Gold Seeker Closing Report: Gold and Silver Gain Over 1.5% While Dow Plunges Again

	Close	Gain/Loss
Gold	$880.40	+$12.20
Silver	$16.84	+$0.27
XAU	177.58	+0.37%
HUI	406.61	-0.23%
GDM	1214.92	-0.24%
JSE Gold	2299.44	-66.80
USD	73.26	-1.39
Euro	155.35	+0.68
Yen	93.68	+0.52
Oil	$136.38	+$5.07
10-Year	4.073%	-0.260
T-Bond	114.125	+0.171875
Dow	12083.77	-1.68%
Nasdaq	2394.01	-2.24%
S&P	1335.49	-1.69%

Gold steadily rose throughout most of world trade and ended near its high of $882.90 with a gain of 1.41%. Silver fell slightly to $16.50 by late trade in Asia, but it then stabilized in London, climbed nicely in morning New York trade, and ended near its high of $16.90 with a gain of 1.63%.

Euro gold rose to about €566, platinum gained $41 to $2037.50, and copper rose a couple of cents to about $3.58.

Gold and silver equities rose over 1% by late morning before they fell back off a bit as the major indices fell roughly 2% in afternoon trade, but the miners still ended at about unchanged on the day.

Report	For	Reading	Expected	Previous
Treasury Budget Deficit	May	$165.9B	$118.0B	$159.3B

The fed’s Beige Book noted some ability of businesses to pass along higher costs despite a continued economic slowdown.

Tomorrow at 8:30AM EST brings Import and Export Prices for May, Retail Sales for May expected at 0.5%, and Initial Jobless Claims for 6/07 expected at 370,000. At 10AM is the Business Inventories report for April expected at 0.3%.

Oil rose over $5 as crude inventories once again surprised with a large decline. Oil inventories have now fallen almost 24 million barrels in just the past 4 weeks. Exxon Mobil also reported a malfunction at a refinery as Russia announced declining output as well. Previously it was Russia’s rising oil output that was covering for the increasing demand out of China and India and a reversal of this situation could prove to be quite bullish for the overall demand/supply picture. Oil inventories fell 4.6 million barrels, gasoline inventories rose 1.0 million barrels, distillates rose 2.3 million barrels, and refinery utilization fell 1.1% to 88.6%. Prices closed just $2.16 from the new record closing high set last Friday.

The U.S. dollar index fell as traders began to doubt whether all of the fed and government talk of the past week or so will actually be followed up by any action.

Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on another dramatic rise in oil prices, further concerns over inflation, and more worries about Lehman Brothers and the financials.

Among the big names making news in the market today were Staples and Corporate Express, and Martha Stewart Living.

“August Gold finished up 11.7 at 882.9, 2.6 off the high and 4.6 up from the low.

July Silver closed up 0.22 at 16.855. This was 0.175 up from the low and 0.07 off the high.

Clearly weakness in the Dollar provided gold bulls with a significant leg up on Wednesday. However, with a sharp upward explosion in energy prices and a host of physical commodities, it is just as likely that classic inflationary buying was being seen in the gold trade. With the US equity market at times under significant selling pressure as a result of the sharp price gains being registered in the commodity markets, it is also likely that classic flight to quality buying was taking place. While the Dollar Index was weak some traders suggested that without a decline below the Tuesday low of 73.31, the currency influence on gold prices might not intensify. In the end seeing crude oil prices virtually explode during the session Wednesday probably rekindled investment interest for gold from a broad range of angles.

Certainly the silver market was lifted by the reversal in the US Dollar and certainly the silver market was lifted by the positive leadership being displayed in the gold market but in the end seeing a host of physical commodity markets on the rise again probably revived investment interest in the silver market. As mentioned in the mid day coverage the silver market had to overcome some patently discouraging physical supply side news but in retrospect both silver and gold focused intently on inflation and flight to quality themes.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 20.78 tonnes were added to the trust.

A free new stock report by Peter Zihlmann on First Majestic posted at http://www.goldreview.com/news/ZihlmannInvest/1213207229.php, Almaden’s (AAU) work program, Apollo’s (AGT) purchase agreement, Silvermex’s (SMR.V) drill results, and Bear Creek’s (BCM.V) amended agreement with Rio Tinto (RTP) 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.

Mexivada finds 1.5 by 8 mm nugget at Mbandza gold discovery, ROC Congo - More
- June 11, 2008 | Item | E-mail

Lac Dore Vanadium-Titanium-Iron Project Site Inspection Underway - More
- June 11, 2008 | Item | E-mail

Almaden Initiates Work Program at the Munro Molybdenum Copper Project, Canada - "Almaden Minerals Ltd. ("Almaden" or "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it will conduct a detailed stream sediment sampling program on its 100% owned, road accessible Munro Lake porphyry molybdenum-copper-silver project located near Summerland, B.C." More
- June 11, 2008 | Item | E-mail

Uranium Closes a Flow-Through Financing With the MineralFields Group - More
- June 11, 2008 | Item | E-mail

Mainstream Minerals New High-Grade Molybdenum, Copper Acquisition and Discovery - More
- June 11, 2008 | Item | E-mail

Kola Mining Announces 1.977-Billion Pound Nickel NI 43-101 Resource Estimate - More
- June 11, 2008 | Item | E-mail

GWR Grants Incentive Stock Options to Dr. Bailey - More
- June 11, 2008 | Item | E-mail

Colibri intersects 72 meters of 0.195 % Moly within widely distributed molybdenum-copper porphyry mineralization on Leon Project - More
- June 11, 2008 | Item | E-mail

StrataGold discovers new gold zones at Tassawini, Guyana - More
- June 11, 2008 | Item | E-mail

Inspiration Intersects 1.042% Ni Over 9.95 M or 32.64 Ft Containing 1.248% Ni Over 7.09 M or 23.26 Ft (True Width) 247m Below Surface - More
- June 11, 2008 | Item | E-mail

Vaaldiam Resources Ltd.: First Gold Sale From Duas Barras Mine - More
- June 11, 2008 | Item | E-mail

Duran Ventures Corporate Update - More
- June 11, 2008 | Item | E-mail

Volta Resources acquires two new gold exploration permits in Burkina Faso, West Africa - More
- June 11, 2008 | Item | E-mail

Nuinsco to Acquire 100% of Berta Copper-Gold Property in Northeastern Turkey - More
- June 11, 2008 | Item | E-mail

Kola Mining Announces 1.977-Billion Pound Nickel NI 43-101 Resource Estimate - More
- June 11, 2008 | Item | E-mail

Silvermex Resources Ltd.: Drilling Intersects 148 g/t (4.31 oz/t) Silver Across 22.5 Meters at the Penasco Quemado Project, Sonora, Mexico - "Silvermex (CDNX:SMR.V - News) reports the results from the 2,706 meter reverse circulation drilling program completed on the Penasco Quemado property, located in northern Sonora. Significant intersections encountered during the program include 30 meters grading 149.2 g/t Ag from infill drilling at the Penasco Quemado (PQ) Zone, and 22.5 meters grading 148.5 g/t Ag from the Southeast Extension approximately 820 meters from the start of the PQ Zone." More
- June 11, 2008 | Item | E-mail

Melkior Closes Sprott Financing - More
- June 11, 2008 | Item | E-mail

Tao Minerals Secures Additional Financing - More
- June 11, 2008 | Item | E-mail

Spider, KWG and Freewest Intersect 30.73% Chrome (Cr2O3) Over 14.4 Metres McFauld's Lake "Ring Of Fire" Area, Northern Ontario - More
- June 11, 2008 | Item | E-mail

Silvermet Announces Change to Board of Directors - More
- June 11, 2008 | Item | E-mail

WSR Gold Announces Grant of Options - More
- June 11, 2008 | Item | E-mail

Zambia mines suspend new projects over mining taxes - "Some foreign mining firms have suspended multi-million dollar projects after Zambia introduced new mining taxes, citing uncertainty and difficulties in raising investment capital, officials said on Wednesday." More
- June 11, 2008 | Item | E-mail

VVC Exploration - Investigating Projects in Mexico - More
- June 11, 2008 | Item | E-mail

GoldQuest Retains Investor Relation Services and Grants Incentive Stock Options - More
- June 11, 2008 | Item | E-mail

Yankee Hat Becomes Major Player in Tungsten - More
- June 11, 2008 | Item | E-mail

Ur-Energy Inc.: Major Drilling Effort at Lost Creek - More
- June 11, 2008 | Item | E-mail

Marathon reports confirmatory metallurgical results completed at Xstrata Process Support Centre - More
- June 11, 2008 | Item | E-mail

Douglas Lake Minerals Announces Mbwemkuru's First Gold Mineralization Grade Results - More
- June 11, 2008 | Item | E-mail

European Minerals Corporation Learns of Possible Claim, Lero Gold Corp. Reschedules Shareholder Meeting to June 12, 2008 - More
- June 11, 2008 | Item | E-mail

Goldcliff Resource Corporation: York-Viking Zone-Northeast Block-Gold Zone Confirmed - More
- June 11, 2008 | Item | E-mail

Red Lake Exploration, Inc. Announces Commencement of a 1000 Metre Drill Program on the High Grade Santa Rosa Copper-Gold Property - More
- June 11, 2008 | Item | E-mail

Bison Gold Exploration Inc. Announces Completion of Private Placement and Has Retained the Services of Watts, Griffis and McOuat Ltd. - More
- June 11, 2008 | Item | E-mail

Emgold Intersects Tungsten and Molybdenum Mineralization In Trenching and Drilling At Stewart Property, Salmo, B.C. - More
- June 11, 2008 | Item | E-mail

S.African mine audit shows low safety compliance - "Results of a nationwide safety audit of South African mines were "worrying" because they showed a low level of safety compliance, a top government mining official told parliament on Wednesday." More
- June 11, 2008 | Item | E-mail

Laurion NI 43-101 Technical Report Recommends Exploration at Sturgeon River Mine Project - More
- June 11, 2008 | Item | E-mail

Grenville Gold Cancels 1,277,220 Stock Options - More
- June 11, 2008 | Item | E-mail

Midland Exploration Inc.: Drilling Resumes on a New Gold Zone Intersected on Maritime Cadillac Property - More
- June 11, 2008 | Item | E-mail

Amseco Acquires a Nickel Property in Lac Rocher Area, Abitibi - More
- June 11, 2008 | Item | E-mail

Tanqueray Resources Ltd. - News Release - More
- June 11, 2008 | Item | E-mail

Bear Creek and Rio Tinto amend agreement to consolidate 100% of Corani silver deposit; extension of US$15 million payment to Sept 2009 - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is very pleased to announce that it has entered into an amendment agreement (the "Amendment Agreement") with its Joint Venture partner Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") in respect of its purchase of Rio Tinto's remaining 30% interest in the Corani silver and base-metals deposit as disclosed in its new release dated March 7, 2008." More
- June 11, 2008 | Item | E-mail

Gold Reef International Hits 389 gpt Silver Intercept on the Rimrock Project, Lander County, Nevada - More
- June 11, 2008 | Item | E-mail

Colossus Minerals Drills Further High Grade Gold-Platinum-Palladium at Serra Pelada - More
- June 11, 2008 | Item | E-mail

Liberty Star and Mayo Gold Joint Venture on Sonora Gold Property - More
- June 11, 2008 | Item | E-mail

Genco Resources' Largest Shareholder Files Dissident Proxy Circular; Proposes to Replace Three Directors at Upcoming Annual Meeting - More
- June 11, 2008 | Item | E-mail

S.Africa unions plan July strike over power crisis - "South Africa's COSATU labour federation said on Wednesday it would call a national strike next month to protest against job losses linked to a power crisis.

The news helped boost spot gold prices by nearly $3. COSATU said the strike would be the culmination of a series of protests in South Africa's nine provinces from July 2." More
- June 11, 2008 | Item | E-mail

Molycor Gold Corp.: Drilling Begins at Davis Gold Property and Sample Program on Butler Zone - More
- June 11, 2008 | Item | E-mail

Canadian Zinc Submits Permit Applications for Production at the Prairie Creek Mine - More
- June 11, 2008 | Item | E-mail

Eva Kaijser Appointed Senior Vice President, Strategy and Business Development at Boliden - More
- June 11, 2008 | Item | E-mail

Bancroft Announces More Drilling Results and Begins Engineering for N.I. 43-101 Report - More
- June 11, 2008 | Item | E-mail

Jinshan mulls HK IPO to double in size via M&A - More
- June 11, 2008 | Item | E-mail

First Uranium reports results for year ended March 31, 2008 - More
- June 11, 2008 | Item | E-mail

Mustang Drills New Nickel Horizon with 487.2 Meters at 0.24% Nickel Drillhole Intercepts 3.8% Nickel - More
- June 11, 2008 | Item | E-mail

Tournigan Discovers New High Grade Uranium, Confirms Historical Data at Novoveska Huta, Slovakia - More
- June 11, 2008 | Item | E-mail

Purepoint Uranium Group Inc: Athabasca Basin Exploration Update - More
- June 11, 2008 | Item | E-mail

DUMONT reports historic drilling and leaching results from its Buckton metalliferous shale zone, Alberta - More
- June 11, 2008 | Item | E-mail

Bayswater Files Form 20-F for United States Registration & Grants Incentive Options - More
- June 11, 2008 | Item | E-mail

Apollo Gold Corporation Enters into Binding Asset Purchase Agreement to Acquire Stock Mill Complex from St Andrew Goldfields Ltd. - "Apollo Gold Corporation (“Apollo”) (TSX: APG - News)(AMEX: AGT - News) is pleased to announce that further to the previously announced letter of intent dated March 26, 2008, it has entered into a binding asset purchase agreement with St Andrew Goldfields Ltd. ("St Andrew") pursuant to which St Andrew has agreed to sell its Stock Mill complex, including its mill and related equipment, infrastructure, laboratory and tailings facilities, located near Timmins, Ontario, to Apollo for a purchase price of Cdn $20 million." More
- June 11, 2008 | Item | E-mail

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