Gold Seeker Closing Report: Gold and Silver Gain Nearly 2% and 4%

	Close	Gain/Loss
Gold	$883.50	+$13.25
Silver	$17.18	+$0.65
XAU	178.47	+1.72%
HUI	404.73	+1.61%
GDM	1206.55	+1.60%
JSE Gold	2226.41	-64.22
USD	73.62	-0.51
Euro	154.78	+0.91
Yen	92.48	+0.02
Oil	$134.61	-$0.25
10-Year	4.245%	-0.016
T-Bond	112.796875	+0.25
Dow	12269.08	-0.31%
Nasdaq	2474.78	+0.83%
S&P	1360.14	+0.01%

Gold and silver fell roughly 0.5% to $866.30 and $16.39 by late trade in Asia, but both metals then screamed higher in London and early New York trade to as high as $894.90 and $17.425 by about 9:30AM EST. The monetary metals then drifted over 1% from their highs into the close, but they still ended with gains of 1.52% and 3.93%.

Euro gold rose to about €570, platinum gained $15 to $2043.50, and copper gained nearly 9 cents to about $3.68.

Gold and silver equities rose about 3% at the open before they eased back slightly for most of the rest of trade, but they still ended with almost 2% gains.

Report	For	Reading	Expected	Previous
NY Empire State Index	Jun	-8.7	-2.0	-3.2
Net Foreign Purchases	Apr	$115.1B	$63.2B	$79.6B

Tomorrow at 8:30AM EST brings PPI for May expected at 1.0%, Core PPI expected at 0.2%, Building Permits for May expected at 960,000, and Housing Starts expected at 980,000. At 9:15 is Capacity Utilization for May expected at 79.7% and Industrial Production expected at 0.1%.

Oil rose to a new record high of $139.89 before the floor session in New York even began, but it then fell back off for most of the rest of trade and ended slightly lower after having seen over $5 gains earlier in the day. A fire in the North Sea that shut production and a weaker dollar both contributed to the early gains that were then reversed by news that Saudi Arabia will add another 300,000 barrels per day to world production.

The U.S. dollar index fell as the G8 meeting failed to even mention the currency in their closing remarks of this past weekend’s summit. Previous speculation was that world leaders would announce measures to try and strengthen the dollar, but nothing materialized and the index fell sharply lower today as a result. The G8’s focus on inflation and a weak NY Empire State Index also added pressure.

Treasuries rose as the Dow and S&P traded mostly lower on worries over oil and the economy, but the Nasdaq was able to buck the trend and found modest gains on the day.

Among the big names making news in the market today were AIG, Lehman Brothers, and McClatchy.

“August Gold finished up 13.2 at 886.3, 10.7 off the high and 5.6 up from the low.

July Silver closed up 0.672 at 17.232. This was 0.522 up from the low and 0.238 off the high.

After an early rally attempt in the wake of the softer than expected Empire State Manufacturing report, the gold market consistently lost ground throughout the trading session and at times the market was trading as much as $13 an ounce below the early highs. It almost seemed as if the failed rally attempt to fresh new highs in the energy complex served to undermine the gold market as the market apparently needed to see the uncertainty of ultra high oil remain in place. In the end, the bull camp in gold had to be disappointed with the failure in the gold market in the face of a fairly definitive slide in the Dollar.

Like the gold market the silver market managed a very impressive early explosion in prices but the market was unable to sustain the gains. In fact, the silver market at one time Monday morning was a surprising $1.065 per ounce above the overnight lows! However, despite the fact that the silver market gave back a portion of its rather impressive morning gains, that type of rally had to scare some of the bears from last week's action. Strength in copper and platinum prices seemed to provide the silver market with a minor lift and it is also possible that gains in the US equity market provided some spillover support for silver.”- The Hightower Report, Futures Analysis and Forecasting

Note: Change in Total Tonnes from yesterday’s data: 46.17 tonnes were added to the trust.

Imperial’s (III.TO) Red Chris mine ruling, Rubicon’s (RBY) drill results, Metallica’s (MRB) option agreement, Claude’s (CGR) debenture offering, Eldorado’s (EGO) offer for Frontier Pacific Mining Corporation, Fortuna’s (FVI.V) mining concession acquisition, and Scorpio’s (SPM.TO) Agency Agreement 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.

Houston Lake Mining Raises $286,200 in Final Tranche of $454,800 Flow-Through Private Placement - More
- June 16, 2008 | Item | E-mail

Weststar Resources Corp.: Private Placement - More
- June 16, 2008 | Item | E-mail

Acadian Mining Corporation to extend warrant expiry date - More
- June 16, 2008 | Item | E-mail

MacDonald Mines Outlines Targets on 5 Distinct Project Areas; 5000 Metre Drill Program to Commence in Late June - More
- June 16, 2008 | Item | E-mail

Kria Resources Raises $2 Million in Private Placement - More
- June 16, 2008 | Item | E-mail

Robex - Convertible debenture financing - More
- June 16, 2008 | Item | E-mail

WSR-Metalex-Arctic Star Joint Venture Announces a Correction on the Hole 5.01-09 Co-Ordinates in Press Release Dated June 16, 2008 - More
- June 16, 2008 | Item | E-mail

Golden Dawn Minerals Commences Drilling in the Kirkland Lake District - More
- June 16, 2008 | Item | E-mail

Gold Exploration update - Drilling commences in the Otago Region - More
- June 16, 2008 | Item | E-mail

Challenge to Red Chris mine overturned - "A Canadian appeals court has set aside a lower court decision that had blocked approvals for the Red Chris copper and gold mine in British Columbia, mine owner Imperial Metals said on Monday." More
- June 16, 2008 | Item | E-mail

International PBX Ventures Ltd.: Copaquire Drill Results and Update - More
- June 16, 2008 | Item | E-mail

Mineralization Expansion and Grade Improvement at Valencia-Forsys Triples Drill Program - More
- June 16, 2008 | Item | E-mail

Gold World Resources Reports the Successful Renewal of Exploration License - More
- June 16, 2008 | Item | E-mail

EurOmax expands porphyry copper-gold zone at Ilovitza project in Macedonia - More
- June 16, 2008 | Item | E-mail

Virginia Appoints Robin Villeneuve as Chief Financial Officer - More
- June 16, 2008 | Item | E-mail

Pediment Exploration Ltd.: Preliminary San Antonio Resource Estimate Totals 1.45 Million Inferred Gold Ounces - More
- June 16, 2008 | Item | E-mail

NWT Uranium appoints new President and CEO - More
- June 16, 2008 | Item | E-mail

Tamerlane Announces Project Update For Pine Point - More
- June 16, 2008 | Item | E-mail

WSR-Metalex-Arctic Star Joint Venture Intersects 131.9 Meters of Semi-Massive to Near-Massive Sulphides in Hole 5.01-09, Under Hole 5.01-06, on Anomaly 5.01 - More
- June 16, 2008 | Item | E-mail

Mirasol Completes Espejo Project Geophysical Program and Confirms Drill Targets - More
- June 16, 2008 | Item | E-mail

Imperial Reports the Federal Court of Appeal Reverses Lower Court Ruling on the Federal Environmental Assessment of the Red Chris Project - "Imperial Metals Corporation (Toronto:III.TO - News) reports the Federal Court of Appeal has set aside the earlier decision by the Federal Court Trial Division, and reconfirmed the Federal environmental assessment of the Red Chris project, which concluded the project is unlikely to cause significant adverse environmental effects." More
- June 16, 2008 | Item | E-mail

International Beryllium Completes Staking of Colorado Beryllium Mineral Claims - More
- June 16, 2008 | Item | E-mail

Millrock and Alix Announce the Start of Exploration at the Divide Project, Seward Peninsula, Alaska - More
- June 16, 2008 | Item | E-mail

Northland Strengthens Its Management Team: Bert-Ove Johansson Appointed Regional Director of Operations - More
- June 16, 2008 | Item | E-mail

KWG Resources Inc. - Grant of Options - More
- June 16, 2008 | Item | E-mail

Atna Completes Consolidation of Seven-Up Pete Gold Property - More
- June 16, 2008 | Item | E-mail

Forsys Corporate Quarterly Update - More
- June 16, 2008 | Item | E-mail

Waseco and AREVA Extend Agreement; AREVA to Increase Expenditures - More
- June 16, 2008 | Item | E-mail

Katanga Mining Announces Intended Resignation of CEO - More
- June 16, 2008 | Item | E-mail

Ascendant Copper Advances Zonia Project - More
- June 16, 2008 | Item | E-mail

Normabec Closes $ 1,39 M Non-Brokered Private Placement - More
- June 16, 2008 | Item | E-mail

Romios Gold Identifies Additional Targets at its Galore Area Properties From Airborne EM and Magnetometer Surveys - More
- June 16, 2008 | Item | E-mail

Armistice Resources Corp. completes financing - More
- June 16, 2008 | Item | E-mail

General Metals Raises Over $550,000 via Private Placement - More
- June 16, 2008 | Item | E-mail

Vena Commences Underground Development at Pucara Copper/Gold Project - More
- June 16, 2008 | Item | E-mail

Skygold Updates Progress on Spanish Mountain Project - More
- June 16, 2008 | Item | E-mail

Aquila Resources Inc.: Back Forty Drill Results Expand Pinwheel and Tuff Zone - More
- June 16, 2008 | Item | E-mail

MAX engages Gateway Securities for corporate finance services - More
- June 16, 2008 | Item | E-mail

Grande Portage Resources Ltd. announces start of exploration program at Pass Property and Merry Widow - More
- June 16, 2008 | Item | E-mail

Augen Gold reports on initial results of winter diamond drill program at Jerome Mine - potentially gold-bearing alteration zones traced to depth, open on strike - More
- June 16, 2008 | Item | E-mail

Bancroft Uranium Announces Final Series of Drilling Results - More
- June 16, 2008 | Item | E-mail

Globex's Nordeau Property - Drilling by Plato - More
- June 16, 2008 | Item | E-mail

Golden Phoenix Reports 50 Percent Increase in Concentrate Production and Sales at Ashdown Molybdenum Mine; Worldwide Moly Price Continues to Rise - More
- June 16, 2008 | Item | E-mail

Serengeti Continues to Expand Central Zone at Kwanika - More
- June 16, 2008 | Item | E-mail

Oromonte announces filing of 1st quarter financial statements and results - More
- June 16, 2008 | Item | E-mail

Moneta Releases NI 43-101 Resource Estimate on Windjammer Gold Property - More
- June 16, 2008 | Item | E-mail

Rubicon Intersects Additional Gold Mineralization in F2 Zone Drilling Red Lake, Ontario - "Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to report further drill results from its new F2 Zone gold discovery at the 100% controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario." More
- June 16, 2008 | Item | E-mail

Fortuna Consolidates Concession Ownership at San Jose Project, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to announce the acquisition of a 100% interest in the Monte Alban II mining concession located in the San Jose Project area in Oaxaca, Mexico. The San Jose Project is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd. (24%)." More
- June 16, 2008 | Item | E-mail

Metallica Resources Signs Option Agreement for Antofagasta Minerals to Earn 70% Interest in Rio Figueroa Project - "Metallica Resources Inc. (Toronto:MR.TO - News) (AMEX:MRB - News) is pleased to announce that its wholly owned subsidiary Minera Metallica Resources Chile Ltda. (Metallica) has entered into an agreement with Antofagasta Minerals S.A. (Antofagasta), a Chilean company and wholly owned subsidiary of Antofagasta PLC, whereby Antofagasta has the option to earn up to a 70% interest in Metallica's Rio Figueroa copper-gold project." More
- June 16, 2008 | Item | E-mail

Scorpio's Mexican Subsidiary Enters Into Agency Agreement for Marketing of Production Concentrates from the Nuestra Senora Mine, Mexico - "Scorpio Mining Corporation (TSX: SPM - News) is pleased to announce that its Mexican subsidiary, Minera Cosala SA de CV, has entered into an Agency Agreement with Ocean Partners U.S.A., Inc. for the marketing worldwide of its production concentrates from the 100% owned Nuestra Senora mine, Sinaloa State, Mexico." More
- June 16, 2008 | Item | E-mail

Claude Resources Inc. raises $17.4 million to date with debenture offering - "It is our view that raising close to $17.4 Million in a challenging credit environment is a significant and very positive achievement," stated Claude Resources' President and Chief Executive Officer Neil McMillan. "We believe this reflects a high level of confidence about the future of the Company." More
- June 16, 2008 | Item | E-mail

Eldorado Confirms Best and Final Offer for Frontier Will Expire on June 17, 2008 - "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's offer to purchase all of the outstanding common shares of Frontier Pacific Mining Corporation ("Frontier") for 0.1220 Eldorado common shares and Cdn.$0.0001 in cash per Frontier common share represents Eldorado's best and final offer price for Frontier." More
- June 16, 2008 | Item | E-mail

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