Gold Seeker Closing Report: Gold and Silver Cut Early Losses and End Slightly Lower Again

	Close	Gain/Loss
Gold	$921.15	-$5.55
Silver	$17.79	-$0.025
XAU	182.77	-1.66%
HUI	420.37	-1.09%
GDM	1255.19	-1.22%
JSE Gold	2211.31	-33.65
USD	73.00	+0.27
Euro	156.60	-0.69
Yen	93.01	-0.34
Oil	$136.04	-$5.33
10-Year	3.880%	-0.050
T-Bond	116.84375	+0.546875
Dow	11384.21	+1.36%
Nasdaq	2294.42	+2.28%
S&P	1273.70	+1.71%

Gold rose to $933.20 by late trade in Asia before it fell over $20 to $912.45 by late morning in New York, but it then rallied back higher in the last two hours of trade and ended with a loss of just 0.6%. Silver rose to $17.95 and fell to $17.44 before it also rallied back higher and ended with a loss of just 0.14%.

Euro gold remained at about €588, platinum lost $28 to $1944, and copper fell over 15 cents to about $3.71.

Gold and silver equities fell roughly 3% by late morning before they rebounded in afternoon trade, but they still ended with over 1% losses.

Report	For	Reading	Expected	Previous
Pending Home Sales	May	-4.7%	-2.8%	7.1%
Wholesale Inventories	May	0.8%	0.6%	1.4%
Consumer Credit	May	$7.8B	$7.0B	$7.8B

Bernanke spoke at a conference this morning and said that the fed is “considering several options, including extending the duration of our facilities for primary dealers beyond year-end.” JPMorgan CEO Jamie Dimon spoke midday and defended their fed coordinated bailout of Bear Stearns, noting that a bankruptcy could have been a disaster for the financial markets. Finally Treasury Secretary Paulson spoke in the final hour of trading and mentioned a few ideas to help out the housing industry. There are no major economic reports due out tomorrow.

Oil fell over 3% after a report from the EIA showed that world demand finally fell off due to recent high prices.

The U.S. dollar index and treasuries rose after Bernanke calmed the markets by saying the Fed may extend its lending facilities.

The Dow, Nasdaq, and S&P eventually rose as oil fell markedly again and closed almost $10 off its record made late last week.

Among the big names making news in the market today were ConocoPhillips, Siemens, and Office Depot.

“August Gold finished down 5.5 at 923.3, 2.7 off the high and 9.3 up from the low.

September Silver closed up 0.035 at 17.955. This was 0.335 up from the low and 0.015 off the high.

The gold market forged a rather wide trading range and settled lower in the face of a persistently strong Dollar. The fact that oil prices have now forged a pattern of noted declines might be prompting some flight to quality longs to move to the sidelines but it is also possible that comments from the Fed that in turn supported the Dollar were the real source of the selling pressure on Tuesday. With the Fed's Lacker suggesting that the US could actually end up hiking interest rates in the face of a rising unemployment rate probably served to discourage some would be gold buyers as that highlights the Fed's growing interest in fighting inflation, even at a potentially great cost to the US economy.

The silver market also forged a fresh new low for the move but managed to reject that push to lower levels into the close. Perhaps the recovery in the stock market off the T Boone Pickens alternative energy plan inspired the recovery in silver or perhaps the market simply benefited from classic technical short covering.”- The Hightower Report, Futures Analysis and Forecasting

Goldcorp’s (GG) extended expiration date for share exchanges, Harmony’s (HMY) halved cash element, Rubicon’s (RBY) drill results, Midway’s (MDW) drill results, Claude’s (CGR) first half production results, DRDGOLD’s (DROOY) lay offs, MAG’s (MVG) drill results, U.S. Silver’s (USA.V) management changes, and Arian’s (AGQ.V) scoping study 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.

Goldcorp Announcement Regarding Francisco Gold Corp. Shares - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) ("Goldcorp") announced today a 90-day extension of the right of former shareholders of Francisco Gold Corp. to exchange their shares under the Plan of Arrangement effective July 12, 2002 (the "Plan")." More
- July 08, 2008 | Item | E-mail

Largo Provides Project Updates - More
- July 08, 2008 | Item | E-mail

Six Holes Completed at Okeover copper/molybdenum project in B.C. - More
- July 08, 2008 | Item | E-mail

Golden Arrow Completes Drilling on San Jose and Provides Exploration Update - More
- July 08, 2008 | Item | E-mail

Intercept Averaging 0.361 oz/ton Gold over 18 Feet True Width Extends Klondex's Fire Creek New North Zone - More
- July 08, 2008 | Item | E-mail

Urex Updates on Argentina Exploration - More
- July 08, 2008 | Item | E-mail

Ireland Inc. Receives Approval for Amended Production Permit - More
- July 08, 2008 | Item | E-mail

Gold Port Resources Announces Guyana Property Acquisitions - More
- July 08, 2008 | Item | E-mail

Exploration Update on Espiritu, El Cuervo, Suzanne & Ofelia - More
- July 08, 2008 | Item | E-mail

MacMillan Gold Retraction and Clarification - More
- July 08, 2008 | Item | E-mail

Golden Share Completes a $500,000 Flow Through Financing - More
- July 08, 2008 | Item | E-mail

Kinbauri Gold Corp.: Drilling at El Valle Intersects 19.5m of 13g Au/t, 124g Ag/t and 5.6% Cu Including 8.8m of 25g Au/t, 208g Ag/t and 10.7% Cu - More
- July 08, 2008 | Item | E-mail

Mazorro Completes First Phase of Drilling-Adds Additional Directors at AGM - More
- July 08, 2008 | Item | E-mail

MetalCORP; DRILLING Intersects More COPPER-ZINC with STRONG Off-Hole Pulse EM Conductors at BL14 Zone; Titan 24 Geophysical Survey to Start Next Week - More
- July 08, 2008 | Item | E-mail

Copper mineralization discovered at TEAL's Kasonta Copper Project in the DRC - More
- July 08, 2008 | Item | E-mail

Conway Resources Inc.: Hiring of Investors' Relations Consultant - More
- July 08, 2008 | Item | E-mail

Melkior Resources Inc.: Second Airborne Survey Starts in James Bay - More
- July 08, 2008 | Item | E-mail

Bold Ventures Inc.: West Nickel Airborne Survey Starts in James Bay 'Ring of Fire' - More
- July 08, 2008 | Item | E-mail

Polar Star: 3.1 Meters of 13.55 g/t Au, 9.8 g/t Ag and 0.58% Cu at Chepica Mine - More
- July 08, 2008 | Item | E-mail

Uranium Bay Identifies 14 New Discrete Uranium Anomalies on the Wakeham Properties That Are Worthy of Follow-Up - More
- July 08, 2008 | Item | E-mail

Hawk Mobilizes Drill Rig onto the Holdsworth Gold Property, Wawa Area, Northern Ontario: Drilling Discontinued at Eberts Prospect - More
- July 08, 2008 | Item | E-mail

Crew mobilized to evaluate additional strong conductors identified from recent airborne survey completed on Kingurutik Lake Ni-Co-Co Project in Labrador - More
- July 08, 2008 | Item | E-mail

Pacific Copper Corp.: Agreement to Purchase the El Corral and Venado (Chile) Copper Oxide Properties - More
- July 08, 2008 | Item | E-mail

Lake Victoria Mining Company Acquires Kalemela Gold Project, Lake Victoria Greenstone Belt, Tanzania - More
- July 08, 2008 | Item | E-mail

Galantas Names Leo O'Shaughnessy As New Chief Financial Officer - More
- July 08, 2008 | Item | E-mail

Mega Silver Enters Into Option Agreement With StrataGold - More
- July 08, 2008 | Item | E-mail

Medallion Renegotiates Ocelot Gold Project Acquisition Terms - More
- July 08, 2008 | Item | E-mail

Drilling Intercepts Apparent Native Copper on Soltoro's and Southern Silver's Quila Project, Jalisco Mexico - More
- July 08, 2008 | Item | E-mail

Cancor acquires another major gold project in Algeria - More
- July 08, 2008 | Item | E-mail

Resource Upgrade to Measured and Indicated Status for Kipoi Central Supports Early Mining Start To Produce 32,000tpa Copper Metal - More
- July 08, 2008 | Item | E-mail

Semafo Produces 54,500 Ounces of Gold in Q2 - More
- July 08, 2008 | Item | E-mail

Western Troy Announces the Quebec Ministry of Transport Begins Otish Mountain Access Road Feasibility Field Work - More
- July 08, 2008 | Item | E-mail

StrataGold enters option agreement with Mega Silver Inc. - More
- July 08, 2008 | Item | E-mail

Apella Resources Inc. - News Release Amendment - More
- July 08, 2008 | Item | E-mail

Argentex makes Pinguino drill results available for viewing in 3D - More
- July 08, 2008 | Item | E-mail

Creston Moly Corp.: Drilling Expands Main Zone at El Creston Molybdenum Deposit, Sonora, Mexico - More
- July 08, 2008 | Item | E-mail

Petaquilla Copper Ltd. Responds to Announcement by Inmet Mining Corporation - More
- July 08, 2008 | Item | E-mail

Hana Mining Appoints Country Advisor in Botswana - More
- July 08, 2008 | Item | E-mail

Silver Shield Completes Drilling at Welsh Property; Commences Drilling at Wilder-Duggan - More
- July 08, 2008 | Item | E-mail

Capital Gold Announces That AngloGold Ashanti Elects Not to Exercise Back-In Agreement - More
- July 08, 2008 | Item | E-mail

Wave Uranium Commences 2008 Fieldwork on Grand County Properties - More
- July 08, 2008 | Item | E-mail

Marathon Announces Updated Geordie Lake Resource Estimate - More
- July 08, 2008 | Item | E-mail

Yankee Hat Announces Drill Results From Its Lobo Del Norte Copper Project, Yukon; Including 1.62% Cu Over 41.77 Meters (137 Ft) - More
- July 08, 2008 | Item | E-mail

Uranium Energy Corp Closes Non-Brokered Financing - More
- July 08, 2008 | Item | E-mail

CanAlaska to Commence Summer Drilling on Cree East Uranium Targets - More
- July 08, 2008 | Item | E-mail

General Metals Discovers New High Grade Zone Expanding Original Mineralized Target Estimates - More
- July 08, 2008 | Item | E-mail

Malaga appoints Paul Cregheur to the Board of Directors - More
- July 08, 2008 | Item | E-mail

Timmins Gold Corp.: Drill Program Completed on Tequila Project - More
- July 08, 2008 | Item | E-mail

Sunridge Appoints New Directors - More
- July 08, 2008 | Item | E-mail

Silvio Acquires Third Gold Project in Nevada - More
- July 08, 2008 | Item | E-mail

Rusoro Reports Multiple High Grade Intercepts From Yuruan - More
- July 08, 2008 | Item | E-mail

Probe Mines Commences First-Phase Drilling on its McFauld's West Property, James Bay Lowlands, Ontario - More
- July 08, 2008 | Item | E-mail

Houston Lake Mining Continues to Intersect Significant Gold Values at West Cedartree - More
- July 08, 2008 | Item | E-mail

U.S. Precious Metals Releases Positive Copper Results From Independent Assayer, Chris Christopherson Inc. - More
- July 08, 2008 | Item | E-mail

Wallbridge Mining Confirms Presence of Mineralization at Roger's Creek - More
- July 08, 2008 | Item | E-mail

El Capitan Precious Metals, Inc. Reports Encouraging Metallurgical Results - More
- July 08, 2008 | Item | E-mail

Northern Superior to Focus on Gold and Diamond Projects - More
- July 08, 2008 | Item | E-mail

Independent Nickel Extends Disco Zone to the West, Initiates Drilling of Zone to Depth - More
- July 08, 2008 | Item | E-mail

Wega Mining Ceases to Be an Insider of Century Mining - More
- July 08, 2008 | Item | E-mail

EurOmax intersects 240 metres of disseminated chalcopyrite in Karavansalija copper-gold skarn - More
- July 08, 2008 | Item | E-mail

Canasia Industries Corporation: Final VTEM Data Now Being Evaluated - More
- July 08, 2008 | Item | E-mail

Petaquilla Copper Ltd. Enters Memorandum of Understanding With Isagen - More
- July 08, 2008 | Item | E-mail

Mediterranean Resources Ltd. - Grant of stock options - More
- July 08, 2008 | Item | E-mail

ROCA - Exploration Drilling Update - More
- July 08, 2008 | Item | E-mail

Aldridge announces latest results from Yenipazar (VMS, Turkey) for independent 43-101-compliant resource upgrade - More
- July 08, 2008 | Item | E-mail

Harmony halves cash element in Mt Magnet sale - "Harmony Gold on Tuesday halved the cash element in the sale of its Mount Magnet operations to Australian-based junior miner Monarch Gold Mining but the overall price was unchanged.

South Africa's Harmony agreed to sell Mount Magnet to Monarch for A$65 million in cash, shares and a convertible note." More
- July 08, 2008 | Item | E-mail

MAG Silver Expands "Jose Manto" at Cinco De Mayo With New High Grade Silver/Lead/Zinc Intercepts - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG") announces assay results for 10 recent diamond drill holes from MAG's 100% owned Cinco de Mayo property in northern Chihuahua State, Mexico. MAG's ongoing drill program is focused on expanding the "Jose Manto" discovered with Hole 07-20 in late 2007 and subsequently intersected in Holes 22 through 28 (See press release dated May 14, 2008)." More
- July 08, 2008 | Item | E-mail

Rubicon Hits Bonanza Grade Gold in F2 Zone Step-out Hole, Phoenix Gold Project, Red Lake, Ontario - "Rubicon Minerals Corp (RMX.TSX:RBY.AMEX) is pleased to announce a further update of drill results from its F2 Zone, part of the 100%-controlled Phoenix Gold Project, located in the heart of the prolific Red Lake gold district of Ontario." More
- July 08, 2008 | Item | E-mail

U.S. Silver Announces Management Changes and Stock Option Grants - "U.S. Silver Corporation (CDNX:USA.V - News) ("U.S. Silver" or the "Company") is pleased to announce the promotion of three senior staff members, the appointment of a Controller at its Galena Mine complex in Wallace, Idaho and the retirement of Mark Hartmann, President and Chief Operating Officer of U.S. Silver." More
- July 08, 2008 | Item | E-mail

Midway Drills to Connect Gold Discoveries at Spring Valley - "Midway Gold Corp. (the "Company") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce additional gold intercepts in its ongoing 2008 drilling in the Valley Breccia target at the Spring Valley project, Nevada. Assay results include 5 feet of 1.114 ounces per ton (opt) gold within 75 feet of 0.119 opt gold in SV08-417, 140 feet of 0.021 opt gold in SV08-403, and 80 feet of 0.031 opt gold in SV08-410." More
- July 08, 2008 | Item | E-mail

Claude Resources Releases First Half 2008 Production Results - "The Company is on track with its previously announced production target of 48,000 to 52,000 ounces for 2008. The stated expectation at the beginning of 2008 was that 40% of production would take place in the first half of 2008 and 60% in the second half. The 2008 target range represents an increase of 8% to 17% over 2007 production." More
- July 08, 2008 | Item | E-mail

Arian Silver Provides Near-Term Production Potential on the San Jose Project - "Arian Silver Corporation ("Arian Silver" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ) (PLUS:AGQ) (FRANKFURT:I3A - News) today announced that it has initiated an in-house production scoping study at its San Jose Property, Zacatecas State, Mexico. The scoping study (also referred to as a preliminary assessment) will specifically evaluate the economics for contract mining (and custom milling) of a number of already defined near-surface remnant stoping blocks within the existing mine workings of this former producing mine." More
- July 08, 2008 | Item | E-mail

S.Africa's DRDGOLD to lay off 270 workers - "South Africa's fourth- ranked gold producer, DRDGOLD (DRDJ.J: Quote, Profile, Research, Stock Buzz), said on Tuesday its East Rand Proprietary Mine (ERPM) will lay off 270 employees after July 11." More
- July 08, 2008 | Item | E-mail

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