Gold Seeker Closing Report: Gold and Silver Fall Slightly As Oil Drops from Record

	Close	Gain/Loss
Gold	$894.90	-$0.85
Silver	$17.19	-$0.23
XAU	185.15	+0.79%
HUI	433.01	+0.32%
GDM	1286.98	-0.30%
JSE Gold	2440.68	+32.33
USD	72.95	+0.57
Euro	156.36	-0.38
Yen	94.06	-1.26
Oil	$134.35	-$4.19
10-Year	3.992%	+0.054
T-Bond	114.9375	-0.171875
Dow	12280.32	+0.58%
Nasdaq	2459.46	-0.61%
S&P	1361.76	+0.08%

Gold rose to $909 by late trade in Asia before it fell throughout most of trade in London and New York and dropped to as low as $890.60 with about 15 minutes left in the session, but it then rallied back higher in the final minutes and ended with a loss of just 0.10%. Silver rose to $17.63 and fell to $17.10 before it closed with a loss of 1.32%.

Euro gold rose near €572, platinum lost $32 to $2042.50, and copper fell slightly to about $3.61.

Gold and silver equities rose about 1% by late morning, but they then fell off slightly in afternoon trade and ended mixed and near unchanged.

Report	For	Reading	Expected	Previous
Pending Home Sales	Apr	6.3%	-1.0%	-1.0%

The fed’s Geithner had comments today defending the bailout of Bear Stearns and calling for “greater flexibility to respond to acute liquidity pressure in markets without undermining its capacity to manage the federal funds.” Bernanke also speaks tonight and tomorrow at 8:30 AM EST brings the Trade Balance for April expected at -$60.0 billion.

Oil fell after last week’s record gains, but it only retraced about $4 of the more than $16 gains seen on Thursday and Friday as geopolitical tensions remained relatively tame over the weekend.

The U.S. dollar index rose after Pending Home Sales came in better than expected and Treasury Secretary Paulson did not rule out currency intervention in an interview on CNBC.

Treasuries fell, especially on the short end, on inflation worries as Geithner hinted towards the need to raise interest rates to contain inflation.

The Dow and S&P traded mostly higher on optimism over lower energy prices, but worries over the financials capped any significant gains while the Nasdaq remained modestly weaker for most of the day.

Among the big names making news in the market today were Lehman Brothers, McDonald’s, and Honeywell.

“August Gold finished down 0.9 at 898.1, 9.1 off the high and 4.1 up from the low.

July Silver closed down 0.22 at 17.21. This was 0.03 up from the low and 0.26 off the high.

The gold market did manage to initially add to last week's bounce in the early trade but it was clear that gold was seeing a divided trade. Clearly seeing the Dollar throw off the weakness generated in the wake of the disappointing US payroll report last Friday morning was undermining, but August gold did manage to recover and trade back deep into positive ground after the Dollar recovered and that hints at some resiliency in the marketplace. However, the gold market was clearly undermined as a result of the weakness in the rest of the metals market throughout most of the trading session Monday.

The silver market clearly exhibited more vulnerability than the gold market for most of the trading session Monday, perhaps because the quasi industrial/demand impacted metals markets of copper and platinum were mostly under pressure. It also seemed as if the recovery in the Dollar and strength in the US equity market served to knock the wind out of the bull camp in Monday’s trade.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.18 tonnes.

South Africa’s power crisis, Keegan’s (KGN) drill results, Polyus’ (PLZL.MM) earnings, Minefinders’ (MFN) initial production estimates, Silvercorp’s (SVM.TO) earnings, and Scorpio’s (SPM.TO) mine/mill inauguration 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.

Gravity Survey Enhances Potential of Nuinsco's Diabase Uranium Project - More
- June 09, 2008 | Item | E-mail

Nethery Appointed to Kinbauri's Board - More
- June 09, 2008 | Item | E-mail

Zoloto Resources Default Status Report - More
- June 09, 2008 | Item | E-mail

AXMIN Announces Closing of Second Tranche and Increase in Size of Non-Brokered Private Placement - More
- June 09, 2008 | Item | E-mail

Augen Gold closes its initial public offering raising $4,329,678.30 - More
- June 09, 2008 | Item | E-mail

Option/Joint Venture at McFauld's Lake, Ontario - More
- June 09, 2008 | Item | E-mail

Skyline Initiates Pre-Concentration Study - More
- June 09, 2008 | Item | E-mail

Evolving Gold Corp Appoints New CFO - More
- June 09, 2008 | Item | E-mail

Rockgate Completes Arrangement Agreement for Spin-Off of Northrock Resources Inc. - More
- June 09, 2008 | Item | E-mail

GoldSpring Discovers Potential Bonanza Grade Ore at the Hartford Complex - More
- June 09, 2008 | Item | E-mail

Uranium Bay Identifies on the Uskawanis Uranium Property More Than 40 Uranium Anomalies That are Worthy of Significant Ground Follow-Up - More
- June 09, 2008 | Item | E-mail

Benton identifies multiple anomalies from the Rim Property airborne survey - More
- June 09, 2008 | Item | E-mail

Stelmine is entering in to hydrocarbons exploration activities - More
- June 09, 2008 | Item | E-mail

Uruguay Mineral Exploration Inc.: Gold Production for 2008 Financial Year - More
- June 09, 2008 | Item | E-mail

Campbell Resources closes second tranche of $3.5 million financing - More
- June 09, 2008 | Item | E-mail

Birch Crossing gold deposit and Kaslo prospect final assay results - More
- June 09, 2008 | Item | E-mail

Uranium Resources, Inc. Provides Production Update - More
- June 09, 2008 | Item | E-mail

Clifton Star Resources Inc.: Company Summary - More
- June 09, 2008 | Item | E-mail

Alberta Star Samples 22.72% Copper, 1427.0 g/ton Silver and 8.30% Zinc at the Mile Lake, NT IOCG Discovery - More
- June 09, 2008 | Item | E-mail

Silver Reserve Corp. - Mohawk Mine Resource Report - More
- June 09, 2008 | Item | E-mail

Karavansalija copper-gold acquisition completed, drilling commenced - More
- June 09, 2008 | Item | E-mail

International KRL Resources completes drill program at silver-lead-zinc Wolf property - More
- June 09, 2008 | Item | E-mail

Selwyn Resources Commences Mobilization for 2008 Drilling Activities - More
- June 09, 2008 | Item | E-mail

Adex Announces Assay Results From Mount Pleasant Drill Program - More
- June 09, 2008 | Item | E-mail

Mosquito Commences 2008 Drilling Program With CUMO Project - More
- June 09, 2008 | Item | E-mail

Plexmar Resources Inc.: Work Resumes at Bolsa - More
- June 09, 2008 | Item | E-mail

Strateco Resources Inc. - Matoush: More Great Drill Results for the MT-34 and MT-22 Zones - More
- June 09, 2008 | Item | E-mail

MAX options two properties in British Columbia - More
- June 09, 2008 | Item | E-mail

Liberty Star's Gold-Silver Providence Project, Nevada - More
- June 09, 2008 | Item | E-mail

Explorator Strengthens Board as El Espino-Venus Continues to Advance - More
- June 09, 2008 | Item | E-mail

Probe Announces Termination of Discussions With Noront Resources Inc. and Reactivates Drilling of McFauld's West Property - More
- June 09, 2008 | Item | E-mail

Thundermin and Cornerstone Intersect Copper Mineralization Over 74 Metres in a New Sulphide Zone on the Little Deer Property in Newfoundland - More
- June 09, 2008 | Item | E-mail

Solex Resources Corp. provides update on Macusani South project - More
- June 09, 2008 | Item | E-mail

GMV Minerals Inc. starts drilling at Nechako Gold property - More
- June 09, 2008 | Item | E-mail

Astral and Kootenay Drill 7.5m at 10.05 g/t Gold on the Jumping Josephine Gold Project - More
- June 09, 2008 | Item | E-mail

Great Western Minerals Group Signs Letter of Intent to Acquire Less Common Metals Ltd. - More
- June 09, 2008 | Item | E-mail

SAfrica to keep power supply to some mines at 95 pct - "South Africa will maintain power supply to some mines at 95 percent of their normal requirements, the country's Minerals and Energy Minister Buyelwa Sonjica said on Monday." More
- June 09, 2008 | Item | E-mail

Bancroft Reviews Potential Uranium Acquisitions in Southern Africa - More
- June 09, 2008 | Item | E-mail

Rusoro Mining Reports Q1 2008 Financial Results - More
- June 09, 2008 | Item | E-mail

S.Africa power crisis threatens growth-govt - "South Africa's power crisis poses a threat to economic growth and the government's efforts to battle unemployment, poverty and other social ills, Deputy President Phumzile Mlambo-Ngcuka said on Monday." More
- June 09, 2008 | Item | E-mail

International Kirkland Minerals Inc. Announces Cosby Property Amendment - More
- June 09, 2008 | Item | E-mail

Nevoro Updates on the Proposed Acquisition of Aurora Platinum Exploration Inc. - More
- June 09, 2008 | Item | E-mail

Minefinders Sets Initial Production Estimates for the Dolores Mine and Provides an Update on Commissioning and Community Relations - "Management expects gold production from Dolores will be approximately 40,000 ounces in 2008, 128,000 ounces in 2009 and 129,000 ounces in 2010. Silver production is expected to be 1.0 million ounces in 2008, 3.0 million ounces in 2009, and 4.0 million ounces in 2010. Excluding royalties, at a 52 to 1 silver to gold ratio, cash cost is expected to average $403 per gold equivalent ounce in 2008 and decrease going forward to the forecasted life of mine average cash cost of $297 per gold equivalent ounce." More
- June 09, 2008 | Item | E-mail

Silvercorp Reports Record EPS, Up 173%, to $0.41 (CAD$0.42) for the Year Ended March 31, 2008 - "For the year ended March 31, 2008, the Company recorded net earnings of $59.9 million (CAD$61.7 million), or $0.41 (CAD$0.42) per share, up 172%, compared to $22.0 million (CAD$25.1 million), or $0.15 (CAD$0.17) per share over the same period last year. The company achieved a net profit margin of 55% (2007 - 55%) for the year ended March 31, 2008." More
- June 09, 2008 | Item | E-mail

Scorpio Mining Corporation Hosted its Mine/Mill Inauguration at the Nuestra Senora Project, Sinaloa State, Mexico - "May 30th was a very special day for the Scorpio team and we were honoured to have such distinguished guests attending the ceremony. The ribbon cutting ceremony was followed by a tour of the processing mill complex and examination of the concentrate as it was produced. This new mine will generate economic and social benefits for the local Cosala community, which is also called Pueblo Magico (Magic Town) and designated a UNESCO World Heritage Site, as well as the State of Sinaloa and the people of Mexico." More
- June 09, 2008 | Item | E-mail

Keegan Continues to Hit Excellent Gold Grades on Infill and Stepout Holes at Esaase Gold Property - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce the results of ten infill and nine stepout drill holes collared in the northern portion of the Main Zone at Esaase. Eight of the stepout holes are down dip extensions to the 43-101 resource in the north portion of the Main Zone. Highlights include 46 meters of 2.72 g/t Au and 24 meters of 3.6 g/t Au in drill hole 333 and 42 meters of 1.57 g/t Au in drill hole 334. Drill hole 337, collared in the recently discovered north extension, 360 meters north of the 43-101 resource intercepted 5 meters of 5.68 g/t Au." More
- June 09, 2008 | Item | E-mail

Russian gold miner Polyus boosts 2007 revenues - "Polyus Gold's (PLZL.MM: Quote, Profile, Research) core earnings rose 9 percent last year to $334.8 million as the company, producer of a quarter of Russia's gold, enjoyed record prices for the precious metal." More
- June 09, 2008 | Item | E-mail

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