenced at its 100% owned Kerr-Sulphurets-Mitchell ("KSM") project, located near Stewart, British Columbia, Canada. The 15,000 meter core drill program is designed to improve the value of the asset by exploring for higher grade zones, upgrading more of the remaining inferred mineral resources to the indicated category and further expanding the Mitchell zone." More
- June 04, 2008 | Item | E-mail

Key Milestone Achieved-Inspiration Mining Initiates Scoping Metallurgical Testing at Langmuir Project, Ontario - More
- June 04, 2008 | Item | E-mail

Typhoon Obtains 4.26 g/t Au Over 7.0 Meters at Fayolle - More
- June 04, 2008 | Item | E-mail

Kyrgyzstan wants larger stake in Centerra, more tax - "Kyrgyzstan's parliament urged the government on Wednesday to seek a larger stake in the Kumtor gold mine and press for a higher tax rate in its talks with Canada's Centerra Gold (CG.TO: Quote, Profile, Research)." More
- June 04, 2008 | Item | E-mail

Silvermet Appoints Rein Lehari as Chief Financial Officer - More
- June 04, 2008 | Item | E-mail

Forsys Receives Environmental Clearance for Valencia - More
- June 04, 2008 | Item | E-mail

Sterling Mining 100% Successful in Litigation - "Sterling Mining Company (Toronto:SMQ.TO - News)(OTC BB:SRLM.OB - News)(Frankfurt:SMX.F - News) announces that the United States District Court in Idaho dismissed securities litigation brought by J.D. Christianson and related parties against Sterling and several directors. The Court had previously dismissed significant parts of the case, and after reviewing amended claims submitted by Christianson in response, dismissed the case in its entirety with prejudice." More
- June 04, 2008 | Item | E-mail

Copper Mountain Mining Corporation - Drilling of geophysical anomaly under pit # 3 intersects 322 ft of 1.31% Cu - More
- June 04, 2008 | Item | E-mail

Drilling Encounters High Grades at EXMIN's Moris Exploration Project - More
- June 04, 2008 | Item | E-mail

Blue Note's Caribou Continues To Perform - More
- June 04, 2008 | Item | E-mail

Ruby Red Resources appoints new President and CEO - More
- June 04, 2008 | Item | E-mail

Tim Twomey joins Premier as Exploration Manager - More
- June 04, 2008 | Item | E-mail

Aldridge Minerals announces new results from Yenipazar (VMS, Turkey), private placement update, and timing for spin-offs - More
- June 04, 2008 | Item | E-mail

Alturas Reports Significant Geochemical and Geophysical Anomalies and Prepares for Drilling at the Huajoto Polymetallic Project, Central Peru - More
- June 04, 2008 | Item | E-mail

First Gold Is Pleased to Announce That it Has Signed an Agreement With Golder Associates to Produce an Initial Scoping Study on the Croinor Gold Project - More
- June 04, 2008 | Item | E-mail

Uranium 308 Corp.: Company Annouces Progress of Drilling Program at Janchivlan, Mongolia - More
- June 04, 2008 | Item | E-mail

Bolero Continues to Report Excellent Drill Results for the Bald Butte Project in Montana - More
- June 04, 2008 | Item | E-mail

Network Exploration announces private placement - More
- June 04, 2008 | Item | E-mail

Colombia Goldfields Ltd. announces private placement financing - More
- June 04, 2008 | Item | E-mail

Trevali Announces Two Phase Mill Refurbishment Plan at Santander Silver-Lead-Zinc Mine Project in Peru - More
- June 04, 2008 | Item | E-mail

Alexis Commences Milling of Gold Ore Stockpiles as Mine Development Continues Towards Production at Lac Herbin - More
- June 04, 2008 | Item | E-mail

Hana Mining Adds Fourth Drill Rig to Its Copper-Silver Project in Botswana - More
- June 04, 2008 | Item | E-mail

Maximus and NFX Intersect New High Gold Grades in the Bear Lake Area at Larder Lake - More
- June 04, 2008 | Item | E-mail

Oriental Minerals Drilling Confirms Depth and Extensions of the Sangdong Resource - More
- June 04, 2008 | Item | E-mail

Zazu Receives Metallurgical Results for the Lik Zinc-Lead-Silver Deposit - More
- June 04, 2008 | Item | E-mail

Kinbauri Purchases 100 Percent Interest in Corcoesto, Provides Upgraded Resource Calculation - More
- June 04, 2008 | Item | E-mail

Latin American Minerals Reports Three Gold Discoveries at Esmeralda, Colombia - More
- June 04, 2008 | Item | E-mail

Trelawney Resources Announces La Bufa Project Returns, High-Grade Copper-Silver Results, Chihuahua, Mexico - More
- June 04, 2008 | Item | E-mail

Network Exploration Reports Large Gold Strike in Chile - More
- June 04, 2008 | Item | E-mail

El Nino Ventures vests with 50% interest in Bathurst claims - More
- June 04, 2008 | Item | E-mail

Zambia power cut to reduce mining output - "Zambia's Copperbelt Energy Corp. (CEC), which supplies power to the country's copper and cobalt mines, has cut back supply following disruptions in electricity imports, a senior CEC official said on Wednesday." More
- June 04, 2008 | Item | E-mail

Duluth Metals Increases Nokomis Resource to 449 Million Tonnes Indicated and 284 Million Tonnes Inferred - More
- June 04, 2008 | Item | E-mail

Gas blast threatens Australia mine operations - "Industrial users across Australia's biggest mining region were hunting for alternative fuels on Wednesday after an explosion at an offshore gas plant knocked out more than a third of normal gas supplies." More
- June 04, 2008 | Item | E-mail

Aura Silver Appoints W. William Boberg as Director - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") is pleased to announce the appointment of W. William Boberg as an independent director of the Company. In addition, Mr. Boberg will become a member of the Audit Committee for Aura Silver." More
- June 04, 2008 | Item | E-mail

Bancroft Announces Further Drilling Results at Monmouth Uranium Project - More
- June 04, 2008 | Item | E-mail

Kinross and Brett Resources Complete Definitive Agreement on Hammond Reef Project - "Kinross Gold Corporation ("Kinross") (Toronto:K.TO - News)(NYSE:KGC - News) announced today that it has entered into a purchase and sale agreement with Brett Resources Inc. ("Brett") whereby Brett has agreed to purchase Kinross' 40% interest in the Hammond Reef Project located near Atikokan, Ontario. Kinross and Brett were parties to an option agreement pursuant to which Brett earned a 60% interest in the project by incurring $5 million in expenditures and issuing 1 million common shares to Kinross." More
- June 04, 2008 | Item | E-mail

Eldorado's Offer to Frontier Shareholders Continues to Be Full and Fair - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) announced today that Eldorado has completed its in-depth review of the Directors' Circular issued by Frontier Pacific Mining Corporation (CDNX:FRP.V - News) ("Frontier") on May 26, 2008 in response to the offer (the "Offer") by Eldorado to purchase all of the outstanding common shares of Frontier." More
- June 04, 2008 | Item | E-mail

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