Gold Seeker Closing Report: Gold and Silver Fall About 3% and 4%

	Close	Gain/Loss
Gold	$804.90	-$24.25
Silver	$13.04	-$0.55
XAU	139.31	-6.64%
HUI	324.86	-5.58%
GDM	971.45	-6.27%
JSE Gold	1671.16	-14.93
USD	78.06	+0.75
Euro	145.08	-1.70
Yen	92.00	+0.08
Oil	$109.71	-$5.75
10-Year	3.746%	-0.067
T-Bond	118.984375	+0.796875
Dow	11516.92	-0.23%
Nasdaq	2349.24	-0.77%
S&P	1277.58	-0.41%

Gold fell almost $40 from Friday’s close to as low as $790.60 by early trade in New York today before it rallied nearly 2% off that low into the close, but it still ended with a loss of 2.92%. Silver dropped over a dollar to as low as $12.45 before it also rebounded, but it still closed with a loss of 4.05%.

Euro gold fell to about €554, platinum lost $85 to $1392.50, and copper fell over 10 cents to about $3.32.

Gold and silver equities fell over 6% at the open and remained near their lows into the close.

Report	For	Reading	Expected	Previous
Construction Spending	July	-0.6%	-0.4%	0.3%
ISM Index	Aug	49.9	50.0	50.0

Tomorrow at 10AM EST is the Factory Orders report for July expected at 0.4% and at 2PM is the release of the fed’s Beige Book.

Oil fell below $110 for the first time since April as Gustav did not bring much damage to energy installations in the Gulf of Mexico. Prices ended over $4 off their low of $105.46 as traders started handicapping several other developing storms and OPEC’s upcoming meeting, but oil still ended with a nearly $6 loss.

Treasuries ended higher on disappointing economic data and the fact that the Dow, Nasdaq, and S&P ended lower after rising to see about 2% gains in early trade. Worries over the global economy and the health of the financial system still seem to have many in the market extremely apprehensive.

Among the big names making news in the market today were Merrill Lynch, AMR, UAL, and Continental.

“December Gold finished down 24.7 at 810.5, 4 off the high and 13.3 up from the low.

December Silver closed down 0.562 at 13.145. This was 0.585 up from the low and 0.135 off the high.

To some players the gold market capitulated on Tuesday morning in the face of the sharp rise in the Dollar and the sharp slide in the oil market. Clearly a significant amount of uncertainty was removed by the sharp slide in oil prices, but with the US and EU possibly considering economic sanctions against Russia and the threat of more storms lurking in the Atlantic the bear camp might not want to become to comfortable with the conditions that were in place Tuesday morning. Nonetheless the gold market is expected to be heavily influenced by the direction of the Dollar and the direction of oil prices in the coming trading sessions.

While the silver market came under aggressive liquidation pressure in the wake of the broad based physical commodity market washout on Tuesday morning the market was able to recoil up and away from the initial lows. Perhaps the political war of words between the White House and Russia over Georgia provided the short covering impetus or perhaps additional storms in the Atlantic simply prompted some shorts to bank profits and head to the sidelines. Given the liquidation in futures prices on Tuesday morning and the magnitude of the washout in silver prices since the July highs, the trade continues to look for liquidation of derivative silver holdings but so far that has not taken place.”- The Hightower Report, Futures Analysis and Forecasting

Paramount’s (PZG) assay results, Banro’s (BAA) proposed marketed offering of US$35 million, ITH’s (THM) initial resource estimate, NovaGold’s (NG) project sale, Kimber’s (KBX) drill results, Aurizon’s (AZK) exploration progress, Harmony’s (HMY) worker deaths, Bear Creek’s (BCM.V) Prefeasibility Study progress, and Minco’s (MSV.TO) terminated offer for Sterling (SRLM.OB) 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.

East West Partners With Mill City in McFaulds Lake Area Diamond Drilling to Commence Immediately - More
- September 02, 2008 | Item | E-mail

Minera Andes announces 2.05 oz/ton gold and 37 oz/ton silver from ongoing 2008 San Jose drilling - More
- September 02, 2008 | Item | E-mail

Paramount Gold and Silver Corp. Discovers New High Grade Gold Body Named Clavo 66 With 26 g/t Au Over 2.2 Meters in the La Union Area at its San Miguel Project - "Paramount Gold and Silver Corp. (AMEX:PZG - News)(Toronto:PZG.TO - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) announces assay results of four holes from its new discovery named Clavo 66 at its San Miguel Project. The La Union area, in the southern portion of the Guazapares structure, was drilled to shallow depths early in the project's history. A re-interpretation of the earlier drilling based on knowledge gained from deeper exploration at the San Miguel and San Antonio mineralized zones, led Paramount to drill the La Union at greater depth along the principal vein, near the better early intercepts." More
- September 02, 2008 | Item | E-mail

Azimut: Update on Opinaca A and B, James Bay region, Quebec - More
- September 02, 2008 | Item | E-mail

BacTech and Gold Bullion Team Up in Cobalt Camp - More
- September 02, 2008 | Item | E-mail

Bard Ventures Ltd.: Drilling Intersects 0.10%Mo (0.17% MoS2) Over 455 Meters at the Lone Pine Property, B.C. - More
- September 02, 2008 | Item | E-mail

Everton Exploration Update-James Bay, Quebec - More
- September 02, 2008 | Item | E-mail

Wildcat to Commence Trading on the TSX Venture Exchange - More
- September 02, 2008 | Item | E-mail

Inspiration Intersects 0.691% Ni Over 9.39m or 30.81ft Containing 1.236% Ni Over 4.28m or 14.04ft (True Width) - More
- September 02, 2008 | Item | E-mail

Eagle Plains/Blind Creek Complete Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- September 02, 2008 | Item | E-mail

Golden Peaks Resources Ltd. - Resource Calculation Initiated - More
- September 02, 2008 | Item | E-mail

Amazon Reports Q2 Results and Company Update - More
- September 02, 2008 | Item | E-mail

Platinum Group Metals Ltd. Hosts Webcast for WBJV Platinum Project Update - More
- September 02, 2008 | Item | E-mail

Nayarit Gold Announces Appointment of Mr. Hall Stewart as Vice President of Exploration - More
- September 02, 2008 | Item | E-mail

Mountain Lake Options New Gold Property in Southern Newfoundland - More
- September 02, 2008 | Item | E-mail

Uranium Bay Announces the Discovery of a Possible Sulphide Body Approximately 40 km North of La Grande 3, James Bay - More
- September 02, 2008 | Item | E-mail

Sage Gold Inc.: 136.5 g Au/T-Jacobus East Channel Results - More
- September 02, 2008 | Item | E-mail

PCFG - Approval of Permit Changes - More
- September 02, 2008 | Item | E-mail

Platinum Group Metals to Increase Its Interest in Project 1 Platinum Mine From 37% to 74% - More
- September 02, 2008 | Item | E-mail

Mill City partners with Temex in McFaulds Lake area/Diamond drilling to commence immediately - More
- September 02, 2008 | Item | E-mail

Temex partners with Mill City in McFaulds Lake area - More
- September 02, 2008 | Item | E-mail

Paragon to Commence Drilling at South Tally Pond Project - More
- September 02, 2008 | Item | E-mail

Mantra to Acquire 100% Interest in Ambler VMS Deposit and Portfolio of Alaska Projects - More
- September 02, 2008 | Item | E-mail

234 Million Tonne Historical Resource* Iron-Titanium Property Optioned by Medallion - More
- September 02, 2008 | Item | E-mail

Douglas Lake Minerals Progress Report - More
- September 02, 2008 | Item | E-mail

Network to list on Lima Stock Exchange - More
- September 02, 2008 | Item | E-mail

Canadian Mining Inherits Significant Infrastructure from Past Producer Penoles - More
- September 02, 2008 | Item | E-mail

100% Ownership of Iliamna Consolidated; Geochemical Sampling Program Completed - More
- September 02, 2008 | Item | E-mail

GoldSpring Releases Assay Results for 9 Additional Drill Holes - More
- September 02, 2008 | Item | E-mail

Probe Mines Updates on its McFauld's Lake Area Properties; VTEM Airborne Survey Completed - More
- September 02, 2008 | Item | E-mail

Extract Resources - Massive uranium zones continue to be intersected at Rossing South - More
- September 02, 2008 | Item | E-mail

A Milestone for U.S. Precious Metals - More
- September 02, 2008 | Item | E-mail

Colorado Goldfields Offers Gold and Silver Challenge - More
- September 02, 2008 | Item | E-mail

Greencastle Reports Record Quarterly Revenue and Profit - More
- September 02, 2008 | Item | E-mail

Colombia Goldfields updates Marmato resource definition drill program - More
- September 02, 2008 | Item | E-mail

Alhambra Resources Ltd. - Financial and Operating Results for Second Quarter ending June 30, 2008 - More
- September 02, 2008 | Item | E-mail

Ecometals Exploration Update Brazil - More
- September 02, 2008 | Item | E-mail

Sherwood Reports Multiple High Grade Intercepts from its Kutcho Copper Project - More
- September 02, 2008 | Item | E-mail

Canasia Industries Corporation: Eight Anomalies Interpreted on Reed Lake Prospect - More
- September 02, 2008 | Item | E-mail

Vena Resources Expands Management Team and Implements Shareholders Rights Plan - More
- September 02, 2008 | Item | E-mail

Inmet and Petaquilla Copper Sign Definitive Support Agreement - More
- September 02, 2008 | Item | E-mail

Laramide Releases Further Drilling Results and Prepares for a Second Diamond Drilling Program on its Westmoreland Project - More
- September 02, 2008 | Item | E-mail

Wealth Minerals Ltd.: Vientos Property Hosts Large Outcropping Uranium Zone, Catamarca Province, Argentina - More
- September 02, 2008 | Item | E-mail

Alberta Star Completes Drilling at the K4 Uranium Target on its Eldorado/Contact Lake Project, NT - More
- September 02, 2008 | Item | E-mail

USEC Inc. Submits Second Part of DOE Loan Guarantee Application - More
- September 02, 2008 | Item | E-mail

Banro Files Preliminary Short-Form Prospectus for Proposed Financing - "Banro Corporation ("Banro" or the "Company") (Toronto:BAA.TO - News)(BAA - News) is pleased to announce that it has filed a preliminary short-form prospectus in connection with a proposed marketed offering of US$35 million of units, each unit consisting of one common share of the Company and one-half of one common share purchase warrant." More
- September 02, 2008 | Item | E-mail

ITH Announces Initial Resource Estimate for Mayflower Deposit at North Bullfrog Project, Nevada - "International Tower Hill Mines Ltd. ("ITH" or "the Company") (CDNX:ITH.V - News)(THM - News)(Frankfurt:IW9.F - News) is pleased to announce the results of its initial resource estimate for the Mayflower deposit at its North Bullfrog project near Beatty, Nevada. The independent study determined an initial Indicated gold resource of 57,086 contained ounces at an average grade of 0.88 g/t, plus an additional Inferred gold resource of 23,793 contained ounces at an average grade of 0.78 g/t, at a cutoff grade of 0.5 g/t (see Table 1)." More
- September 02, 2008 | Item | E-mail

First Uranium enters into exclusive agency agreement with Traxys to market and contract future uranium production - More
- September 02, 2008 | Item | E-mail

NovaGold Sells Ambler Project and Early Stage Base Metal Properties to Mantra Mining For $20 Million in Shares - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that it has reached a binding agreement to sell its interest in the Ambler Option Agreement, representing up to a 51% interest in the Ambler copper-zinc polymetallic project, along with its early stage base metal properties in Alaska for $20 million in common shares of Mantra Mining Inc. (CDNX:MAN.V - News)." More
- September 02, 2008 | Item | E-mail

Kimber intersects high grade gold mineralization at Veta Minitas at Monterde - "Kimber Resources Inc. (AMEX:KBX, TSX:KBR) today reported the result of drilling at Veta Minitas on its Monterde property in the prolific Sierra Madre gold-silver belt of Mexico. Two holes intersected significant gold-silver mineralization at Veta Minitas, 250 metres west of the Carmen deposit (which hosts the largest resource at Monterde)." More
- September 02, 2008 | Item | E-mail

Bear Creek updates Prefeasibility Study progress at Corani silver deposit - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to provide an update on the Prefeasibility Study on the Corani silver-lead-zinc deposit located in southern Peru. Preliminary design criteria have been defined, field engineering test work has been initiated and the Study is on track for completion in early 2009." More
- September 02, 2008 | Item | E-mail

Aurizon Reports Exploration Progress at Casa Berardi - "An exploration drift is being developed at the 810 metre level, east of Zone 113 and south of the Casa Berardi fault, to initially provide drill access to test the depth extension of Zone 113 and to eventually test the continuity and extension of Zones 118 to 122 and 123-South. A sketch is attached showing the current progress of development along the drift and the location of recent drilling from the existing production drift. Drilling will resume shortly from the 810 metre exploration drift once the drill stations are completed." More
- September 02, 2008 | Item | E-mail

Minco Silver Terminates Proposal for Sterling - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) announced today that it has completed a detailed due diligence on Sterling Mining Company ("Sterling") and decided not to proceed with the acquisition of all the issued and outstanding shares of Sterling as announced on July 22, 2008." More
- September 02, 2008 | Item | E-mail

Harmony says two workers die at SAfrica mine - "South Africa's gold producer Harmony (HARJ.J: Quote, Profile, Research, Stock Buzz) said two mineworkers were killed at its Elandsrand mine on Saturday after earth tremors and work has been stopped until further investigation." More
- September 02, 2008 | Item | E-mail

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